The Boards of all Clubs in the International Group have decided that Clubs should provide the necessary certification. The purpose of this Circular is to provide an update to Members regarding the steps which are being taken to enable Members to meet the financial security requirements.
The entry into force of the amendments to MLC raises a number of complex and novel questions. These FAQs are intended to provide guidance to assist Members and Clubs in the run up to entry into force of the amendments on 18 January 2017. While efforts have been made to provide clarity, uncertainty remains on some aspects of the financial security requirements.
The MLC entered into force on 20 August 2013. In April 2014 the International Labour Organisation (ILO) agreed several amendments to the MLC to implement the principles agreed back in 2009 by the joint IMO/ILO financial security working group. These amendments will enter into force on 18 January 2017.