A new regime is being introduced that will affect the holders of security interests in intellectual property rights (patents, trade marks, designs and plant breeder's rights).
Currently, the holder of a security interest in, for example, a trade mark registration, has the option of recording that interest with IP Australia, with the result that any dealings engaged in by the trade mark owner are subject to the recorded interest.
However, a new Personal Properties Security (PPS) regime is scheduled to commence in May 2011. This regime will harmonise Commonwealth, State and Territory legislation on securities over a range of personal property, including intellectual property, standardise the rules of priority, and establish a national Personal Property Securities Register (PPS Register).
Once the PPS Register is up and running, security interests in intellectual property rights will need to be separately registered on the PPS Register, as recordal on IP Australia's Registers alone will not affect the owner's dealings with the property. IP Australia will still record security interests on its Registers but IP Australia will not pass this information to the PPS Register. The holders of existing and new security interests will have to apply themselves to be added to the PPS Register.
IP Australia will provide further information regarding these changes in the lead up to implementation next year. IP Australia will also send notices to those who currently have security interests recorded on its Registers to remind them to apply for recordal on the PPS Register.