These publications underpin our regulatory and enforcement responsibilities in relation to personal insolvency and the Personal Property Securities Register.
Ministerial Statement of Expectations and AFSA Statement of Intent
This statement sets out the intentions of the Chief Executive of the Australian Financial Security Authority (AFSA) about how they will meet the expectations outlined by the responsible Commonwealth Minister under the Bankruptcy Act 1966 (Bankruptcy Act) and the Personal Property Securities Act 2009 (PPS Act) in the Ministerial Statement of Expectations of 21 October 2021.
The Regulatory Charter guides the regulatory strategies for insolvency and the Personal Property Securities Register (PPSR) by explaining how priorities are set, measured and reported as well as the compliance framework and methodology.
The charter is supported by our insolvency and personal property securities strategies as well as the compliance toolkit which outlines our statutory powers and the informal tools used by the Inspector-General in Bankruptcy, the Official Receiver and the Personal Property Securities Registrar.
Regulatory Actions Cooperation and Support Policy
This policy assists AFSA to investigate alleged misconduct in circumstances where more than one person is involved while supporting those who cooperate in an investigation and/or prosecution of someone involved in misconduct, fraud or other alleged criminal conduct.
The principles underpinning the policy are as follows:
- assistance and support will only be considered when a person has fully and truthfully cooperated with AFSA
- AFSA does not have the power to grant immunity from prosecution
- several factors will be considered when offering a Letter of Comfort, preparing joint submissions in civil cases, and cooperating with the Commonwealth Director of Public Prosecutions (CDPP) in criminal cases.
PPS Regulatory Strategy
The PPS Regulatory Strategy is a key document outlining AFSA’s regulatory focus areas for 2021–22, which include:
- raising awareness among vulnerable and ‘at risk’ groups
- making it easy for people to understand their rights and responsibilities and use the PPSR correctly
- reducing intentional misuse.