TRANSITION STRATEGY

In order for NECS to be fully effective, the system requires all parties involved in a transaction to be represented by practitioners and financial institutions capable of using NECS.

Yet, the implementation of NECS will inevitably involve a transition phase, during which key industry and government stakeholders progressively take-up NECS.

To minimise the impact of the progressive take-up of NECS by industry and government participants in each jurisdiction, a Transition Strategy will be developed and agreed as part of the NECS Implementation Plan. The Transition Strategy will allow transactions to be completed with a combination of paper and electronic documents, until the new system is fully operational.

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