LLP non-compliance penalties clarified: defined daily and minimum/maximum fines for firms and designated partners of Act. The amendment prescribes a structured penalty regime: a daily penalty for specified continuing failures with aggregate caps for the LLP and for each designated partner, and a separate fine regime for other specified non-compliances establishing minimum and maximum fines for the LLP and distinct minimum and maximum fines for each designated partner.
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Provisions expressly mentioned in the judgment/order text.
LLP non-compliance penalties clarified: defined daily and minimum/maximum fines for firms and designated partners of Act.
The amendment prescribes a structured penalty regime: a daily penalty for specified continuing failures with aggregate caps for the LLP and for each designated partner, and a separate fine regime for other specified non-compliances establishing minimum and maximum fines for the LLP and distinct minimum and maximum fines for each designated partner.
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