Electronic Conveyancing Enforcement Bill 2022 passed by New South Wales Parliament
Wednesday,9 November 2022
Electronic conveyancing disruptor Sympli today commends the New South Wales (NSW) Parliament for passing the Electronic Conveyancing Enforcement Bill 2022 (the Bill), with amendments that will further ensure its success in penalising breaches of the law.
This new legislation will enhance the NSW Office of the Registrar General’s compliance and enforcement powers to govern ELNO behaviour until a national regime is developed and implemented under the Electronic Conveyancing National law.
Enforcement powers range from the issuing of a written enforceable undertaking to an ELNO that contravenes the ECNL, remedial direction and penalties enforceable through the Supreme Court.
To ensure enforcement costs are not simply factored into the ordinary cost of doing business for ELNOs, the legislation has been passed with amendments that significantly increase the cost of non-compliance.
As the industry works collaboratively toward a more competitive baseline, these actions will ensure all ELNOs are held accountable for their actions, and inaction, in NSW until a national enforcement regime is put in place.
Sympli Chief Executive Officer, Philip Joyce, said: “The passing of the Bill, with amendments, is a significant milestone in the pursuit of interoperability and competition in the industry. Interoperability is an integral tool that will allow individuals buying and selling property, and practitioners and banks facilitating this important process, to operate within a fair and competitive sector.
“Interoperability will increase competition in the industry, driving freedom of choice, innovation and value for practitioners and their clients. We look forward to continuing our involvement in this important process.
“The NSW Parliament is to be congratulated on passing this important piece of legislation and putting in place the necessary infrastructure to ensure it is a success. This is crucial for the entire industry as we work towards interoperability.”
Sympli is the result of a collaboration between InfoTrack and ASX. We want to create more opportunity, add value and represent the market with an e-Settlements service from which practitioners across Australia can benefit.
InfoTrack is Australia’s leading provider of e Conveyancing technology and services and has been creating software for the legal and financial industries for over 18 years. InfoTrack has a focus on simple, end to end solutions, leveraging expertise to craft a truly integrated e-settlements platform that you can trust.
As one of the world’s leading financial exchanges, the ASX bring experience in clearing and settling transactions with security, speed, reliability, and cutting-edge technology. The combination of the two bring you Sympli: the next generation e-settlements solution delivering healthy competition, reliability, security and value to the industry. For more information visit www.sympli.com.au