PPSR to arrive at January's end
Financiers will make the transition to the unified register of property securities over the weekend of 28 and 29 January 2012, with the Attorney-General's Department likely to confirm the commencement date for the new register in the next week.Matt Minogue, first assistant secretary of the AG's Department, wrote in a letter to the Senate's Standing Committee on Legal and Constitutional Affairs last week that the department "is confident in the operation of the PPS Register".The department said it continues to plan for the commencement of the Personal Property Securities Register on Monday, 30 January 2012.Existing registers will stop processing applications at the close of business on Friday, 27 January, Minogue said.The Personal Property Securities Register will take over from 23 separate registers managed by federal and state governments that cover shipping, motor vehicles, fisheries, company charges, bills of sale and stock mortgages.The Attorney-General, Robert McClelland, must formally set the commencement date for the register by next Monday, 28 November 2011.The latest round of user testing has identified "no critical defects", Minogue wrote in his letter to the Senate committee."Some moderate-level issues were identified," Minogue wrote, some of which the department expects to resolve with lenders before January 30.Minogue also wrote that there were "a number of lower-level issues that are largely cosmetic" and these do not affect the core task of registering and searching for security interests.The latest round of user acceptance testing (which concluded on November 11) found no Severity One or Severity Two defects, but it did find six Severity Three defects, according to one bank review of the testing.