1 Name of Regulation
This Regulation is the Building and Construction Industry Security of Payment Regulation 2008.
2 Commencement
This Regulation commences on 1 September 2008.Note—This Regulation replaces the Building and Construction Industry Security of Payment Regulation 2001 which is repealed on 1 September 2008 by section 10 (2) of the Subordinate Legislation Act 1989.
3 Interpretation
(1) In this Regulation:the Act means the Building and Construction Industry Security of Payment Act 1999.(2) Notes included in this Regulation do not form part of this Regulation.
4 Recognised financial institutions
Each person or body that is a body regulated by APRA, within the meaning of the Australian Prudential Regulation Authority Act 1998 of the Commonwealth, is prescribed for the purposes of the definition of recognised financial institution in section 4 of the Act.
5 Exemptions
A person is exempt from the operation of Division 2A of Part 3 of the Act in the person’s capacity as a principal contractor (within the meaning of that Division) under a construction contract of a kind referred to in section 7 (2) (b) of the Act.cl 5: Ins 2011 (89), cl 3.