Review of the eConveyancing Intergovernmental Agreement
The Australian Registrars National Electronic Conveyancing Council (ARNECC) has released a request for tender documents to undertake a review of the eConveyancing Intergovernmental Agreement (IGA).
You can find the documents here: https://tenders.nsw.gov.au (Quote RFT ID RFT-10016251). Tenders close on 13 July and we expect the review to start in late July.
The IGA states that after it has operated for seven years, the parties to the IGA (the States and Territories), will review the IGA’s operation and terms, including the operation and terms of the ECNL.
Since the IGA was entered into, the market structure of Australia’s conveyancing sector has, and continues, to rapidly change. This, combined with the changing regulatory environment of the financial services and legal sectors and rapidly changing technological environment, make the review of the IGA timely. Key changes include:
- accelerated take up as some jurisdictions move to mandating timeframes;
- the transfer of two jurisdictions’ land title operations to the private sector with potential for transfer of other jurisdictions’ land title operations;
- the current sole network lodgment provider’s (Property Exchange Australia Ltd (PEXA)) potential transfer of ownership in the next 12 months either through a trade sale or IPO;
- the potential for more than one ELNO competing for a series of connected transactions and associated issues of interoperability; and
- substantial advances in technology to verify identity ‘digitally’.
The review will assess the IGA’s operation since it started and whether the IGA has met its objectives of establishing a framework to facilitate the implementation and ongoing management of a regulatory framework for national eConveyancing. It will advise whether existing governance and regulatory arrangements are fit-for-purpose for the future and provide appropriate accountability to participating Governments.
The review will make specific recommendations on whether the IGA requires any changes to ensure the IGA remains relevant now and in the future in ensuring the effective oversight and efficient and appropriate regulatory framework for national eConveyancing.
The review will be conducted by an Independent Reviewer appointed by ARNECC. The Reviewer will have experience/expertise in regulatory governance and oversight, property law and digital transformation.
The Reviewer will consult widely with the legal sector, conveyancing sector, financial institutions and mortgage processors; each state and territory, operating and potential Electronic Lodgment Network Operators and other key stakeholders as necessary.
Deliverable and timeframe
The review will provide advice and recommendations to the IGA Ministers and the Australian Government and should be completed by the fourth quarter of 2018.
The review will be supported by a Secretariat hosted by the NSW Office of the Registrar General.