Comprehensive Conveyancing Report: Legal and Regulatory Frameworks

This report provides a comprehensive overview of conveyancing practices and regulations in Australia. It begins by introducing the Australian Institute of Conveyancers and its regulatory body, the Australian Council, outlining their structure and functions. The report then delves into the Code of Conduct, emphasizing its role in maintaining industry standards and ethical behavior. It explores the use of software like Blueprint OneWorld to streamline conveyancing processes, improve efficiency, and reduce errors. The legal aspects of conveyancing are discussed, including common law, negligence, and contract law. The report further examines key legislation such as the Privacy Act, Financial Transaction Reports Act, Competition and Consumer Act, stamp duty, Code of Banking Practice, and Work, Health, and Safety Act. It highlights the importance of workplace audits, compliance, and the Australian financial services industry. The report concludes by addressing the ever-changing landscape of financial services legislation, the role of the Australian Transaction Reports and Analysis Centre in combating financial crimes, and the significance of compliance in the industry.

Running head: CONVEYANCING
Conveyancing
Name of the Student
Name of the University
Author Note

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1. An institute of convenyancing in Australia is the Australian Institute of Conveyancers. The
regulating body of Australian Institute of Conveyancer is the Australian Council. The Australian
Council is represented by the President and two representatives. The President is elected in every
Annual General Meeting. The representatives represent each division. The Council is divided
according to the divisions of Australia and each part is managed by the conveyancers.
2. The Code of conduct relevant to the undertaking is that the conveyancers need to act in the
best interest of the industry and provide valuable input about the condition of trading. The Code
of Conduct can be specified by writing or orally (Bargiela-Chiappiniand Nickerson 2014). These
Codes ensure that harmony is maintained and also there is a proper check on the healthy safety
standards in the industry. The provisions are not binding but they have a persuasive value. The
person in charge of carrying out the functions under the Code need to comply with the
requirements and in cases he fails to do so, he shall be held to be in breach of that Code. The
Code of Practice gives guidelines and ensures that there is an enforcement of the provisions of
the Act. In cases it is found that there has been a breach of the Code, there is also a right to take
legal actions against that breach. Complaints resolution schemes are present that help in restoring
the position of the aggrieved party.
3. Blueprint OneWorld is a software that can be used which helps an organization in simplifying
the process of conveyancing. The software is also up to date with the local legislations and helps
in timely compliance of the work without wasting time. This software also helps in reducing
human labour and eliminating the chances of getting any error. This software also helps in
corporate data analysis and helps the conveyancers to work independently without taking any
help.

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4. 1. Common law is the law enforceable by courts and derives its authority from the legislation.
The legal system comprises of common law, statutes, equity laws. Common law owes its origin
to judicial precedents and not to statutes. These are judge made laws that are binding on the
people of the jurisdiction. Common law is a part of English Law and it is highly influenced by
judicial precedents and decisions. These are unwritten laws and therefore they base their
authority on the precedents given out by courts.
4.2 Negligence is defined as the failure to take appropriate steps in ensuring safety of the
affected person. Negligence occurs in situation when the person fails to take proper care and as a
result of which the aggrieved party suffers losses. To check if negligence occurred, it is
important to see if the person owed a duty of care and if there was a breach of that duty which
resulted in the loss to the aggrieved party. Duty of care is the first criteria to establish that the
principle of negligence will apply or not. If there is a breach of duty of care, the one breaching
the duty has to compensate the aggrieved party.
4.3 Contract Law: A contract is a set of promises arising out of an agreement which is
enforceable by law. A contract is entered between a minimum of two parties and their rights and
duties are governed by the contract law. For a valid contract, it is important that there is a
consideration promised between the parties and the consideration is a valid element in
performing a contract.
5.1 The Privacy Act is an Australian statute that handles and regulates personal information
about the people of Australia. The Act targets individuals who have been targeted and therefore
it helps in dealing with their information and opinion. The Act gives out the framework of
handling, using and correcting the information received about the people.

