IPART is investigating a pricing regulatory framework for interoperable electronic conveyancing transactions between Electronic Lodgment Network Operators (ELNOs).
This review is significant because eConveyancing is used to settle many conveyancing transactions in Australia. Interoperability is important because having different systems being able to ‘talk’ to each other gives customers a choice of which ELNO they use.
To support the implementation of interoperability in eConveyancing transactions, the Australian Registrars National Electronic Conveyancing Council (ARNECC) proposes to update the operating rules for ELNOs.
This would include provisions on the fees they may charge other ELNOs for participating in an interoperable transaction.
Submissions on our first Issues Paper have now closed. This paper outlines the issues we are considering in the first stage of our review, including:
Whether fees should be charged by a Responsible ELNO to Participating ELNOs in an interoperable transaction
Whether and how any fees should be recovered from subscribers
The form of regulation for any interoperability service fees.
We will publish our draft decisions on these issues in October 2022, with a second Issues Paper outlining further detail about our preferred form of regulation.
We have until April 2023 to complete the review and prepare a final report.