On 4 April 2014, the Attorney-General announced a review of the Personal Property Securities Act 2009 (PPS Act) as required by section 343 of the PPS Act.
For enquiries about the statutory review of the PPS Act, email email@example.com.
The Final Report on the review was tabled before Parliament on 18 March 2015. The Report considers:
- the effect of the reforms introduced by the Act
- the level of awareness and understanding of the Act
- the incidence and causes of non-compliance with the Act
- opportunities for minimising regulatory and administrative burdens including cost
- opportunities for further efficiencies.
In looking at these matters, this Report also considers:
- the scope and definitions of personal property
- the desirability of introducing thresholds
- the interaction of the Act with other legislation
- other relevant matters.
This Report includes extensive recommendations on how to improve the Act, including simplification of the Act and of the Personal Property Securities Register, as required by the terms of reference for the review.
Consultation papers addressing the issues raised in the submissions received by the review were progressively released for stakeholder feedback and comment.
Copies of submissions received in response to each consultation paper are available on the Responses to consultation papers page.
On 31 July 2014 Mr Bruce Whittaker delivered his interim report on the statutory review of the PPS Act to the Attorney-General and Parliamentary Secretary to the Prime Minister:
The Attorney-General and the Parliamentary Secretary to the Prime Minister acknowledged receipt of Mr Whittaker’s report on 15 August 2014.
Following the Attorney-General’s announcement of the review, submissions were sought from interested organisations and individuals on the operation of the PPS Act and the matters set out in paragraphs a) to i) of the terms of reference. The closing date for submissions on issues particular to small business was 6 June 2014 with submissions on all other issues accepted until 25 July 2014.
The following paper was made available on 14 April 2014 to guide submissions:
Copies of submissions received on issues particular to small business, and a summary of the key issues raised, are available on the First round submissions on issues particular to small business page.
Copies of submissions received on all other general issues are available on the Second round submissions on all other general issues page.
Terms of reference
The review is governed by the terms of reference issued by the Attorney-General. The terms of reference set out the specific matters for examination by the reviewer.
These matters range from the broad areas such as the impact of the PPS Act on business and consumers, to more technical ones, such as opportunities for further efficiencies in the PPS Act regime, and to simplify the language of the PPS Act.
The major themes for consideration are listed in paragraphs a) to i).
The reviewer—Mr Bruce Whittaker
Mr Bruce Whittaker conducted the review. Mr Whittaker specialises in debt capital markets, acquisition and leveraged finance, project finance, asset finance and leasing, and banking. Mr Whittaker has more than 30 years' experience in private practice both in Australia and overseas; and is recognised as one of the world's leading structured finance lawyers.
The PPS Act was an important commercial reform, creating a single national regime for secured finance using personal property. Secured lending against personal property is an important element of the Australian credit market and the broader economy.
The PPS Act replaced a complex and fragmented legal system, including more than 70 Commonwealth, state and territory statutes and general law rules. The Act established a single national regime for the creation, registration, priority and enforcement of security interests in personal property to which it applies.
After more than two years of operation, the review of the Act provided an opportunity to consider, based on practical experience, whether the Act has achieved its objectives.
In addition to reviewing the operation of the Act, the review paid particular attention to the experiences of small businesses. As outlined in the review's terms of reference, feedback was sought on issues such as the impact of the Act on small business, the level of understanding of the Act amongst small business operators and their ability to effectively utilise the Act for their benefit.
An interim report on priority issues raised by small business in the review was delivered to the Attorney-General and Parliamentary Secretary to the Prime Minister on 31 July 2014. The final report on the review was tabled before Parliament on 18 March 2015.