Regulation and Compliance Update: the PPSA Regime

Contents

• Practical Guide to PPS - Key concepts
• Overview of the PPS regime
• Acronyms

Key concept

The Personal Properties Securities reform is scheduled to commence in October 2011.

The PPS regime completely replaces the existing schemes for registering security over most types of personal property except real estate. An interest registered on the PPS register is called a security interest.

The PPS register is not like the Torrens Title system – it does not record ownership, and does not guarantee title. It is a register of security interests.

Following the introduction of the PPS regime, a traditional fixed and floating charge over a company's assets will be registered on the PPS register instead of being registered at ASIC. Similarly, most types of non-real estate security taken from individuals will be registered on the PPS register.