My request for information and the AGD's response were the subject of a post of mine at the time - see here.
A year later, with no action evident from the AGD, I thought I'd try again. As before, I reproduce below my request and the AGD's subsequent response.
My request (27/09/2017):
It's been 30 mths since Bruce Whittaker's Report of the Review of the Personal Property Securities Act was tabled in Parliament.
What progress has been made since that time in moving to implement its recommendations, both legislatively and operationally?
I'd also appreciate an indication as to the timetable for implementation.
I am sure that the Gov’t is keen to ensure that all parties are given due consideration and that reform must be executed with care and diligence. I also appreciate that the response to the review must be progressed as a comprehensive package rather than on an ad hoc basis in order to achieve its aims to reduce complexity and burden without prejudicing the interests of any party.
However, 30 mths have now passed with only one of the Review’s 394 recommendations having any reflection in subsequent legislation. Surely, by now, an efficient Gov’t administration will be in a position to provide information on implementation timeframes and intentions.
The AGD's response (31/10/2017):
Thank you for your email of 27 September 2017 regarding implementation of the Review of the Personal Property Securities Act 2009 (the Review).
Since the Review was tabled in Parliament on 18 March 2015, the Government has prioritised development and passage of the Personal Property Securities (PPS Leases) Act 2017 (the PPS Leases Act). The PPS Leases Act has reduced the regulatory burden imposed by the Personal Property Securities Act 2009 Act (the Act) on the hire and rental industry by increasing the term of a PPS lease from at least one year to at least two years, providing that an indefinite lease is not a PPS lease unless and until it has been in force for two years, and making other amendments.
The Government has given close consideration to the 394 recommendations made by the Review and conducted targeted consultations with stakeholders. The Government intends to release an Exposure Draft of a Bill to amend the Act and a prototype PPS Register, for public consultation. Stakeholders will have an opportunity to provide comment on the Bill and the Register before the Government takes further action to implement the recommendations of the Review.
The Government will make further announcements about the timing of public consultation on the Bill and Register.
I hope this information is of assistance.
Taking the AGD's response at face value, a new PPSR seems to be on the cards rather than merely some tweaks to the existing register!
By way of recap, some of the changes recommended in the review included removing the need to designate security interests as PMSIs or as the supply of items for inventory, as well as taking away the requirement to identify grantors that are trustees of trusts by their trust's ABN.
I'll probably write again next year to the AGD with a follow-up enquiry regarding progress on this matter, but, in the meantime, I'd be grateful if any stakeholders that have been on the receiving end of 'targeted consultations' could get in touch with me and, perhaps, shed some light on the manner in which the AGD's thinking has been progressed.
