International Law

Personal property securities draft regulations and transition schedule

By David Jacobson

The PPS Regulations: Exposure Draft and Commentary have been released for public consultation.

The PPS Regulations cover:

• which interests are within the scope of the PPS Act (and those that are out of scope);
• 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.

The due date for submissions is 4 June 2010.

The Attorney-General’s Department has also released an overview of the major milestones in the PPS Reform Program up to the scheduled implementation time of May 2011.

Full post as published by Australian Regulatory Compliance Review on April 14, 2010 (boomark / email).