Regulatory Review

The NECS National Business Model proposes a service to all users of electronic conveyancing throughout Australia. In order for NECS to be viable, the model must adhere to existing regulatory requirements.

In 2006, the National Office – on behalf of NECS National Steering Committee – engaged the law firm Gilbert and Tobin to conduct an independent review of the regulatory environment in which NECS will operate. Gilbert and Tobin carried out the review with the assistance of the Allen Consulting Group. Particular regard was given to the effect of National Competition Policy, trade practices requirements and other relevant regulatory controls.

The Regulatory Review included:

• determining whether the NECS National Business Model complies with National Competition Policy,   
   the Commonwealth Trade Practices Act 1974 and any other State or Commonwealth regulatory 
   requirements
• identifying areas of non-compliance and how they should be addressed
• helping NECS secure necessary clearances from the Australian Competition and 
  Consumer Commission and/or any other State or Commonwealth regulatory body.

Completed in March 2007, the Regulatory Review found that there were no regulatory impediments to NECS proceeding. It made recommendations with regard to:

• competitive neutrality
• trade practices
• financial services regulation
• privacy protection
• money laundering regulation
• payment systems regulation.

For more information view the full Regulatory Review Report.

Contact
Nick Taylor
Gilbert & Tobin
Email:  ntaylor@gtlaw.com.au

Back to top