In anticipation of the commencement of the 2019 Property Practitioners Act, draft regulations were gazetted on Friday 6 March 2020, for comment. The regulations seek to address a range of issues raised in the Act, including training and conduct, consumer protection, compliance and enforcement. These will be financed from a transformation fund to be opened within six months of the new regulatory authority’s establishment, and will be financed by the Property Practitioners Fidelity Fund.
Regarding the development of emerging small, medium and micro enterprises, it is mooted that, upon the repeal of the 1976 Estate Agency Affairs Act, a non-compliant historically disadvantaged property practitioner may apply to the transformation fund for a grant to assist with any legal or other expenses entailed in regularising his/her affairs and aligning them with the requirements of the new Act.
We will shortly provide full details.