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2012
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2012 Personal Property Securities (PPS) news
January 2012 - Transition period for registers of security interests
To assist with the transition to the national Personal Property Securities Register (PPSR), consumers should be aware the existing state registers will close from 5pm, Friday 27 January 2012. The services that will be unavailable from 5pm, 27 January 2012 include the Register of Encumbered Vehicles (REVS) in New South Wales, Queensland, Western Australia, the Northern Territory and the Australian Capital Territory, the Vehicle Securities Registers in South Australia and Victoria and the Register of Vehicle Security Interests in Tasmania. A full list of migrated registers is available. The Insolvency and Trustee Service Australia (ITSA) issued a media release on 23 January 2012 to alert the public to this. See the Transition Period for Registers of Security Interests for a copy of the media release.
2011 Personal Property Securities (PPS) news
December 2011 - Personal Property Securities Amendment Regulations 2011 (No. 2)
The Personal Property Securities Amendment Regulations 2011 (No. 2) were registered on the Federal Register of Legislative Instruments on 9 December 2011 and commenced the following day. The Amendment Regulations generally excludes companies incorporated under the Norfolk Island Companies Act 1985. The Amendment Regulations and the Explanatory Statement are now available on the ComLaw website
December 2011 - PPS Register Fees
The Personal Property Securities (Fees) Determination 2011 was made under subsection 190 (1) of the Personal Property Securities Act 2009 by the Attorney-General and registered on the Federal Register of Legislative Instruments on 16 December 2011. You may view the determination at: http://www.comlaw.gov.au/Details/F2011L02719/Html/Text#_Toc310520280
For more information on the latest fees table, go to the About the Register > Fees page.
December 2011 - PPS Register account set-up and management
If you choose to transact on the PPS Register as an account user, the PPS Register will be available for account set-up and management from 12 December 2011 to 15 January 2012.
This access will enable you to create all necessary users on your account, assigning individuals the necessary permissions to do what they need to when the PPS Register becomes fully operational on 30 January 2012.
If you do not create your account during this period, you will only be able to do so from 30 January 2012.
To access the PPS Register to set up an account, go to: transact.ppsr.gov.au
Information products that may assist you:
December 2011 - Payment methods for PPS Register pre-pay accounts
If you choose to set up a pre-pay account, you may wish to make a deposit into the account to establish an opening balance so that you can commence registering and searching the PPS Register immediately from 30 January 2012.
Payments for prepay accounts can be made in the following ways:
Credit card
Credit card payments can be made online on the PPS Register once you have set up your account. If you need quick access to your account balance to undertake register transactions, you may wish to consider making a payment by credit card.
Direct deposit/EFT
If you are making a direct deposit/EFT payment, please use the following bank account details for your payment:
Bank: Commonwealth Bank
Name: Insolvency and Trustee Service Australia Official Departmental – PPS account
BSB: 062-987
A/C: 10020131
Important: You must include your PPS Register account number as a reference field when paying by direct deposit/EFT, to enable the funds to be applied against your account. You will not have access to your account balance until your direct deposit/EFT payment has been processed.
Cheque or money order
Cheque and money order payments should be made payable to ‘Insolvency and Trustee Service Australia’ and mailed to:
ITSA National Service Centre
GPO Box 1944
Adelaide SA 5000
Important: You must include your PPS Register account number with your cheque or money order to enable the funds to be applied against your account. You will not have access to your account balance until your cheque/money order has been processed.
December 2011 – PPS Register Tutorials now available
Five tutorials have been developed to assist users undertake key functions of the PPS Register.
- Getting started
- Creating a registration
- Creating an account
- Searching the PPS Register
- Creating a secured party group
To view the tutorials, go to the PPS Register tutorials page.
November 2011 - Personal Property Securities Amendment (Registration Commencement) Act 2011 receives Royal Assent
The Personal Property Securities Amendment (Registration Commencement) Act 2011 (Cth) received Royal Assent on the 29 November 2011. A copy of the Act is available on the ComLaw website.
November 2011 - Revised credit application form
If you wish to apply for a credit account to use the PPS Register, an updated form is now available. While you can also pre-pay or pay as you go, if you are a regular user, you may find it useful to establish a credit account. Please submit your completed form early to ensure you can use your credit account from commencement of the PPS Register. Existing applicants are not required to reapply.
The Credit Application Form is available on the ITSA website.
21 November 2011 – Attorney-General determines migration time
The Attorney-General has executed an instrument under the Personal Property Securities Act 2009 (Cth) determining an early migration time of 21 November 2011.. The Personal Property Securities (Migration Time and Registration Commencement Time) Determination is available on the ComLaw website. Data migration is the last remaining significant activity required to ensure a seamless transition to the new national Personal Property Securities system.
The Attorney-General’s Department will continue to monitor progress, liaise with key stakeholders and will provide further advice to the Attorney-General to confirm the registration commencement time in mid December.
