A newspaper with the headline Changes coming in 2024

Rule Changes Relating to Data Collection, Written Disclosures, and Record Retention

Effective February 1, 2024, the British Columbia Financial Services Authority (BCFSA) is bringing into force amendments to the Rules affecting data collection, written disclosures, and record retention. These changes received Ministerial consent following BCFSA’s comprehensive public consultation which was undertaken from June 26, 2023 to August 27, 2023.

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.

As announced by the BCFSA, data reporting requirements will be specified by the Superintendent at the time when the data is requested or needed. For general data calls, specific requirements, including the form and content of the requested information, will be outlined in advance through regulatory statements issued directly to licensees and brokerages from the Superintendent.

Under the new Rules, licensees, including brokerages, are required to provide requested data to the Superintendent. This requirement authorizes licensees, including brokerages, to disclose needed information, which may include personal information such as property addresses, to the Superintendent under Section 18(1)(o) of the Personal Information Protection Act.

Please note that the BCFSA intends to conduct a mandatory brokerage data call in February 2024 to collect information on residential real estate sales. This data call will be similar in scope as those administered in the 2022 and 2023 data calls. More details about the 2024 brokerage data call will be distributed in the near term.

As signalled some time ago, the BCFSA has articulated its requirement to capture industry data for the purpose of ensuring the effective oversight of the financial services sector. Importantly, it is BCFSA’s position that the collecting of additional information about real estate services and brokerage activities will support a strengthened basis for evidence-informed policy and regulatory decision-making within the real estate sector and the overall financial services sector.

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Licensees with questions about the new Rules may contact a BCFSA Practice Standards Advisor for more information.