A little more detail can be found on the IMO website for those that are interested: http://www.imo.org/MediaCentre/PressBriefings/Pages/44-SFV-conf-ends.aspx. Some of the exemptions are a little vague. Interesting though.
Unless expressly provided otherwise, the provisions apply to new vessels.
With regards to the implementation of certain provisions, Administrations may, in accordance with a plan, progressively implement the provisions of chapter IX (Radiocommunications) over a period of no more than 10 years; and the provisions of chapters VII (Life-saving appliances and arrangements), VIII (Emergency procedures, musters and drills) and X (Shipborne navigational equipment and arrangements) over a period of no more than five years."[/I]