Flexible commencement date for PPSR

The Attorney-General's Department yesterday set a formal commencement date of  January 30, 2012 for the Personal Property Securities Register. However, an even later commencement date seems likely.

David Bergman, Personal Property Securities Registrar, told a briefing in Sydney yesterday that he was aware of industry lobbyists seeking a later commencement date, but argued that he was bound to work towards a date in advance of that decided by the Act that is setting up the register. (That date is February 1, a Wednesday).

At least one major bank, and perhaps two of the four majors, is lagging behind in its preparations for the transition to the new register.

According to notes of the briefing provided to Banking Day, Bergman said, "Our planning is based on a probable commencement date of 30 January."

"We need to ensure that we get a clean entry in user-acceptance testing and conduct eight weeks of that. 30 January is, in any case, the earliest date we could aim for."

Bergman said there was, as yet, no decision to amend the legislation to allow for a later date.

"We're aware that there have been, in recent days, increasing business [and] industry representations to government about these risks and issues.

"All I can say of that is that the issues are known. They are on the table. That is not a decision anyone in this room can make. It's a decision only ministers will have to make. That has not yet been [made], that decision."

Bergam noted that recent experience with testing of the register was problematic for some stakeholders.

He said that the department was "working around the risk associated with [30 January], particularly given our experience [with] user acceptance testing."

Bergman acknowledged "the fact that a schedule to get us to 30 January doesn't include any contingency", as well as the practical difficulties around deploying staff over December and January.