The Red Ensign Group (REG) is currently developing a new regulatory framework for yachts, entitled the 'Red Ensign Group Yacht Code', which will be unveiled at the 2017 Monaco Yacht Show.
The rebrand recognises the efforts of all the Red Ensign members in the continual development of the codes. It also signifies the Group's dominance of the large yacht market and the importance of the codes in establishing and maintaining this position.
The new code will consolidate an updated version of the Large Yacht Code (LY3) and the latest version of the Passenger Yacht Code (PYC) to address the needs of the large yacht industry. The Cayman Islands Shipping Registry will take the lead in the secretariat function of the code, on behalf of the REG.
"This code will further develop the well-established industry standards of the LY3 and PYC, combining the lessons learned from almost 20 years of regulating the large yacht sector since the first version of the Large Yacht Code was published by the Maritime and Coastguard Agency (MCA) in 1997," announced the British Marine Federation.
Highlighted in the code are the necessary steps required to adapt to the International Maritime Organisation's new four yearly adoption and amendment cycle for its Conventions (SOLAS, Load Line & STCW), to which the codes form equivalences.
This hopes to make the Large Yacht Code more dynamic to industry change and development, while slowing the annual PYC editions to continue to meet the new international requirements for passenger ships.
British Marine has announced that the Red Ensign Group Yacht Code will be a code of two parts with common annexes, such as for helicopter landing areas, enabling builders and designers to continue to recognise the familiar formats of the existing REG codes.
An updated version of LY3 in 'Part A' will continue to be applied to yachts that are 24m-plus in load line length, in commercial use for sport or pleasure and don't carry cargo or more than 12 passengers.
'Part B' will consist of the latest version of the PYC applicable to pleasure yachts of any size, in private use or engaged in trade, which carry more than 12 but not more than 36 passengers and don't carry cargo.
The new code will aim to make better use of industry best practice and international standards such as ISO. It will also follow the IMO's overarching remit for increased 'goal based standards' as a form of regulations, allowing room for further flexibility and innovation in the design and construction of yachts.
It is assured that the code will be developed alongside a series of industry working groups, including British Marine and members of Superyacht UK.