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Mandating eConveyancing in Queensland

5 May 2022

The Australian Banking Association continues to support efforts to accelerate the adoption of electronic mortgages and settlement for the convenience of consumers and the associated economic benefits. The banking industry is supportive of mandating electronic conveyancing in Queensland, which is a pragmatic and natural development from the current regime. Mandating e-conveyancing in Queensland will create greater certainty for consumers and drive greater efficiencies.

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Electronic Conveyancing National Law

11 March 2022

The Australian Banking Association (ABA) continues to support efforts to accelerate the adoption of electronic mortgages for the convenience of consumers and the associated economic benefits. The ABA and its members have actively contributed to the development of e-conveyancing since its infancy as well as interoperability and the associated reforms. The banking industry is supportive of progressing the Electronic Conveyancing National Law to implement interoperability, with further consultation to consider in detail the issues that ABA and other stakeholders have raised. This 2-step process is a pragmatic response to the complexity of the reform, and the need to balance certainty of the reforms with addressing important issues that stakeholders have raised.

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ARNECC – Modification of the Electronic Conveyancing National Law

24 November 2021

The ABA welcomes the changes included in the consultation draft and have some minor comments, contained in the attachment, regarding aspects of the drafting where further consideration may be warranted. The ABA is available to assist ARNECC in considering these issues.

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Modernising Document Execution

8 October 2021

Currently, significant delay, financial costs and opportunity costs result from the need to sign and witness deeds and statutory declarations on paper; these costs also result from inconsistent and uncertain regulations under Commonwealth, State and Territory laws. The ABA strongly advocates for the reforms to remain technology neutral and provide a single, consistent approach to executing deeds and statutory declarations. Otherwise the reforms may make it harder to use, and therefore disincentivise the use of, electronic execution.

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Treasury Laws Amendment Bill 2021

10 September 2021

The ABA supports the proposed amendments being considered by Parliament expeditiously to give industry ample time to implement changes to comply with the reforms. As such the ABA strongly supports the proposed bill being finalised and introduced into Parliament as soon as practicable. However, the ABA also asks Treasury to consider making a number of further amendments and clarifying a small number of matters in the Bill. Doing so would enhance the effectiveness and benefit of the Bill for industry.

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Electronic Mortgages in WA

31 August 2021

Electronic signatures can mitigate fraud risk by implementing multi-layers and factors of security and authentication, and the technology can generate an auditable electronic record, tamper proof seal, and use multiple ways to authenticate the signatory's identity. Most mortgages are not created pursuant to deeds. As such consideration of reforms in Western Australia should distinguish between the reforms that are necessary to enable electronic mortgages including the counterpart mortgage, and the reforms that need to be made to enable electronic deeds. The ABA strongly supports reforms to enable electronic deeds and not requiring most types of deeds to be witnessed.

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Using technology to hold meetings and sign and send documents

16 July 2021

The ABA supports legislation being technology neutral and facilitating innovation in how companies and businesses engage with shareholders and other stakeholders.

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Corporations Amendment (Virtual Meetings and Electronic Communications) Bill 2020

30 October 2020

We strongly welcome the Government’s proposal to make the electronic execution of company documents and virtual meetings reforms permanent for the benefit and convenience of customers and to improve efficiencies in the processing of critical documents. The ABA considers: • Deeds should be able to be created and signed electronically by companies and individuals. • Electronic signatures rather than wet signatures should be able to be used for a broader range of legal and business documents. • Remote witnessing should be legally valid.

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Model Participation Rules – ARNECC Consultation Draft Version 6

2 March 2020

The proposed amendments to the MPR are significant and the ABA is strongly opposed to Draft Version 6 of the MPR in their current form. The ABA is not aware of any instance of identity fraud in the electronic e-conveyancing system that would warrant such significant and costly changes.

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