Australian Government: Attorney-General's Department
Australian Government: Attorney-General's DepartmentAchieving a Just and Secure Society

Personal Property Securities

News

Amendments to the PPS Act

The PPS (Consequential and Other Amendments) Bill will make amendments to the PPS Act. 

These proposed changes are contained in Schedule 2 of the Bill.  These provisions have been referred to the Standing Committee of Attorneys-General for consultation.

The proposed amendments and explanatory material can be viewed at the PPS downloads page.

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 PPS Downloads page. The official version will be available on the ComLaw website shortly.

Consultation on amendments to Corporations Act

Comments are sought on the exposure draft of the Personal Property Securities Bill (Corporations and other Amendments Bill) 2009 – Amendments to the Corporations Act 2001

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.

The draft Personal Property Securities Bill (Corporations and other Amendments) Bill 2009 – Amendments to the Corporations Act 2001 together with a Commentary is available for download:

An unofficial marked up Corporations Act 2001 is available on the PPS Downloads page.

Submissions are sought by no later than 22 January 2010. Please see the Personal Property Securities page for more information.

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 paper can be found below:

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.

Update - State PPS Legislation

Referral legislation has been passed by the NSW, Queensland, Victorian and South Australian Parliaments. Referral legislation from Western Australia and Tasmania is anticipated in 2010.

Senate Committee reports on PPS Bill

On 20 August 2009, the Senate Legal and Constitutional Affairs Legislation Committee handed down its Report on the Personal Property Securities Bill 2009 (Provisions).

The Government Response can be found below:

The committee consolidated into a table many of the comments made to it about the Bill (Appendix 4 to its report). The Department adopted that table and used a version of it to address the comments made to the committee and those made subsequently to the Department by 30 September 2009.  The table is available for download below:

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 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 PPS Downloads page.

The Attorney-General has now responded to the privacy impact assessment.