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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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Australia | Publication | giugno 2020
The NSW Parliament has swiftly passed the Residential Apartment Buildings (Compliance and Enforcement Powers) Act 2020 (NSW) (Act). The Act was assented to on 10 June 2020 and will commence on 1 September 2020. Significantly, the reforms in the Act will have retrospective effect, meaning they have potential application to existing residential apartment building work that has not been completed or has been completed within 10 years before the exercise of a function under the Act.
The Act is part of several reforms that the NSW Government is progressing in an attempt to improve the quality of construction and to improve consumer protections in the residential building space. The Act is principally aimed at equipping the NSW Building Commissioner with a suite of comprehensive powers to protect consumers against non-compliant developers and serious defects identified in residential buildings in New South Wales. For the purposes of the Act, a “developer” is defined broadly to include:
The aims are sought to be achieved under the Act through the introduction of several key reforms to protect against serious defects identified in residential buildings, including:
To support the powers described above, the following complementary reforms have also been introduced by the Act:
Critically, the reforms in the Act apply to “building work”2 in respect of a class 2 building (being residential apartment buildings), and also mixed use buildings containing a class 2 component.
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A “serious defect” in relation to a building is defined broadly and includes:
Broadly defined in section 5 of the Act.
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