NECSpress Issue 33 - 13 November 2008 - National Electronic Conveyancing System

Welcome to NECSpress, the e-newsletter for the National Electronic Conveyancing System.

In this edition:

Marking the Last Great Reform in Land Administration

Covering All Bases on Liability in NECS
NPT Accelerates Industry Consultation
First Milestone Passed for NECS Data Standard
COAG Decisions Expected this Month

MARKING THE LAST GREAT REFORM IN LAND ADMINISTRATION

Issue 30 of NECSpress covered the 150th anniversary of the introduction of the Torrens system of land titling in Australia. This important milestone was recently marked in Adelaide where the system was first introduced.

Industry and government representatives gathered for presentations on future developments in land administration and NECS featured prominently as the next big development in conveyancing. Several members of the National Steering Committee led discussions involving representatives from Canada, England, Ireland, Hong Kong, Jamaica, New Zealand, Scotland and Singapore and their presentations can be found at http://lac2008.landservices.sa.gov.au

COVERING ALL BASES ON LIABILITY IN NECS

Managing risk in the development of NECS has always been a high priority. To ensure maximum input to this critical area the National Steering Committee (NSC) decided at its last meeting to seek greater involvement of professional indemnity (PI) insurers and fidelity fund operators in the processes for defining NECS.

Research has revealed that across Australia there are at least 22 different providers of PI and fidelity insurance cover to legal practitioners, licensed conveyancers and businesses generally that will be involved in providing services to users of NECS. Some provide statutory schemes, some offer commercial products, some only service local markets, some only cover specific professions, some only provide PI cover and some only provide fidelity cover.

To work out the best way of obtaining input from such an important but diverse stakeholder group, the National Office has met with most service providers and has convened an advisory group of three comprising representatives of commercial PI insurers, statutory PI insurers and fidelity fund operators. This group will shortly nominate one of its members to join the National Project Team as the insurance industry representative.

NPT ACCELERATES INDUSTRY CONSULTATION

The National Project Team is continuing with its collection of industry sector requirements for NECS. It has also commenced a program of specific issues consultation with industry.

These issues include

• Extent and means of business practice prescription for NECS
• Types of digital signature certificates to be used in NECS
• Client Identity Verification (CIV) in NECS
• Client Authorisation (CA) in NECS
• Instrument Certification (IC) in NECS

and there are more to come. The papers being circulated among industry sector representatives by the NPT members can also be found on our website together with a convenient feedback form for each.

If you haven’t yet received an issues paper from your industry representative on the NPT, go to our website and have your say.

FIRST MILESTONE PASSED FOR NECS DATA STANDARD

Back in May we invited you to take part in developing the data standards for communication with NECS. Many of you took up the offer and great progress is being made.

A first draft of the NECS-to-Land Registry transaction requirements has been completed and work on the Subscriber-to-NECS transactions is moving ahead with the first draft expected by the end of the year. The Working Group developing these requirements with assistance from LIXI includes representatives from the finance, legal and conveyancing industries along with land registries, information brokers and case management software providers.

The Working Group is open to all members of LIXI with an interest in electronic conveyancing and it is not too late to get involved and make sure your requirements are covered by the standard. Contact us at the National Office if you want to know more.

COAG DECISIONS EXPECTED THIS MONTH

In July this year the Council of Australian Governments (COAG) set out a timeline for the introduction of a single national electronic conveyancing system for Australia with arrangements for funding and the establishment of the governing entity to be agreed by October 2008. Although significant progress had been made, global events took centre stage at the COAG meeting in October. This meant that electronic conveyancing, along with numerous other COAG initiatives, was not dealt with at the meeting.

COAG next meets on 29 November and it is expected that the future governance and funding arrangements for NECS will be resolved at that time.

Want to know more?

Please check out the NECS website www.necs.gov.au or contact us at:
Level 2, 10-16 Queen St
Melbourne Vic 3000
Ph: 03 8626 4545
Fax: 03 8626 4546
Email: info@necs.gov.au