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5.2 The Financial Transaction Reports Act, 1988 is also called the FTR Act which is functional
along the same line of Anti-Money Laundering and Counter Terrorism Act. The Act requires that
all suspicious transactions be reported to the Australian Transaction reports and Analysis Centre.
It helps in regulating the transactions and ensuring that there has been no money laundering.
5.3 Competition and Consumer Act: This Act tries to study the market and makes proposition
regarding the regulation of the economy. It ensures that there is no unfair competition and the
traders are not made to complete with each other as well as there are no conflicting interest. The
Consumer Act aims to protects the rights of the consumer and uphold their rights. The Act
ensures that the rights of the consumers are protected and they are not deceived by the sellers.
The Consumer Act aims to regulate the trading practices in Australia so that there is fair trading,
the laws are intended to ensure the best practices in the territory of Australia. The Law has a
national application and it applies to all the consumers in the territory of Australia. Both the acts
aim to bring uniformity in the trading practices and a also set a minimum standard of behavior
that the traders and the sellers have to adhere to.
5.4 The stamp duty is also known as the conveyance tax which is paid in case of buying
property, house or commercial plot of land. The concessions and relaxations regarding any
transaction is provided by the stamp duty.
5.5 Code of banking practice: these are the codes that apply to small banks and customers and
these are the codes that put across the minimum standards of practice that a customer can expect
from a bank. These practices are in line with the products and services that the bank offers. Code
of Banking practice helps in regulating the relationship of the clients with the bank. The code
sets out some voluntary expectations that the clients can expect from the bank in return of the

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money they pay. The aim of the Code is to ensure that the bank deals in good practices and
maintenance minimum standard of care while dealing with the clients. The court also promotes
transparency in the banking service aims that the clients have a fair and open relationship with
the bank. The clients should have their faith in the banking system and with the help of the code
their faith is restored in the financial sector.
5.6 Work, Health and Safety Act regulate the safety and health conditions of employees in a
workplace. The policy ensures that the employees are safe and there is enough emphasis on the
working environment. This Australian legislation mandates that the working environment of the
working place should be conducive.
6. Every workplace has their set targets and goals which they aim to achieve and this can be
reached by assessing the skill and knowledge of the members. The members have to be taken
care of along with their rights and safety. It is the duty of the authorities at the workplace to
make sure there are no hazards. Therefore the audit helps in understanding the existing gaps in
the framework and tries to find ways to achieve the targets. Therefore the first step is set a
yardstick against which the targets shall be measured.
7. The Australian financial services industry helps in providing a single licensing regime. The
Spirit of the act is to promote fairness and honesty in the financial dealings of the company.
Through the FSRA the company is mandated to disclose to the customers few important details
like the nature of the financial product that he is buying which can be understood from the
product disclosure statement, the service that he is getting which can be understood from the
financial services guide and the kind of advice that he is getting which is present in the statement

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of advice. These are the three sources of information that the company can provide to the
customers.
8. Due to the advent in business and Commerce there has been a sea change in ways a company
works there are laws regulations and regulatory bodies that check whether the policies of the
company has been implemented or not. The regulatory bodies under Australian law make an
enquiry whether the company is functioning up to the mark or there has been a violation of the
rules. The organisations shall set up a committee which will ensure that the organisation is
complying with the rules of the regulatory body.
9. In a workplace the staff members are governed by The girls that they need to reach and there a
stipulated time lines within which the goals should be reached. Therefore timeline is important to
ensure that the statutory requirements are met by the company and the gaps that are present have
been done away with.
10. The statutory timelines are important for the growth of the company and in cases there are
loopholes which the company needs to meet the timeline plays an important role. The
ramification after failure to meet the timeline is that the company will lag behind.
11. The legislation regarding Financial Services is changing everyday and therefore to keep
updated with the training legislation is a tough job. It is a growing industry and everyday there is
a new act with regards to Financial Services. Therefore to ensure that the organisation does not
lag behind it has to keep itself updated with the changing laws.
12. To remain up to date with the Australian financial services industry it is important for the
organisation to keep a checklist of all the acts that are coming and be well versed with the
changes that are made to the legislation. The organisation should also become a member of a

