EXPLANATORY STATEMENT
Personal Property Securities (Reports) Determination 2011
Summary
The Personal Property Securities (Reports) Determination 2011 (the Determination) is made under subsection 176(3) of the Personal Property Securities Act 2009 (the Act) by the Personal Property Securities Registrar. The Determination identifies the matters that may be the subject of reports under section 176.
Background
A person can request, in the approved form, a report of matters relating to registered data in relation to that person (subsection 176(1)). The Registrar is able to determine the different matters that a report may contain. A request for a report may incur a fee under section 190.
Notes on Sections
Section 1 – Name of Determination
Section 1 provides for the citation of the Determination as the Personal Property Securities (Reports) Determination 2011.
Section 2 – Commencement
The Determination commences on the day after it is registered.
Section 3 – Interpretation
This section provides that the definition of Act is the Personal Property Securities Act 2009.
Section 4 – Matters that may be the subject of reports
The table in this section sets out the matters that may be the subject of reports under section 176 of the Act. The first matter identified in the table is the registration of a security interest if the grantor is not an individual; that is, an organisational grantor.
A person is able to request notification when any registration for an organisational grantor that is described by ARSN, ACN or ARBN is made or amended, including discharge. Under certain provisions of the Act the priority of a registration may be affected by a subsequent registration in relation to the collateral in which the interested party already has an interest. This report will allow a user to request a notification be sent to them when any activity occurs against registrations for the specified company identifier. A person may then perform a search of the PPS Register using the organisation’s identifier and view the details of the registration events (registrations made and/or amended).
This report replicates a report previously provided by Australian Securities and Investment Commission in relation to charges on its Register of Company Charges.
The second matter that may be subject of reports is any other matter relating to registered data in relation to the person. This will enable a person to request reports on an ad hoc basis in respect of the registered data that relates to them as a secured party or account holder. Reports may contain information derived from data registered with respect to the secured party or account holder. For example, in addition to registration and search activity, reports may also pertain to fees and pending applications, among other things.
A report may also provide a person with information about the number and type of registrations that are due to expire in a given time period. This will provide secured parties an easy way to manage their registrations to ensure they do not expire before any obligations which the collateral may secure are fully met.
Reports will also be available to account customers through the PPS Register in relation to registrations and searches conducted in a given time period, as well as all transactions that may incur a fee in a particular period.
Consultation
Consultation in regard to PPS reform has been extensive with the Department working closely with key stakeholders including banks, equipment financiers and information brokers. In respect of reports under section 176, stakeholders were provided with documents that detailed the requirements for the reports functionality in the PPS Register. The documents described the nature of the proposed reports, set out the context in which the reports would be created, their likely contents and the mode of delivery of the reports. The reports are designed to assist in managing a person’s use of the Register. It is intended that several of the reports, which will be available to account customers through the PPS Register application, will be made available without charge.
Regulatory Impact Analysis
The Office of Best Practice Regulation has previously advised that the personal property securities reforms do not require a Regulatory Impact Statement because the reforms do not involve compulsion and it will be a commercial decision whether businesses register. It is not designed to impose any additional compliance costs on business or individuals or have any adverse impacts on competition.