Financial Intelligence Centre – Information You Need To Know
2 October 2017 is the commencement date for the FIC Amendment Act.
Rebosa has gone to great expense to get our attorneys to develop a real estate industry specific Risk Management Compliance Programme (“RMCP”) Template and Guidelines. This will help you with the new FIC reporting procedures and requirements and you will be able to modify the template to suit your specific needs.
We will ensure you receive this template before the deadline.
In a joint statement released by National Treasury and the Financial Intelligence Centre it states that “The relevant supervisory bodies will, even after 2 October 2017, continue regular engagements with the relevant industries to determine a timetable for full compliance, and monitor progress on such compliance. Various consultations with the industry and supervisory bodies have been taking place this year.”
The EAAB should therefore be taking a leading role in transitioning the industry to the new compliance platforms.
To date however, there are no activities relating to FIC scheduled and we have also had no response to our request for same.
As a result, Rebosa are taking a lead on behalf of our members and we will attend a stakeholder meeting with FIC on 24 October 2017, where we will raise the following and other issues which require clarification:-
Transitional matters – when and how estate agents must FICA their legacy clients in conformity with the RMCP;
Franchises / subsidiaries / branches – how estate agents who operate within franchises, groups of companies and branches will implement the RMCP in a way that ensures uniformity across all franchises, subsidiaries and branches; and
Conflict of laws – how an estate agency with foreign operations will implement the RMCP, and how it will reconcile the anti-MLFT laws of SA with those of another jurisdiction.
Regulations to the Protection of Personal Information Act (PoPI)
The Department of Justice and Constitutional Development has invited the public to comment on the Draft Regulations relating to the Protection of Personal Information in line with the Protection of Personal Information Act, 2013.
The PoPI Act will have a huge impact on the way we do business going forward and there are serious implications for non-compliance. Draft regulations are expected to be submitted to Parliament for tabling in February 2018.
We have instructed our attorneys to provide comments relevant to our industry, which we will submit and share with you. Deadline for commentary is 7 November 2017.
Community Schemes Ombud Service (CSOS) Public Engagement Sessions
The Community Schemes Ombud Service (CSOS) is undertaking a national roadshow to bring its Service closer to property owners and those in the management of community schemes. In each information session, the CSOS will be assisting in the registration of community schemes, accepting applications for dispute resolution and will be clarifying any issues in respect of submission of annual returns and general governance of schemes.
Please find dates, times and venues for these roadshows below.
Employment Equity Plans
We have consulted with the Department of Labour and can confirm that only Estate Agencies who employ more than 50 people (including Admin, Interns and Agents) or employ less than 50 people but have an annual turnover of more than R30m, must by law complete an Employment Equity Plan. The deadline for the 2017 reporting period is 15 January 2018.
Should you fall into one of the 2 categories above, we have attached some information below for your perusal. If you are unsure of anything you can call the Employment equity helpline – 0860 101 018 or Lucia Rayner on 012 309 4122 / 4634
Rebosa Members are invited to the Annual General Meeting with special guest speaker Mr Mashilo Pitjeng on 31 October in Gauteng.
The Property Sector Code (PSC) was gazetted on 9 June to address inequalities in the property sector and promote economic transformation. It applies to all property practitioners and is binding by law. The impending Property Practitioners Bill proposes that all Property Practitioners will need a BEE certificate, without which FFCs will not be issued. Mashilo Pitjeng will unpack the PSC in detail and explain how B-BBEE will be implemented in the property sector in terms of the Codes of Good Practice Scorecard.
Mr Pitjeng is the Managing Director of TseboREAL Asset Management and the current Chairperson of the research committee of the Property Sector Charter Council of South Africa and Facilitator for the Property Sector Charter Technical Committee. He has more than 20 years working experience in the South African property sector, specialising in asset management, valuations and other professional services. He has worked for JHI Real Estate, National Dept. of Public Works, MTN (SA), City of Joburg Property Company and Absa (Barclays-Africa) Bank.
Tickets will be made available early next week and we urge you to RSVP timeously as seating is limited.
The AGM will commence at 10h30 and Mr Pitjeng’s presentation will start at exactly 10h30.
EAAB IT Systems
Following a meeting with Mr Yusaf Patel, Deputy Chairman of the EAAB Board, we can confirm that the EAAB IT system problems are receiving urgent attention at Board level and which we hope will soon be resolved.
Rebosa also carried out a survey amongst our members highlighting the issues which need urgent attention. This has been shared with the EAAB.
Rebosa Role and Function
Increasingly Rebosa’s admin staff are coming under fire for their inability to resolve queries our members have with the EAAB. This is a value-add service we implemented and to date we are the only organisation who has a full time EAAB liaison working closely with EAAB personnel and departments.
We can boast many successes, having resolved literally thousands of queries which members can attest to. However, our members need to be mindful of the fact that while we do our best to assist you, we have no access to or control over the EAABs IT system or backroom. We are not responsible for the level of service rendered by the EAAB.
This is just one service we offer. Rebosa’s mandate is far wider than just consultation with the EAAB. Our primary goal is and always has been to look after real estate business owners’ best interests. Behind the scenes we are interrogating every piece of legislation before it is tabled and lobbying MPs from all political parties to ensure their understanding of our industry. The current minefield of new legislation being drafted affects us directly and has long term repercussions.
We submit nominations to SSETA to fill positions in various chambers to ensure your interests are served in the educational arena and are currently in consultation with the Department of Education to extend the Real Estate Qualifications which registration period ends in June 2018. We have also been instrumental in assisting our members obtain their SSETA certification from Ditasa, iSeleSele and REBS who are no longer operational. In addition, we are in constant communication with the Financial Intelligence Centre, Property Sector Charter, Dept. of Human Settlements Portfolio Committee, CSOS etc. etc. Recently we have also commented on all the Municipal By-Laws that affect where you can place your For Sale and Sold boards.
The non-functionality of the EAAB system has resulted in a backlog of queries from all EAABs departments. Until this is resolved we ask for your patience and remind you of all the other services your membership covers at just R20.00 per agent per month.
Our mantra of “Collectively achieving more than we can on our Own” is evident in our many past successes, including the thousands of EAAB queries that have been resolved.
We thank you for your ongoing support without which we could not achieve what we do.