On 17 October 2012, legislation was introduced in the NSW Parliament to enact the national law relating to electronic conveyancing. The national law for electronic conveyancing establishes a nationally consistent scheme to enable the transfer of property and other related transactions to occur electronically. While participation in the electronic conveyancing scheme is voluntary a high percentage of businesses are likely to take up the scheme. Under the COAG requirements a Regulation Impact Statement (RIS), assessed as adequate by the Office of Best Practice Regulation (OBPR) is prepared for the consultation stage, and for the decision stage. A consultation RIS was prepared and assessed as adequate. However, as the decision RIS was not assessed as adequate prior to the decision to introduce the national law relating to electronic conveyancing, the OBPR has assessed the proposal as being non-compliant with the COAG best practice regulation requirements. The decision RIS was improved and assessed as adequate after the decision was made to introduce the national law relating to electronic conveyancing. Consequently, the decision RIS is published in the interest of transparency.
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