The new Personal Property Securities Register (“PPS Register”) is scheduled to go live on 31 October 2011. As the go-live date draws close, financiers and other businesses are busy preparing their business processes and systems for the new system.
Registering a security interest on the PPS Register will involve the completion of a standard electronic form over the internet. The Attorney General's Department (“AGD”) has made available a test version of the PPS Register in its current state so that stakeholders can use it to help develop their business processes and systems. To gain access to the test version (or "discovery environment"), you need to request an application form from firstname.lastname@example.org. The relevant application form is PPSR Discovery Environment Access Request Form. Due to the security protocols and procedures around accessing this environment, it can take up to two weeks from submitting the application to access the environment.
Further details about the register are also available on govdex. govdex is a site designed to facilitate communication between the AGD and stakeholders. The AGD publishes on the site documents relating to the key PPS topics that are being discussed with stakeholders and access to updates on the reform process. It includes detailed documents and information on issues relating to the technology aspects of the PPS Register web user interface. To access govdex, you must register first. To do that, send an email to email@example.com.
When it comes t the process of registering security interests, it is critical that the financing statement is completed correctly. If a secured party makes an error in completing the financing statement, it is exposed to the risk that the registration will be ineffective, with the result that their security interest is unperfected. Whilst the financing statement appears to be relatively simpler, there is a high potential for error as there are strict requirements on the type of information that must be included. Accordingly, secured parties will need to take care to ensure that they have systems in place to capture the necessary information. For example, the date of birth must be specified if the security interest is granted by an individual. For some types of collateral (such as motor vehicles, watercraft, aircraft and certain intellectual property rights and licences), the serial number may need to be registered. In each case, regulations specify the required information. Secured parties will also be required to complete other information in the financing statement which will require them to make judgment calls on various legal issues, such as the collateral classes that are affected by the security interest.
We can assist you prepare business processes and systems for the registration process.