Dear Colleagues
BEE CERTIFICATES
Following the PPRA’s announcement that all firms with an annual turnover exceeding R2.5 million must submit valid ‘compliant’ BEE certificates when renewing their FFCs, Rebosa hosted a webinar and Q&A session to discuss the implications and way forward.
If you could not attend the webinar, you can watch the recording on Rebosa’s website next week.
An article titled “Rebosa Tackles PPRA ‘Misinterpretation’ of BEE Requirements,” published in Property Professional on June 18, explains Rebosa’s position on the issue, details our progress so far, and outlines our plan if the matter remains unresolved. You can read the article by accessing the link below:-
FIC DIRECTIVE 6: RISK COMPLIANCE RETURNS (RCRs)
It has come to our attention that communications are being circulated that estate agencies must submit Directive 6 RCRs for 2024.
We have consulted with the Financial Intelligence Centre and they have confirmed that the RCR questionnaire that needed to be submitted by estate agents by 31 May last year was a once-off requirement. Estate agents that have already submitted their RCRs must please not submit again.
MANDATORY TIME PERIODS FOR ISSUING FFCS
As we approach another renewal period for FFCs it is imperative for all agents encountering challenges in obtaining FFCs to bear in mind the stipulation outlined in Section 49 of the Property Practitioners Act, which mandates specific timeframes for the issuance of certificates.
Section 49. Mandatory time periods for issuing certificates.-
(1) The Authority must, within 30 working days, consider any application submitted to it in terms of this Act, which fully meets the prescribed requirements, unless the Authority, on good grounds in writing, informs the applicant of the reasons why that period is to be extended, provided that such extension may not exceed 20 working days.
(2) The period of 30 working days contemplated in subsection (1) commences afresh if the Authority requests the applicant to submit additional information or to correct the said application.
(3) If the Authority has failed to comply with subsection (1), the application is deemed to have been approved and the Authority must, upon written request by the applicant within 10 working days, issue the applicant with the relevant certificate.
Please act on this provision. FFCs are deemed to have been approved and must be issued upon written request as per clause 3, if you do not get a response from the PPRA.
Below is an example of a written request which you can use:
template-letter-to-the-ppra-invoking-section-49-of-the-property-practitioners-act
REVISED RMCP TEMPLATES
On 29 February 2024, the Financial Intelligence Centre (FIC) issued public compliance communication PCC 44A that provides guidance to Accountable Institutions (AIs) regarding their obligations to implement United Nations Security Council Resolutions (UNSCR) and domestic designations asset freezing requirements of Targeted Financial Sanctions (TFS), which are aimed at combating the financing of terrorism (CFT) and of combating the financing of proliferation (CFP) of weapons of mass destruction (WMD).
The PPCC consists of four parts:
Part A – Targeted financial sanctions aimed at combating TF and PF
Part B – Risk-based approach to combating terrorist financing risks
Part C – Risk-based approach to combating proliferation financing risks
Part D – De-risking
Rebosa has updated the RMCP template in accordance with the FIC March note titled “Assessment of the Inherent Money Laundering and Terrorist Financing Risk: Estate Agents”.
The updated RMCP template can be downloaded below. Please remember that this template serves merely as a guideline. Each accountable institution must develop its own unique RMCP according to its risks. Please ensure that you update your RMCP as failure to comply with the TFS requirements constitutes an offence under FICA.
generic-rmcp-for-estate-agencies_update-june-2024
Maryna Botha from STBB will host a webinar on the latest FIC changes and provide guidance on completing the updated template. We will communicate the date of the webinar in due course.
IMPLEMENTATION OF THE STANDARD OF EDUCATION AND TRAINING FOR THE REAL ESTATE SUB-SECTOR WITH EFFECT FROM 1 JULY 2024
The PPRA has issued the guidelines for the new standards of training for the real estate sub-sector. The documents are available on PPRAs website by accessing the link below:
The PPRA are hosting a webinar on Thursday 20 June 2024 from 10h00 to 12h00 to discuss the new education standards and pathways.
You can register for the webinar by accessing the link below:-
Rebosa will release a simple, step-by-step video guide on the new training standards and their impact on you. The video will be published on Rebosa’s website by CoB on Tuesday 25th June 2024
PPRA LETTERS OF DEMAND
Many of our members received letters of demand for outstanding amounts due to the PPRA. Any disputes or queries including requests for invoices and statements of accounts relating to the amount due as stipulated in the letter of demand can be referred to Mr. Aubrey Mokwena at aubrey.mokwena@theppra.org.za.
In circumstances where Property Practitioners are unable to settle the full outstanding amount due, they have the option to enter into a payment arrangement with the PPRA subject to agreed conditions. Practitioners who sign a payment plan which is accepted and approved by the PPRA, will be required to pay an initial instalment on signature of the agreement by the practitioner.
CONTINUING PROFESSIONAL DEVELOPMENT
The 2024 CPD cycle is open and e-learning is now available on your MyCPD profile. Property Practitioners must complete 4 CPD courses.
FFC RENEWALS
Any Property Practitioners whose FFCs are due for renewal can apply on the PPRA portal from 1 July 2024. If your FFC is valid until 31 December 2025 you do not apply for renewal now. The window for the 2026 3-year FFC renewals will only open next year.
Below is a brochure published by the PPRA on the renewal process.
Kind regards
Jan
