Publication
The new framework for stopping scams before they start
Scams are a global phenomenon and no business is immune. In addition to reputational damage and a likely increase in customer complaints.
Australia | Publication | June 11, 2019
The New South Wales Government recently released proposed amendments to the Building and Construction Industry Security of Payment Regulation 2008 (NSW) (Regulation) for public consultation. These amendments are contained in the Building and Construction Industry Security of Payment Amendment Regulation 2019 (NSW) (Draft Amending Regulation). The Draft Amending Regulation only contains a limited number of proposed reforms which are “critical” to facilitating the commencement of the Building and Construction Industry Security of Payment Amendment Act 2018 (NSW) (Amending Act).1
In summary, the key reforms introduced by the Draft Amending Regulation are as follows:
Further details in relation to the reforms at 2. and 3. can be found here.
Date of commencement
In our previous article (which can be found here), we referred to the “Options Paper” prepared by the Department of Finance, Services and Innovation which sought public feedback regarding the appropriateness of a staggered approach to the commencement date of the proposed reforms in the Amending Act. The general consensus from the feedback was that the reforms in the Amending Act have a single commencement date.
NSW Fair Trading has indicated that the proposed timeframe for the commencement of the Amending Act and the Amending Regulation is three months after the Amending Regulation is published, with publication currently anticipated at this stage to be around mid-year.
We will continue to keep you updated in relation to the security of payment reforms in New South Wales as they develop.
Publication
Scams are a global phenomenon and no business is immune. In addition to reputational damage and a likely increase in customer complaints.
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