The Personal Property Securities Act 2009 (PPS Act) is a national scheme introduced by the Federal Government to simplify the registration and regulation of personal property securities in Australia. The PPS Act and its reforms are being introduced on 30 January 2012 and will combine the existing Commonwealth, State and Territory laws and registers, for personal property security interests into one national online system. The PPS Act will apply to all ‘security interests in personal property’ including those created before the introduction of the PPS Act.
Notice of Changes to Colonial Margin Loan Terms and Conditions & Fees and Charges
As a result of the introduction of the PPS Act there have been changes to the Colonial Margin Loan Terms and Conditions (T&Cs) and Fees and Charges. These changes take effect 30 January 2012. We recommend that you carefully read the changes here and if you have any enquiries, contact us on 1800 252 351. The updated T&Cs and Fees and Charges will be available from our Forms page from 30 January 2012.
Changes to CGI facilities from 30 January 2012
The following changes in relation to CGI facilities will take effect from 30 January 2012:
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ASIC company charge fees will be replaced by a Personal Property Securities Register (PPSR) registration fee.
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Existing ASIC company charges will be migrated to the PPSR at NO cost.
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New company applicants – the cash account security will be registered on the PPSR at cost.
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Existing IDPS securities – the cash account security will be registered on the PPSR at NO cost.
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New IDPS security – if margin loan credit limit is > $250k, the cash account security will be registered on the PPSR at cost.
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No changes to ASX listed securities securing margin loans held in CHESS.
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No changes to managed funds and non-IDPS investment platforms securing margin loans.
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A Notice of Verification Statement will be sent to individuals (non-company borrowers) to confirm registration on the PPSR.
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For further information regarding the Personal Property Securities Register including fees please visit ppsr.gov.au.
Should you have any questions regarding your clients’ CGI facilities please contact your CGI BDM or our client service team on 1800 252 351 (Colonial Margin Loan) or 1800 646 151 (CALIA+).