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Special Purpose Vehicles (SPV) for PFI initiatives.
Rank: Forum user
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Is anyone out there in IOSHworld familiar with, or previously pinned down the responsibilities which may or may not accrue to those involved in a SPV ?
Legally, it appears they're a fairly complex entity, made up of various contracting parties - created primarily to minimise financial risks all round. They 'cause / enable' major projects to proceed, by supplying the readies, among other things, so far as I can make out, but do they actually constitute a "body corporate" ?
Any thoughts, most welcome.
Thanks,
Martin.
(Surrey)
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Rank: Super forum user
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I seem to recall that the previous iteration of the CDM ACoP (1994 Regs) had some discussion on this, predominantly in a Client duty holder context. May be of interest to you.
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Rank: Forum user
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There is guidance within the current CDM ACoP with regard to PFI/PPP and makes reference to Special Purpose Vehicles.
Page 9 (Paras 39 to 42) of the ACoP cover it. In basic terms where an SPV is involved and the Client duties are expected to transfer between parties in the SPV then any transfer needs to be clear and agreed to by all involved, clearly recorded (I assume this to mean other than updated F10), and provide practical authority to carry out client's duties under CDM.
Certainly you would want a CDM Co-ordinator to be appointed who has had experience with SPVs and the transfer of Client duties.
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Rank: Forum user
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Thanks Gents - that's very useful. I'd totally forgotten about the particulars of CDM. I was casting about in murky legal generalities - Corporate manslaughter/ HSWA and that sort of thing. The CDM bit could provide a nice focus to a brief I've been asked to give to the Board, the basis of which is likely to be the Inst. of Directors / HSE 'leadership' booklet - but wanted to flesh it out a bit more.
Thank you both.
Regards.
MJL.
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