Personal Property Securities Amendment (Deregulatory Measures) Act 2015
No. 74, 2015
An Act to amend the Personal Property Securities Act 2009, and for related purposes
Contents
1 Short title
2 Commencement
3 Schedule(s)
Schedule 1—Amendments
Personal Property Securities Act 2009
Personal Property Securities Amendment (Deregulatory Measures) Act 2015
No. 74, 2015
An Act to amend the Personal Property Securities Act 2009, and for related purposes
[Assented to 25 June 2015]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Personal Property Securities Amendment (Deregulatory Measures) Act 2015.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provision(s) | Commencement | Date/Details |
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | 25 June 2015 |
2. Schedule 1 | A single day to be fixed by Proclamation. However, if the provision(s) do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period. | 1 October 2015 (F2015L01471) |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendments
Personal Property Securities Act 2009
1 After section 2
Insert:
2A Schedule 1
Schedule 1 has effect.
Note: Schedule 1 contains application, saving and transitional provisions relating to amendments of this Act.
2 At the end of section 3
Add:
Schedule 1 contains application, saving and transitional provisions relating to amendments of this Act.
3 Paragraph 13(1)(d)
Omit “year); or”, substitute “year).”
4 Paragraph 13(1)(e)
Repeal the paragraph.
5 Subparagraph 268(1)(a)(ii)
Repeal the subparagraph.
6 Subsection 268(1) (example)
Repeal the example.
7 At the end of the Act
Add:
Schedule 1—Transitional provisions relating to amendments of this Act
Note: See section 2A.
Part 1—Transitional provisions relating to the Personal Property Securities Amendment (Deregulatory Measures) Act 2015
1 Definitions
In this Part:
amending Act means the Personal Property Securities Amendment (Deregulatory Measures) Act 2015.
2 Application of amendments relating to serial numbered goods
Despite the amendments made by items 4 and 5 of Schedule 1 to the amending Act, this Act continues to apply, in relation to leases and bailments of goods entered into before the commencement of those items, as if those amendments had not been made.
[Minister’s second reading speech made in—
House of Representatives on 19 March 2014
Senate on 14 May 2015]
Overview
The Personal Property Securities Amendment (Deregulatory Measures) Act 2015 was enacted by the Parliament of Australia to amend the Personal Property Securities Act 2009, with a view to implementing deregulatory measures that are expected to ease the compliance burden on businesses. The Act received Royal Assent on 25 June 2015 and commenced on the same date, with the exceptions of certain provisions in Schedule 1, which were set to commence on a date to be fixed by proclamation but no later than one October 2015. The primary policy objective of this Act is to streamline the regulatory framework governing personal property securities, thereby fostering a more business-friendly environment that encourages investment and economic growth without compromising on the integrity of the security interest registration system. The Act aims to address the identified gaps in the current legislation by simplifying certain processes and reducing the administrative burden on businesses.
Scope and Application
The Personal Property Securities Amendment (Deregulatory Measures) Act 2015 amends the Personal Property Securities Act 2009, introducing a range of deregulatory measures aimed at easing compliance burdens for certain entities and conduct. This Act applies to all entities subject to the Personal Property Securities Act 2009, including businesses and individuals who lease or bail goods, and it operates across the Commonwealth of Australia. The legislative changes introduced by this Act primarily affect the registration and disclosure requirements for security interests in personal property, with the intention of reducing the administrative burden on smaller businesses and less complex transactions. However, specific exclusions and transitional provisions are detailed in Schedule 1, ensuring that certain pre-existing arrangements and leases are not adversely affected by the amendments. The Act also allows for further adjustments and extensions through subordinate instruments, which may provide additional clarification or specify particular conditions under which the deregulatory measures apply.
Key Provisions
The Personal Property Securities Amendment (Deregulatory Measures) Act 2015 (the "Act") amends the Personal Property Securities Act 2009 (PPSA) to introduce several deregulatory measures. Section 1 of the Act specifies that it may be cited as the Personal Property Securities Amendment (Deregulatory Measures) Act 2015. The Act commences on 25 June 2015, with certain provisions starting on a date fixed by proclamation but no later than 1 October 2015 (section 2). The primary changes to the PPSA are outlined in Schedule 1 of the Act, which includes amendments to various sections of the PPSA.
The Act imposes several obligations and requirements on entities governed by the PPSA. For example, despite the deregulatory amendments introduced by the Act, the PPSA continues to apply to leases and bailments of goods entered into before the commencement of certain amendments (Schedule 1, Part 1, item 2). This means that the existing rules under the PPSA will still apply to transactions that occurred before the Act came into effect. Additionally, the Act includes provisions for the application, saving, and transitional measures to ensure a smooth transition to the new regulatory framework (Schedule 1, item 2A).
The Act also addresses potential breaches and the associated consequences. For instance, under the PPSA, there are various offences and penalties for non-compliance. However, the specific penalties for breaches of the deregulatory measures introduced by the Act are not explicitly detailed within the Act itself. Instead, they would be governed by the existing provisions of the PPSA. The PPSA includes a range of penalties, including fines and imprisonment, for serious or repeated offences. For example, under section 268 of the PPSA, a person who knowingly or recklessly makes a false statement in a registrable security interest can be subject to a penalty of up to five years imprisonment or a fine of up to 2,100 penalty units, or both. These penalties reflect the seriousness of non-compliance and aim to deter potential breaches of the regulatory framework.
In summary, the Personal Property Securities Amendment (Deregulatory Measures) Act 2015 introduces several changes to the PPSA aimed at deregulating certain aspects of personal property securities. The Act imposes specific obligations and requirements on entities governed by the PPSA, including the continued application of existing rules to pre-amendment transactions. While the Act itself does not detail the penalties for breaches of the deregulatory measures, the existing penalties under the PPSA provide a framework for addressing non-compliance. These penalties serve as a deterrent and ensure that the regulatory framework is upheld.