The decision does not affect the passage of the Personal Property Securities Amendment (Registration Commencement) Bill 2011 which is necessary to provide additional flexibility to the registration commencement time in consultation with stakeholders.
November 2011 - Personal Property Securities Amendment (Registration Commencement) Bill 2011 and Senate report
On 24 November 2011, the Personal Property Securities Amendment (Registration Commencement) Bill 2011 was passed through the Senate, having previously passed through the House of Representatives.
The Senate Legal and Constitutional Affairs Committee tabled its report [PDF 64KB] in to the Personal Property Securities Amendment (Registration Commencement) Bill 2011, recommending that the Senate pass the Bill.
November 2011 - Personal Property Securities (Approved Form) Instrument 2011
The PPS Registrar, David Bergman, has made a written instrument setting out the approved form required under various sections of the Personal Property Securities Act 2009. The Personal Property Securities (Approved Form) Instrument 2011 was made on 17 November 2011 and is accompanied by an explanatory note.
October 2011 - Personal Property Securities (Registration Commencement) Bill 2011 introduced to Parliament
On the 12 October 2011, the Attorney-General introduced the Personal Property Securities (Registration Commencement) Bill 2011 into the Parliament. The Bill amends the definitions of ‘migration time’ and ‘registration commencement’ time so that the Attorney-General may determine a time other than the automatic times in the PPS Act. The Bill and explanatory memorandum are available on the Parliament of Australia website.
The purpose of the Bill is to assist in managing any risks which may arise approaching the implementation date and to remove the default commencement date of 1 February 2012
October 2011 - Personal Property Securities Amendment Regulations 2011 (No.1)
The Personal Property Securities Amendment Regulations 2011 (No. 1) were registered on the Federal Register of Legislative Instruments on 5 October and commenced on 6 October. The Amendment Regulations and the Explanatory Statement are now available on the ComLaw website.
July 2011 – Credit application form
If you wish to apply for a credit account to use the PPS Register, the form is now available below. While you can also pre-pay or pay as you go, if you are a regular user, you may find it useful to establish a credit account. Please submit your completed form early to ensure you can use your credit account from ‘go live’ of the register.
May 2011 - National road show to highlight benefits of PPS reform
Attorney-General Robert McClelland and Minister for Small Business and Minister Assisting on Deregulation and Public Sector Superannuation, Senator Nick Sherry, have announced the start of a national road show to raise awareness of new Personal Property Securities (PPS) laws that start in October.
February 2011 – Commencement date of PPS reform deferred to October 2011
On February 13 2011, the Council of Australian Governments (COAG) endorsed the deferment date of PPS reform to October 2011. More information on the COAG meeting outcomes is available on the COAG website.
January 2011 – Cost Recovery Impact Statement (CRIS) external consultation summary and response released
The consultation period for the CRIS closed on 24 September 2010. Issues raised by stakeholders during the consultation period have been summarised and will be utilised in finalising the CRIS, where appropriate.
The CRIS external consultation summary and submissions can be found on the Attorney-General’s Department website.
2010 Personal Property Securities (PPS) news
December 2010 – Recommendation for commencement to be deferred
The Business Regulation and Competition Working Group of COAG met on 15 December 2010 and agreed to recommend to COAG that the commencement date for the PPS reform be deferred to October 2011. COAG is expected to endorse this decision when it meets in February 2011. On this basis, an indicative program schedule will be released in January/February 2011.
August 2010 - Cost Recovery Impact Statement open for consultation
The purpose of the Cost Recovery Impact Statement (CRIS) is to review and make recommendations to the cost recovery arrangements for the Personal Property Securities Register (PPSR), in line with the Australian Cost Recovery Guidelines and to facilitate appropriate stakeholder consultation.
Following the consultation period a revised CRIS will be published. Issues raised by stakeholders during the consultation period will be summarised and utilised in finalising the CRIS, where appropriate. The Attorney-General’s Department invites written submissions on the proposed fees and charges and issues raised in the CRIS. Comments and submissions on the CRIS are sought by no later than 24 September 2010.
The Cost Recovery Impact Statement (CRIS) can be found on the Department’s website.
July 2010 - Comments and responses - Exposure Draft of PPS Regulations
The Department undertook consultations on the Exposure Draft of the PPS Regulations.
A table containing a summary of the comments received and the Department’s response to these comments [PDF 204KB], has been released and is available.
The Exposure Draft of the PPS Regulations and the Departmental responses take into account the amendments inserted by the PPS (Corporations and Other Amendments) Act 2010 .
July 2010 - Government response to the Senate Committee’s report on the PPS (Corporations and Other Amendments) Bill 2010 tabled
The PPS (Corporations and Other Amendments) Bill 2010 was introduced into Parliament on 10 March 2010 and referred to the Senate Standing Committee on Legal and Constitutional Affairs for inquiry. The Committee’s report was tabled May 2010. For more information on the inquiry is available from the Australian Parliament House website.
