Rule Changes Relating to Data Collection, Written Disclosures and Record Retention
Effective February 1, 2024, BCFSA is bringing into force amendments to the Rules affecting data collection, written disclosures, and record retention.
Under the new Rules, licensees will be required to:
- report information to the Superintendent of Real Estate (“Superintendent”) on an ad hoc, periodic, and contingent basis as and when requested by the Superintendent;
- make disclosures of conflicts of interest in writing and to retain such disclosures; and
- retain copies of any offers prepared or received by, or on behalf of, a brokerage in relation to a real estate trade or prospective trade.
BCFSA requires industry data to support its effective oversight of the financial services sector. Collecting additional information about real estate services and brokerage activities will support a strengthened basis for evidence-informed policy and regulatory decision-making.
Read more here.
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