Tasmanian Land Titles Amendment Bill
29 September 2022
The Australian Banking Association (ABA) welcomes the Department of Natural Resources and Environment Tasmania’s engagement with industry regarding the proposed amendment to the Land Titles Act 1980. The ABA and its members are broadly supportive of the proposed amendment but make two observations for the Land Titles Office’s consideration.
Download PDFELNOs Interoperability Pricing Issues Paper July 2022
12 August 2022
The ABA and its members remain supportive of the realisation of a functioning interoperable e-conveyancing market. A functioning interoperable e-conveyancing market should benefit subscribers and other stakeholders, including everyday Australians. The ABA and its members encourage IPART to consider the implications of its recommendations on all e-conveyancing market participants, paying particular attention to the potential cost consequences of subscribers, some of which have little negotiating power.
Download PDFAutomated Decision Making and AI Regulation
20 May 2022
Australian banks are using new technologies to increase efficiency and to provide new and more responsive services to customers. We propose the government focus on: simplifying or rationalising existing legislation that impact on the use of AI and ADM, in preference to new specific AI regulations; any regulatory intervention including setting best practice guidance should build on existing best practices and harmonise with sector specific regulation; and review and amend legislation to be neutral as to whether a human or technology is used to make decisions or conduct a process.
Download PDFElectronic 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.
Download PDFARNECC – 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.
Download PDFDigital Identity Legislation
27 October 2021
ABA reiterates our view that there is significant potential economic benefit in the government’s digital identity initiative for consumers and businesses. The development of both government and private sector digital identity systems is needed to achieve wider adoption, and therefore realise the potential economic benefits of this government policy. That will continue to depend on whether the proposed legislative framework provides clarity, ensures robust privacy safeguards for users, provides flexibility to innovate and incentives to participate, while minimising the potential for conflicting or inconsistent data and privacy obligations for participants.
Download PDFModernising 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.
Download PDFAustralia’s cyber security regulations and incentives
27 August 2021
The ABA sees an important role for government in coordinating messaging and cyber security uplift efforts across stakeholder groups and sectors, and setting clear expectations of what entities should do to protect themselves and their customers. The ABA acknowledges that there is a difficult but important balance to be struck between, on the one hand, economy wide, consistent cyber security regulatory requirements that improve the nation’s cyber risk position and, on the other hand, more specific or targeted measures which need to respond to specific risks and/or levels of risk. Further clarity will also be required for entities that may be indirectly subject to SOCI Act requirements, and for entities that may move in and out of the SOCI Act regime. The ABA seeks further information about the legal form that the governance standards would take and what legal standing (if any) the standards would have. The ABA asks for clarity on the interaction between the proposed standards and other regulatory regimes.
Download PDFUsing 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.
Download PDFReview of the ePayments Code: further consultation (CP341)
2 July 2021
The ABA supports proposals to clarify the definition of a mistaken internet payment (MIP), Further work is needed to assess the case and benefits of the proposal to extend the ePC to small business. While the ABA supports modernising the Code, we consider the proposals about biometrics and virtual cards need further work. ABA also asks ASIC to consider a more fulsome modernisation of the Code.
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