United Nations Climate Change
Our aim is to help our clients understand the potential opportunities and challenges that COP25 may have on their business.
By way of update to our previous article (which can be found here), the Building and Construction Industry Security of Payment Amendment Act 2018 (NSW) (Amendment Act) was assented to on 28 November 2018. A commencement date for Amendment Act has not yet been declared.
Since receiving Royal Assent, the Department of Finance, Services and Innovation has issued a paper entitled “Security of Payment Reforms – Implementation, Options Paper – December 2018” (Paper).2 The Paper sheds further light as to the operation of certain amendments introduced by the Amendment Act, outlines proposed commencement options for those reforms, outlines proposed reforms to the Building and Construction Industry Security of Payment Regulation 2008 (NSW) (Regulation) and seeks stakeholder feedback as to these proposals.
The key information from our review of the Paper is as follows:
Interestingly, the Paper invites stakeholder feedback as to whether any specific reforms in the Amendment Act ought to have retrospective effect.
We will continue to keep you abreast of further developments in relation to the Amendment Act.
IMO 2020 is almost upon us. Readers are well aware of the impending switch to 0.5 percent fuel mandated by Annex VI of MARPOL which will cause an anticipated drop in HSFO demand, the potential hazards of new untested LSFO blends, the concerns around scrubber operations, the debate over open loop versus closed loop, and the myriad of other risks associated with the impending regulatory change.