The Australian Attorney-General has now released the
Discussion Paper for the Regulations to be made under the
Personal Property Securities Act.
The Regulations will contain many provisions which are
relevant to the practical operation of the new legislation,
including in respect of the personal property securities (PPS)
register. As registration will be the key way in which security
interests will be perfected under the new PPS regime, a
detailed understanding of the Regulations will be important to
banks, financial institutions and others that take or grant
personal property securities.
Background
The consultation draft of the Personal Property Securities
Bill was released by the Attorney-General on 16 May 2008. As
explained in our
Alert of 19 May 2008, when that Bill (as it may be
modified) becomes law, it will radically change the way in
which security is taken over personal property
