Comment: Property Practitioners Bill

The Portfolio Committee on Human Settlements invites interested people and stakeholders to submit written comments on the Property Practitioners Bill [B 21 – 2018].

The Bill seeks to provide for the regulation of property practitioners; to provide for the continuation of the Estate Agency Affairs Board as the Property Practitioners Regulatory Authority; to provide for the appointment of the members of the Board and matters incidental thereto; to provide for the appointment of the Chief Executive Officer and other staff members of the Authority; to provide for the establishment, appointment, powers and functions of the Property Practitioner’s Ombud Office; to provide for compliance with and enforcement of the provisions of the Act; to provide for the continuation of the Estate Agents Fidelity Fund as the Property Practitioners Fidelity Fund; to provide for consumer protection; to provide for the repeal of the Estate Agency Affairs Act, 1976; and to provide for matters connected therewith. 

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B-BBEE Exempted Micro Enterprise – Sworn Affidavit

An Exempted Micro-Enterprise, “EME” is only required to submit an affidavit confirming an annual turnover of less than R2.5 million. EMEs automatically gain Level 4 BBBEE status. If there is 51% black ownership, they are given Level 2 status, while EMEs with 100% black ownership immediately gain Level 1 status.  Affidavits are valid for a period of one year, and then need to be re-done.

Below, please find a template that can be used in this regard.
EME B-BBEE Affidavit_Property Template

 

2016- 2017 Scorecard Certificate Collection

The Property Sector Charter Council (PSCC) office is embarking on a reporting process as required by law.

Both the BBBEE Act notice 112 of 2007 (Gov Gazette 29617) clause no. 5.4.2.2 and the constitution of PSCC compels and imposes the executive authority and responsibility on the PSCC to “compile annual reports on the state of BBBEE within the Property Sector based in relation to the transformational objectives set out in the Sector Code”. Pursuant to this, the PSCC will therefore collect and capture all scorecard data from Sampled Property Measured Entities for the period between 2016-2017.  

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Financial Intelligence Centre Amendments in Terms of FIC Act 1 of 2017

Following the Financial Intelligence Centre’s Road Show for accountable and reporting institutions in Cape Town on 24 October, please find below brochures on compliance obligations in terms of the Act and how to register and update details with the FIC.

Compliance Supervision and Enforcement in Terms of the FIC ACT

How to Register and Update Details with the FIC

Suspicious and Unusual Transaction Reporting

The Financial Intelligence Centre and the FIC Act

Accountable Institutions Compliance Obligations in Terms of the FIC Act

 

DRAFT GUIDANCE ON THE IMPLEMENTATION OF NEW MEASURES TO BE INTRODUCED BY THE FIC AMENDMENT ACT, 2017

Thursday, 15 June 2017: The Minister of Finance has announced the coming into operation of a number of provisions of the Financial Intelligence Centre Amendment Act, 2017 (the FIC Amendment Act).  According to this announcement the implementation of the provisions of the FIC Amendment Act that provide for the following, will start on 2 October 2017:  

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PROPERTY PRACTITIONERS BILL: PUBLIC PARTICIPATION HEARINGS

The Property Practitioners Bill is intended to repeal the current Estate Agency Affairs Act, 1976 (Act No. 112 of 1976)  Its objective is to respond to the changing market conditions which over the years increasingly saw the property transaction processes gaining momentum, importance and value.

As part of this law making activity, public participation hearings will be held across the country.  The process is promoting and encouraging an all inclusive and meaningful engagements that will assist the Department of Human Settlements in fulfilling its constitutional obligation, which requires that all interested parties or institutions that will be affected by the Bill must make or submit written comments.  

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