ARNECC approves second ELNO and an online survey to share your experience with eConveyancing

The second electronic lodgement network operator (ELNO) has passed 'Category 2' to operate in Australia.

The national regulator, ARNECC, has assessed the operator as meeting the Schedule 3, Category 2 requirements of the national Model Operating Requirements.

The second ELNO is expected to bring benefits to eConveyancing customers from a competitive ELNO market and has already lodged its first document in QLD a priority notice and is expecting is expecting to be operational in Victoria shortly and in NSW in the first half of 2019.

To facilitate this timeframe, NSW Land Registry Services (LRS) is updating registry technology to allow for a more modern, efficient and secure interface between the registry and multiple ELNOs going forward.

NSW Minister's forum on interoperability

To support competition in a multi-ELNO environment, Minister Dominello the New South Wales Minister for Finance, Services and Property, hosted an interoperability forum in Sydney last week. This included representatives from ELNOs, peak bodies, banks, other state registries, the ACCC, and the Reserve Bank of Australia.   

The next step is to develop a more detailed model and associated legal, commercial and liability regimes. A follow-up forum will be help to discuss progress in February 2019. 

The aim is to allow subscribers to choose which ELNO they want, when parties to a transaction are on different ELNOs - without having to be on both or learn multiple systems. Ultimately, participants would only need to use a single ELNO, which competes based on user experience, value for money and reliability. Additional costs should be offset by competition between ELNOs. 

Training workshops by LRS with information on all ELNO's platforms to support practitioners will be available.

For more information go to the LRS eConveyancing page.

Updated Model Operating Requirements (MORs) and Model Participation Rules (MPRs) released shortly

The national regulator, ARNECC is currently considering a final 'version' 5 of the MORS and MPRs. At this stage the plan is publish these updated versions before Christmas with a view to them coming into effect in late January 2019

If you have any questions about this survey, please contact Anne Larkins on 03 8617 8160) or Cameron Geddes on 0417 653 118.

You can find more information about the independent review on ARNECC's website

Read more Authority Updates - Australia-Wide

Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.

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