RICS Red Book (8th ed) effective on 30 March 2012
The Royal Institute of Chartered Surveyors (RICS) has confirmed that the eighth edition of the RICS Valuation Professional Standards 2012 (the 'Red Book') is effective from 30 March 2012. The latest edition of the Red Book includes a number of changes to the existing standards to incorporate the new International Valuation Standards. The new standards are mandatory for all RICS members who provide 'Red Book' valuation services. The Red Book lists rules, best practice guidelines and related commentary for all RICS members undertaking asset valuations.
NEC3 ECC Works Information guide
The NEC has published Engineering and Construction Contract Works Information Guidance, for use with the New Engineering Contracts (NEC3) ECC. The guidance highlights the functions of "works information," its function vis-à-vis other parts of the ECC and advises on the structure and drafting of "works information" in construction contracts.
RICS publishes conflicts of interest guidance for dispute resolvers
The Royal Institution of Chartered Surveyors (RICS) recently published a guidance note on conflicts of interest. The guidance note, which is influenced by the International Bar Association's guidelines on conflicts of interest in international arbitration, is aimed at assisting RICS members who are involved in resolving disputes with identifying conflict situations and lays down guidance on how a possible conflict of interest situation should be dealt with after appointment.
New Mining Laws Introduced in Indonesia
On 6 February 2012, the Indonesian Minister of Energy and Mineral Resources enacted Regulation No. 7 of 2012 which provides details regarding processing and refining obligations of mining companies, and introduces a ban on exports of certain specified unprocessed metals and non-metallic minerals.
On 21 February 2012, the Indonesian government enacted Regulation No. 24 of 2012 which provides for an increase in the mandatory share divestment obligations in mining companies. The Regulation provides for progressive divestment from 20% after five years of commercial production up to 51% after ten years.
These legislative changes are interesting especially when seen in light of the changing landscape of mining laws in the region. Changes in the national mining laws are currently being proposed in Philippines to allow the government a greater share in the proceeds of mining.