http://www.langes.com.au Australian law firm advising on mutual and financial services regulatory laws Wed, 08 Sep 2010 03:12:00 +0000 http://backend.userland.com/rss092 en One of the consequences of the Personal Property Securities Act is that a retention of title agreement (for example a sale under which a seller of goods retains title until it is paid in full) becomes a registrable security interest. Currently most retention of title agreements (also called Romalpa clauses after ... http://www.langes.com.au/pps/2010/09/08/retention-of-title-agreements-to-become-registrable-security-interests/ From May 2011 the Personal Property Securities Act will regulate the registration of non-land consumer credit securities, such as chattel mortgages over motor vehicles. But the PPS Act does not affect rights and obligations arising under the National Credit Code, where the NCC applies. Where both the PPS Act ... http://www.langes.com.au/consumercredit/2010/09/05/impact-of-personal-property-securities-act-on-consumer-credit/ In assessing the impact of the Personal Property Securities Act you need to understand which of the securities you currently register will be registered in the Personal Property Securities Register and what security interests that are currently unregistered will need to be registered after May 2011 if you wish to ... http://feedproxy.google.com/~r/typepad/davidjac/credit_union_and_mutual_l/~3/Y1-L1oVYq_4/ When the Personal Property Securities Register commences in May 2011 it will have a significant operational and legal effect on any business that provides credit to commercial or consumer customers on non-land security. Who does it affect? If you are a • Lender • ADI • Equipment Lessor • Manufacturer • Wholesaler • Distributor • Franchisor • Securitiser • Retailer • Consignor • Buyer of accounts receivable • Inventory financier • Farmer • Builder • Insurer • Secured party • A trustee • Pawnbroker and you • take or give fixed ... http://feedproxy.google.com/~r/AustralianRegulatoryReview/~3/m4OtSqcsgus/ This is a dedicated site for information about Australia’s Personal Property Securities regime which is due to commence in May 2011. For background, have a look at our previous posts here. Who is affected by the Personal Property Securities Act? The impact on credit unions and building societies The effect of the PPS Act ... http://www.langes.com.au/pps/2010/09/04/about-langes-personal-property-securities-site/ In Alliance Craton Explorer Pty Ltd V Quasar Resources Ltd [2010] SASC 266 the Supreme Court of South Australia was asked to decide whether the tape recording of Management Committee meetings of a Joint Venture was lawful, whether the ruling of the chairman to prohibit the electronic recording of the ... http://feedproxy.google.com/~r/AustralianRegulatoryReview/~3/A6HCcPxYyfU/ The Australian Prudential Regulation Authority (APRA) has released a response paper and draft reporting standard in the second round of consultation on the implementation of the Financial Claims Scheme (FCS) for authorised deposit-taking institutions (ADIs). The FCS was established in October 2008 and is designed to provide depositors with ... http://feedproxy.google.com/~r/typepad/davidjac/credit_union_and_mutual_l/~3/lSBdbIqRMTs/ APRA’s letter to ADI’s dated 26 August 2010 states that regulatory capital relief for credit risk has been claimed inappropriately if the originating ADI retained all, or nearly all, of the securitisation’s most subordinated tranche. In particular APRA states it is not appropriate for ADIs to base their assessment of significant ... http://feedproxy.google.com/~r/typepad/davidjac/credit_union_and_mutual_l/~3/Otj4nqDPL00/ APRA has issued SIS Determination No. 1 of 2010 to confirm a previous exception to the prohibition on the acquisition of certain assets from a related party of a regulated superannuation fund. It relates to investing in units in a unit trust. http://feedproxy.google.com/~r/AustralianRegulatoryReview/~3/9PDF1_I4Hqs/ Changes to the monetary civil jurisdictions of the Queensland Courts will take effect from 1 November 2010. Magistrates Court: the $50,000 monetary limit will be increased to $150,000; District Court: the $250,000 monetary limit will be increased to $750,000; Supreme Court: the minimum claim requirement of $250,000 and over will be increased to ... http://feedproxy.google.com/~r/AustralianRegulatoryReview/~3/8oofaWZ58kY/