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DEVELOPMENT OF THE NATIONAL ELECTRONIC CONVEYANCING SYSTEM A Progress Report By Simon Libbis Executive Director.

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Presentation on theme: "DEVELOPMENT OF THE NATIONAL ELECTRONIC CONVEYANCING SYSTEM A Progress Report By Simon Libbis Executive Director."— Presentation transcript:

1 DEVELOPMENT OF THE NATIONAL ELECTRONIC CONVEYANCING SYSTEM A Progress Report By Simon Libbis Executive Director

2 THE NEED FOR A NATIONAL APPROACH State based land administration National regulation of major players Commonwealth digital signature standards National operations by trading banks Commonwealth identification protocols Existing central bank settlement systems Economies of scale

3 WHAT IS NECS? Australia’s joint government and industry initiative to create an efficient and convenient way of completing property transactions and lodging land title dealings for registration

4 WHAT DO WE MEAN? Electronic business environment for conveyancing One central system accessible by all States and Territories One interface for all users (banks, mortgage processors, legal practitioners & conveyancers) Transparent application of each State and Territory’s registration and duty rules

5 PROGRESS TO DATE Task 1: Interim governance arrangements - DONE Task 2: Consultation: Task 3: Thorough risk assessment: Completed Task 4: Independent regulatory review: Completed Task 5: Ongoing governance arrangements: Completed Task 6: Confirmation of NBM: Confirmed

6 STATE PROJECT TEAMS NATIONAL CONSULTATION FORUMS NATIONAL STEERING COMMITTEE Independent Chair NSW Rep VIC Rep QLD Rep SA Rep WA Rep TAS Rep Broker/ Law Agent Rep ACT Rep NT Rep LCA Reps (2) ABA Reps (2) NATIONAL OFFICE Directed by National Steering Committee Informed by State Project Teams & National Consultation Forums User ID Accreditation & Training System Access & Usage Lodgement Process & Security Settlement Process & Payments NSWVIC QLDSAWATASACTNT AIC Rep SRO Reps (2) GOVERNANCE ARRANGEMENTS

7 PROGRESS REPORT ON NATIONAL CONSULTATION Unanimous support for NECS National Business Model sound VOI procedures the most significant issue Much still to be explained, explored and resolved Key Outcomes

8 INDEPENDENT CONSULTANCIES Risk Assessment – involving risk mitigation measures, risk transfers and liability insurance Governance - NECS should be a body corporate owned by the jurisdiction governments Regulatory Review – no regulatory impediment to NECS proceeding

9 NECSNECS Settlement Financial Institutions FSM RBA Enabled Subscriber Preparation Subscriber LSP Browser Interfaces NECS Browser Interface Clien t Enabled Subscriber NECS Web Services LSP Web Services User Clien t LSP Compliance & Lodgment RO 2 RO 1 LR 2 LR 1 NATIONAL BUSINESS MODEL

10 NEXT STEPS Developing the National Roadmap Republishing Roadmap Documents: June 2007 Refining Funding Model: June 2007 NECS Requirements Definition: July 2007 NECS Solution Architecture: September 2007 National Implementation Plan: September 2007

11 NEXT STEPS (Cont’d) Development of NECS Data Standards Jurisdiction Readiness Plans Establishing NECS Ltd Participation Rules and Legal Framework Financial Settlement Rules and Arrangements

12 IMPLEMENTATION STRATEGY Setting-Up -governance -model confirmation -commercial viability -detailed planning Building the NECS - specifying - provisioning - testing - commissioning Readying Jurisdictions - legislation, policy, system and practice changes Engaging & Converting Users - communication, education, training and support 12 Mths 24 Mths36 Mths48 Mths

13 THANK YOU For more information on this presentation or any aspect of National Electronic Conveyancing, please contact Simon Libbis - Executive Director, National Electronic Conveyancing Office at: Tel: Web:


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