Changes to the Electronic Conveyancing National Law to require interoperability between ELNOs
The Electronic Conveyancing (Adoption of National Law) Amendment Act 2022 commenced on 6 June 2022. This Act amends the Electronic Conveyancing National Law (ECNL) to include a requirement for Electronic Lodgment Network Operators (ELNOs) to interoperate, as well as giving the Registrar greater powers to determine operating requirements in relation to interoperability.
This Act is a major step forward in the interoperability reform that has been led by the NSW Government in collaboration with the Australian Registrars’ National Electronic Conveyancing Council (ARNECC) and industry stakeholders. For more information on the interoperability reform, please see the ELNO interoperability page.
Key amendments include:
- A requirement for all ELNOs to establish interoperability, in accordance with the operating requirements
- An expansion of the Registrar’s powers to determine operating requirements in relation to interoperability, covering matters such as data standards, interoperability fees, bilateral agreements between ELNOs and requiring ELNOs to participate in an industry code for the financial settlement component of a conveyancing transaction.
- Extending the statutory reliance regime for digital signatures to cover interoperable transactions, and to include ELNOs and financial institutions as relying parties.
- Allowing Registrars to exchange information about compliance with ECNL requirements.
The NSW Office of the Registrar General is continuing to work with ARNECC on a second amendment Bill which will address matters arising from recent targeted consultation sessions with ELNOs and peak bodies, and which will also expand Registrars’ enforcement powers. Together these amendments will establish the regulatory framework to support interoperability in the eConveyancing market.
The amended ECNL can be viewed on the NSW Legislation website.