NSW Electronic Conveyancing Enforcement Bill 2022
Thursday, 13 Oct 2022
Sympli welcomes the introduction of the NSW Electronic Conveyancing Enforcement Bill 2022
Electronic conveyancing disruptor Sympli today welcomes the introduction of the Electronic Conveyancing Enforcement Bill 2022 (the Bill) into the New South Wales (NSW) Parliament.
While it may be unusual for a business to encourage more regulation and government enforcement, the Bill addresses the critical need for an enforcement regime in NSW until a national regime is developed and begins under the Electronic Conveyancing National Law.
The Bill, which enhances the NSW Office of the Registrar General’s compliance and enforcement powers, will govern ELNO behaviour through actions including enforceable undertaking, remedial direction and, where relevant, penalties enforceable through the Supreme Court.
This is particularly critical in the context of the rollout of interoperability and broader industry reform and innovation that will facilitate competition by allowing ELNOs to connect and exchange information to complete a transaction.
Sympli Chief Executive Officer, Philip Joyce, said: “It is pleasing to see the introduction of the Electronic Conveyancing Enforcement Bill 2022 in NSW this week. This is an important piece of legislation that will put in place the necessary framework to ensure that industry, ELNOs and key stakeholders align and perform to industry timelines.
“The Bill supports the broader industry reform process, central to which is the timely introduction of interoperability. Industry stakeholders, including those undertaking the emotive process of purchasing a home, deserve a safe, secure and efficient process within an industry that offers choice and competition.
“In supporting the introduction of this important legislation, Sympli is reinforcing our continued support for, and involvement in, important industry reform.”
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