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Volume 66, No. 20

260/2023

The British Columbia Gazette,

Part II

December 5, including November 21, 2023

B.C. Reg. 260/2023 , deposited December 5, 2023, under the REAL ESTATE SERVICES ACT [section 89.2]. Rule of the BC Financial Services Authority, dated October 19, 2023.

The BC Financial Services Authority orders that, effective February 1, 2024, the Real Estate Services Rules, B.C. Reg. 209/2021, are amended as set out in the attached Schedule.

— S. HAMILTON, Chair, Board of Directors .

Schedule

Section 1 of the Real Estate Services Rules, B.C. Reg. 209/2021, is amended by adding the following definition:

"personal information" has the same meaning as in

section 1 of the Personal Information Protection Act ; .

Section 26 (2) is amended

(

a) in paragraph (

a) by adding the following subparagraph:

(xiv)

section 93.1 [information provided to superintendent on request] ; , and

(

b) in paragraph (

d) by adding the following subparagraphs:

(xii.4)

section 75.1 [periodic brokerage activity report] ;

(xix)

section 93.2 [information provided to superintendent after specified event] .

Section 30 (

j) is repealed and the following substituted:

(

j) without limiting the requirements of Division 2 [Disclosures] of

Part 5 [Relationships with Principals and Parties] , if a conflict of interest does exist, promptly and fully disclose the conflict to the client

(

i) in writing, and

(ii) separately from a service agreement or any other agreement under which real estate services are provided and separately from any agreement giving effect to a trade in real estate.

Section 75 (2) (b) (ii), (3), (4) and (5) (

c) is amended by striking out " notice to reader " and substituting " compilation engagement report ".

5 The following

section is added:

Periodic brokerage activity report

75.1 A brokerage must, at intervals specified by the superintendent, file with the superintendent a brokerage activity report, completed in accordance with any requirements specified by the superintendent.

Section 83 (1) is amended

(

a) in paragraph (

a) by adding "

section 30 (j) [conflicts of interest] , " after " written disclosures under ", and

(

b) by adding the following paragraph:

(c.1) reports under

section 75.1 [periodic brokerage activity report] ; .

Section 84 (1) is amended by adding the following paragraph:

(a.1) the offers for the purchase or sale of real estate, or for the assignment of a contract for the purchase and sale of real estate, that a related licensee of the brokerage has delivered or received on behalf of a party to a trade in real estate; .

Section 93 (

c) is amended by adding " and one or more of the reports required under

section 75.1 [periodic brokerage activity report] " after " under

section 75 [annual financial statements, accountant’s report and brokerage activity report] ".

9 The following Division is added to

Part 8:

Division 4 – Records or Information Provided to Superintendent

Records or information provided on request

93.1 As requested by the superintendent and in accordance with any requirements specified by the superintendent, a licensee must provide to the superintendent records or information, including personal information, in the possession or control of the licensee.

Records or information provided after specified events

93.2 Within a period specified by the superintendent after the occurrence of an event specified by the superintendent, a licensee must provide to the superintendent records or information, including personal information, specified by the superintendent.

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