Extension of the sunsetting of the Security of Payment Regulations
The Department of Transport and Planning will likely be informed as to the suitability of the regulations through the current Parliamentary Inquiry, which is looking into payment issues and is expected to provide a report by the end of 2023.
Following this, the Department of Transport and Planning will make recommendations for improvements to the regulations over the next two years, and where significant regulatory impact is foreseen, industry will be engaged through a Regulatory Impact Statement (RIS).
For more information about Security of Payment, visit the VBA website.