Ministers back in mandating dates for competition reforms

Friday 10 November 2023 – In a statement released today, State, Territory and Federal Ministers have strongly supported inserting mandated dates for full interoperability into regulation.

Ministers have given ARNECC their full support to finalise the regulations to require full interoperability by December 2025. In the statement, Ministers ‘reaffirmed support for the interoperability solution to be built as quickly as possible’ and welcomed the ‘finalisation of timelines for Release 1, 2 and 3 to give industry and other stakeholders the necessary certainty’.

Ministers noted ARNECC was finalising updates to the Model Operating Requirements following a consultation period and would continue to monitor the timely delivery of program milestones to achieve interoperability in the eConveyancing market.

Inserting mandated dates into regulation will be key to giving industry certainty and keeping these critical reforms on track.

Sympli would like to thank all State, Territory and Federal Ministers, as well as ARNECC and key peak industry bodies for their continued support and commitment to bring competition to this market.

Sympli Chief Executive Officer, Philip Joyce, said: “Ministers have sent all stakeholders a clear message that interoperability dates need to be mandated. The statement strongly backs in ARNECC’s process to finalise the July and December 2025 dates into regulation, which will give industry the certainty it needs and will unlock competition benefits for industry, small businesses, and consumers”.

“Sympli will continue to work with all stakeholders and respect ARNECC’s process as it seeks to deliver interoperability to the market. We again thank all Ministers and stakeholders for their continued support of these critical reforms and look forward to seeing the July and December 2025 dates mandated in regulation as soon as possible.”

Full Statement can be read here: https://www.arnecc.gov.au/wp-content/uploads/2023/11/ARNECCMinisters- Statement_Nov-2023.pdf

–ENDS–

Media Inquiries: Jerome Boutelet, Public Affairs Manager at media@sympli.com.au, or 0411 045 119

About Sympli
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 brings 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