Toksave - Allens PNG Regulatory Update - April 2022 - Real Estate, Land, Sea & Air

Toksave - Allens PNG Regulatory Update - April 2022

Allens PNG

20th April 2022

This update covers: 1) Strata Title Ownership Scheme passed, 2) Moratorium on Voluntary Carbon Market Projects, and 3) Electricity Regulatory Contract Review – commencement of the review process

Land and property
		Strata Title Ownership Scheme passed Relevant Acts for the strata title ownership scheme were passed in the March 2022 Parliament session. Allens previously discussed these new changes in 2019. Among those passed were the Strata Title Act 2022 and the Strata Title Management Act 2022. The Strata Title Act 2022 generally provides for the creation and registration of strata title properties, while the Strata Title Management Act 2022 provides for the management and running of properties under the strata title scheme.
Resources and industry
		Moratorium on Voluntary Carbon Market Projects On 7 March 2022, Hon Wera Mori, Minister for Environment, Conservation and Climate Change, released a notice imposing a Moratorium on new and intending voluntary carbon market projects to trade carbon credits. The Moratorium was imposed to ensure voluntary projects are brought under the Climate Change Development Authority (*CCDA*), to conduct an audit of the existing voluntary projects. Mr Mori stated that he will be taking a policy submission to the NEC to effect the Moratorium. To date, there has been no notice confirming if the NEC deliberated on the Moratorium.
Competition and consumer
		Electricity Regulatory Contract Review – commencement of the review process The ICCC has announced that it will continue the Electricity Regulatory Contract Review process for the period 2017 to 2022. The process was put on hold in 2021 following Parliament's passing of the National Energy Authority Act 2021, which paved the way for the establishment of the National Energy Authority to replace the ICCC as the regulator of the electricity supply industry. While there appears to have been some initial confusion around which entity would continue the process of reviewing the Electricity Regulatory Contract, this appears to have now been resolved, given the ICCC has restarted the process. The due date for submissions was 25 March 2022. There has been no indication of when the ICCC will commence a review of the Electricity Regulatory Contract applicable from the end of this year for the next five years.
News & other developments
		2022 National General Election timeline The 2022 National General Election will be conducted over a period of 13 weeks, commencing with the issue of writs on 28 April 2022 to the return of writs on 29 July 2022. Electronic Transactions Act passed The Electronic Transactions Act 2021 was passed in the November 2021 sitting and certified on 23 February 2022. The application of the Act is wide and covers any kind of data message and electronic record, communication and document used in commercial and non-commercial activities in international and domestic dealings, transactions, arrangements, agreements, exchanges and storage of information.

For more information please contact our team below or visit our PNG page on the Allens website.

Sarah Kuman

Partner

Richard Kriedemann

Partner

Emmanuel Auru

Senior Associate

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Allens PNG

Papua New Guinea
https://www.allens.com.au/contact-us/offices/port-moresby/

Allens is a leading international law firm with a long and proud heritage of shaping the future for our clients, our people and the communities in which we work.

From playing a pioneering role in the development of legislation and regulatory frameworks in the Asia region for almost 200 years, to acting on numerous 'firsts' across a range of industry and community issues, it is in our DNA to make a difference and help shape what our world looks like.

Over this time, we've grown in scale and reach, today offering clients a global network of 40 offices in 28 locations through our global alliance with Linklaters.

We are privileged to hold some of the world's longest ongoing client relationships, stretching back more than 170 years, and we're committed to bringing our talent, expertise and insights to continue solving their toughest problems and creating ways forward to help them thrive. New and exciting market entrants sit alongside these established companies in our client base, drawn to working with us through the innovative re-packaging of our services for the growing and fast paced start-up market.

Papua New Guinea has enjoyed high economic growth in recent years and continued foreign demand for PNG's commodities has positive implications for the country's broader future development.

The current government has embarked upon a wide range of reforms and initiatives, including the establishment of an Independent Commission Against Corruption and a review of taxation, particularly resource project taxation.

We practice local and international law and represent many Papua New Guinean, foreign and multinational companies on their investments and business interests, both in PNG and overseas. Our lawyers from PNG and Australia have extensive local and international experience.

We are experienced in energy, resources and infrastructure; corporate and commercial; banking and finance; international trade; privatisation; litigation and dispute resolution; foreign direct investment; employment law; project finance; and capital markets.

Our work in PNG has included acting on some of PNG's most important resources projects and commercial transactions. This experience is complemented by our close relationships with government and regulatory authorities.

We have unparalleled knowledge of PNG's business environment, developed over decades of advising PNG's key industry participants and new entrants to this emerging market.

We have extensive experience working with the PNG Government on a number of reform projects and have deep knowledge of PNG's legislative process, having been involved in the formulation, drafting and passage of a variety of PNG statutes.

Language capabilities

English, Pidgin, Motu

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