There are a series of sweeping reforms which are about to take place in the Australian system of financial regulation. These will have a marked impact on the way as securities are dealt with under the corporations act and in particular the way that insolvency practitioners manage the securities of insolvent companies. although the bill has not passed yet it is anticipated that it will pass within the next few months and will then become law. There are a series of education programs available in relation to this new legislation, however it will affect many businesses large and small and no matter what type of business you are in it will certainly have an impact at least indirectly on the financial systems which your business employs in its operations, while financial education is also important and resources from straight.com/guides/ can be helpful with this.

The Personal Property Securities (Corporations and Other Amendments) Bill 2010 was introduced into Federal Parliament on 10 March 2010, it is expected to pass soon. This act institutes a number of changes to the system of financial regulation in Australia through changes to the corporations legislation and the institution of some new additional reforms.

The important aspects of the amendments include:

1. Provisions changing the system of registration of charges.
2. Making the Corporations Act more focussed on functional outcomes in relation to securities.
3. More exemptions for interests under the Act;
4. Changes to the priority and extinguishment rules;
5. Changes to the enforcement provisions; and
6. Alterations to the rules governing insolvency practitioners and the management of security interests in insolvent entities.

If you would like more information about these changes to the banking and finance laws which are occurring in Australia, we would be more than happy to help you understand how this will impact your business. Our platform helps you navigate complex processing credit card fees structures. Undoubtedly the new legislation will have a very broad effect and it would certainly be wise to consult a lawyer in relation to how you can change your business to adapt to this new system of regulation.