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forum that is updated with all the information of AFSI and also the checklist should be
thoroughly checked.
13. Compliance is a method of keeping a check and the track on the way the company functions.
Compliance helps in running the company smoothly and minimising risk and holding the people
in position of power accountable in cases of any breach.
14. The work of the Australian Transaction Reports and Analysis Centre is to help Australia
protect itself from suffering any financial crimes. It is Australia financial intelligence unit and it
helps in boosting Australia’s economy. The anti money laundering combating the financing of
terrorism was undertaken with the aim of ensuring that there are no financial crimes committed
and that the criminals I brought to book. For the money laundering act to come into picture it is
important that there has been a profit making crime or there have been instances of corruption
fraud or cases of tax evasion. The directors and the board of members in a company are obligated
to disclose all the profits that they are making and in cases when the directors try to conceal the
profit and make unlawful profit they are considered to have indulged in money laundering. The
anti money laundering as well as the financing of terrorism work with the aim of ensuring
stability and harmony and promote security in the economic market. Money laundering has an
effect on the society and these needs to be stopped so that economy is not affected by the
unlawful profits made by the people working in the company.
15. By virtue of working with the financial services industry it is important to make sure that all
the compliances have been complied with and the advices given to the clients are by licensed
operators. It is also important to ensure that the rights of the industry members as well as the
clients are protected.

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16. The legislation regarding financial services industry is ever growing and changing with every
passing day and therefore it is difficult to maintain a track of all the changes. To remain up to
date it is very important to be aware of all the changing legislation which is relevant to the
specified workplace and also locate and find out ways to record to find out all the important
information regarding the sources of all the governing bodies. The information can be received
with the help of websites and Publications.
17. Laws are made in two ways in Australia. Statue laws passed by the parliament and the
Common Law passed by the Courts. Both the laws are binding on the parties and they together
form the legal system in Australia. The laws make the legal system and the courts the parliament
is part of the legal system. The orders passed by the courts are binding and in Australia the laws
are hugely influenced by common law. Common laws principles are not written but they have
been observed by the quotes and act like precedents.
18. In Australia there are both Federal courts as well as state courts and they are placed in the
hierarchy of courts by the importance they hold in justice delivery. The courts that hear serious
matters are placed at the top and the courts with deal with petty matters are placed at the bottom.
Hierarchy of courts also helps to establish precedence. There is a hierarchy based on which the
courts function and the matters are heard by them in accordance with their jurisdiction to hear
cases. The decisions of the higher courts are binding on the lower courts. The inferior courts are
bound by the orders of the superior courts. To understand the hierarchy of courts in Australia it is
important to list them down by their seniority. The courts in Australia in order of hierarchy are:
High Court of Australia, Federal Court of Australia and the Family Court. The High Court is
highest in order of seniority.

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19. In the order of Hierarchy the district courts come in the middle and they are also known as
County court in Victoria. These courts have both Civil and criminal jurisdiction. The district
courts are also called intermediary courts because of the position they hold in the hierarchy. The
Civil jurisdiction of the county Court deals with monetary loss. The criminal jurisdiction has
cases of serious Gravity but not matters dealing with Murder or rape.
20. The 6 most important elements of a contract at their needs to be an offer made by one party
which shall be accepted by the other party in return of a consideration. The parties need two
mutually agree to act in accordance with the terms of the contract and the parties should have the
capacity to enter into the contract and for the contract when possible it has to have a written
instrument. Under Australian law it is very important to make a clear offer and it is also
important for the other party to accept that offer. There shall be no ambiguities in the terms of
the contract and the parties shall have the intention to be bound by the contract. Consideration is
an important element in contract law and it has to be paid by the person making the offer for the
promise he is making.
21. The adversarial system of Justice is an impartial system where the evidences and Facts are
presented by the lawyers and the judge is an impartial head who advises the Jury to determine
the truthfulness of the case and past judgements. In adversarial system of Justice the judge is
limited by the powers and he cannot exercise more power than which is already been granted to
him by the Legislature. In this case there are two lawyers from both the sides and they put their
evidences and Facts across to convince the judge to take a decision in their favour. The lawyers
are within their power to choose whichever facts or issues they want to deal with (Lynch 2014).
The judge cannot enquire beyond what he has been provided with by the lawyers.

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References
Bargiela-Chiappini, F. and Nickerson, C.R., 2014. Writing business: Genres, media and
discourses. Routledge.
Lynch, G.E., 2014. Our administrative system of criminal justice. Fordham L. Rev., 83, p.1673.