AST ARNECC Operations Requirements

On Sep. 19, AST ARNECC issued proposal re operating requirements.

  • AST ARNECC published Model operating requirements - consultation draft 7.2, which proposes further amendments to the Model operating requirements version 6.
  • Follows AST ARNECC Jul. 2022 issued new guidance notes for v6.1, see #152126.
  • Also follows AST ARNECC Jul. 2023 discussed conveyancing competition, see #178617.
  • Other Documents Published
  • In addition, it published a marked-up version showing the proposed amendments.
  • Published Model operating requirements (MOR) consultation draft 7.2 - explanatory notes (EN) in interest of obtaining stakeholder feedback before (MOR) v7 takes effect.
  • It also published Model operating requirements (MOR) consultation draft 7.1 feedback.
  • Overview of Consultation Draft 7.2
  • AST ARNECC said this consultation draft includes v 7.1 markups made in 2021 as well as 2022 (after stakeholder consultation) along with v 7.2 markups made in 2023.
  • EN states AST ARNECC will consider any amendments to the MOR re interoperability service fees (as mentioned in table in the EN) as well as compliance with the Electronic conveyancing payments industry code, once completed, for version 8 of the MOR.
  • Proposed Amendments
  • Proposed amendments include an amended definition of licensed conveyancer; and a consequential amendment in order to add operating requirement 5.2.1 reference.
  • Added operating requirement 5.2.2, requiring, subject to interoperable lodgment case being capable of lodgment in the jurisdiction, an electronic lodgment network operator (ELNO) that obtained approved before MOR v 7 taking effect, to do the following.
  • Namely, to, on/before Jul. 31, 2025, design, build, test all technical, functional capability for, and implement: release 1 - lodgment of an interoperable lodgment case that includes a mortgage as well as discharge of mortgage by a limited group.
  • A limited group of authorized deposit-taking institutions acting on their own behalf as approved by registrar; in addition, in and on/before Dec. 31, 2025 design, build as well as test all technical and functional capability for release 2; as well as release 3.
  • Added operating requirement 5.2.3 re potential extension to compliance with 5.2.2; added operating requirement 5.2.4 regarding a requirement re lodgment capability.
  • In addition, added a related note under 5.2.4; amendments also include those re ELNO service fees; it also includes amendments re data standards and re land registry fees.
  • Effectiveness
  • Written submissions can be made via email by due date; due date not specified.

Regulators AST ARNECC
Entity Types Corp
Reference CP v7.2, PR, Rsp v7.1, 9/19/2023
Functions Compliance; Operations; Registration/Licensing; Technology; Treasury
Countries Australia
Category National Regulator
State
Products Corporate; Mortgage
Regions AP
Rule Type Proposed
Rule Date 9/19/2023
Effective Date 9/19/2023
Rule Id 185405
Linked to Rule :152126
Reg. Last Update 9/19/2023
Report Section International

Last substantive update on 09/22/2023