Bulletin No. 346 | 21 October 2020
CIB 346: Competitive market structure in the eConveyancing market
21 October 2020
Following consultation and industry support, the principle of requiring interoperability between electronic lodgement network operators (ELNOs) in the Electronic Conveyancing National Law (ECNL) was unanimously supported by all states and territories in September 2020.
In addition, New South Wales, Queensland, South Australia and Western Australia agreed to develop the technical (IT) and regulatory changes with the aim to have the interoperability solution live by the end of 2021.
Interoperability links ELNOs to enable a user (conveyancer, lawyer, or financial institution) to be a subscriber of one ELNO and transact with a user of another ELNO, without having to subscribe to both.
Over the coming months, an ARNECC working group will lead national consultation on the regulatory principles for changes to ECNL and Model Operating Rules (MOR). A national interoperability industry panel has been created to facilitate collaboration between industry and state and territory governments.
Information about the regulatory consultation process will be published on the ARNECC website as it becomes available.
More information regarding the direction can be found via the ARNECC statement.
What this means for Western Australia
The WA Electronic Conveyancing Act 2014 will need to be amended to reflect the same or similar terms as the ECNL.
Essentially, the legislation will mandate interoperability between ELNOs in WA. With a second ELNO expected to commence operations in WA in 2021, these provisions will ensure conveyancers can choose which ELNO they use for their transactions.
It is anticipated that the WA legislation will be drafted for submission to Parliament following the March 2021 State election. Landgate will consult with industry as part of this process.
Please visit the electronic conveyancing page on the Landgate website for further information and updates.
Registrar of Titles