April 2010 - Consultation on the Personal Property Securities (PPS) Regulations – release of ‘PPS Regulations: Exposure Draft and Commentary’
The PPS Regulations cover:
- interests that are within and outside the scope of the PPS Act 2009
- the interaction between the enforcement provisions in the Act and the National Consumer Credit legislation, and
- matters relating to the PPS Register (including access to and suspension of the Register, the information required to effect a registration, and how grantors and secured parties are to be identified in a registration).
The Exposure Draft of the PPS Regulations takes into account amendments proposed by the PPS (Corporations and Other Amendments) Bill 2010.
Comments were sought on the content of the PPS Regulations, and submissions were received by 4 June 2010.
March 2010 - Personal Property Securities (PPS) (Corporations and Other Amendments) Bill 2010 introduced
The PPS (Corporations and Other Amendments) Bill 2010 was introduced into Parliament on 10 March 2010 and is available from the PPS Downloads page.
The Bill is the second suite of consequential amendments to Commonwealth legislation brought about by the Personal Property Securities Act 2009.
The main purpose of the Bill is to amend the Corporations Act 2001. These amendments will ensure the conceptual consistency between the Corporations Act and the Personal Property Securities Act.
The Bill also makes minor amendments to the Personal Property Securities Act and other Commonwealth legislation.
The Bill was drafted following extensive consultation with stakeholders and following considerations raised by the Senate Legal and Constitutional Affairs Committee in its reports on PPS reform. These efforts have contributed much to the final form of the legislation.
January 2010 - Consultation on amendments to Corporations Act
Comments were sought on the exposure draft of the Personal Property Securities Bill (Corporations and other Amendments Bill) 2009 – Amendments to the Corporations Act 2001. Submissions were sought and received by 22 January 2010.
The exposure draft Bill proposes amendments to the Corporations Act 2001 to:
- close the Register of Charges under Chapter 2K
- amend the terminology of the Corporations Act in line with the PPS functional approach
- where appropriate, to include PPSA retention of title property within the definition of property in the Corporations Act (in line with the PPSA functional approach)
- maintain existing rights (that is, to ensure the amendments do not interfere with certain existing rights under the Corporations Act), and
- provide appropriate transitional and application arrangements.
Relevant exposure and draft documentation includes:
- The Consultation Draft of the PPS (Corporations and Other Amendments) Bill, Schedule 2, Amendments to PPS Act and Explanatory.
- The original exposure version of the PPS (Corporations and Other Amendments) Bill.
2009 Personal Property Securities (PPS) news
December 2009 - Personal Property Securities (PPS) Legislation Receives Royal Assent
On 14 December 2009, the Personal Property Securities Bill 2009 and the Personal Property Securities (Consequential Amendments) Bill 2009 received Royal Assent.
The Personal Property Securities Act 2009 and the Personal Property Securities (Consequential Amendments) Bill 2009 will apply after the registration commencement time, expected to be in May 2011.
Copies of both Acts are available from the ComLaw website. Unofficial copies of the marked up version of the PPS Bill with amendments included are available from the Attorney-General’s Department. The official version will be available on the ComLaw website shortly.
October 2009 - Release of Paper on the Personal Property Securities Regulations
A paper on the Regulations to be made under the Personal Property Securities Act has been released. The paper outlines the content of the regulations that would be prescribed under the Personal Property Securities Bill (the Bill) once enacted. It details the content and policy rationale for each proposed regulation under the relevant enabling provision in the Bill.
The PPS Regulations - updated Regulation Paper - October 2009 is available from the Attorney-General’s Department.
Many of the regulations enabling provisions in the Bill relate to the PPS Register. Draft PPS regulations about the PPS Register are expected to be made available for comment by stakeholders in early 2010.
September 2009 - Update - State Personal Property Securities (PPS) Legislation
Referral legislation has been passed by the Parliament in New South Wales, Queensland, Victoria and South Australia. Referral legislation from Western Australia and Tasmania is anticipated in late 2010.
June 2009 - Personal Property Securities (PPS) Privacy Impact Assessment Report
In May 2009 the Government commissioned Information Integrity Solutions Pty Ltd to conduct an independent Privacy Impact Assessment of the Personal Property Securities project.
Information Integrity Solutions submitted its report in July 2009.
The PPSR Privacy Impact Assessment Report - July 2009 is available from the Attorney-General’s Department.
The assessment takes account of the Senate Committee on Legal and Constitutional Affairs Report on Exposure draft of the Personal Property Securities Bill 2008, the Government response to that report and the Personal Property Securities Bill 2009 as introduced into Parliament. All these documents can be found on the Department.
The Attorney-General has now responded to the privacy impact assessment and its response is available from the Department.