Registration of all remaining industries regulated by the Property Practitioners Regulatory Authority (PPRA)

Registration of all remaining industries regulated by the Property Practitioners Regulatory Authority (PPRA)

• 21 August 2024
• Regulatory Compliance and Legislation
• South African Accounting Academy

The process will apply to the registration of all the following industries:

1. Auctioneers
2. Bond and bridging finance originators
3. HOAs who perform property practitioner activities
4. Property facilitators and intermediaries
5. Business brokers, including sales of property franchises and business undertakings
6. Developers who market and sell their own developed property
7. Timeshare and fractional ownership practitioners
8. Property advertising platforms, whether electronic or otherwise
9. Property practitioners who specialise in collecting and distributing trust monies in terms of Regulation 2.4.1. (Payment processing agents)

The other 3 industries are already regulated by the PPRA and have ben registering since early 2024.

All estate agents, attorney employees whose duties consist wholly or primarily of property practitioner activities, for their attorney employer, and managing agents should already be registered with the PPRA or have applied to be so registered.

If managing agents are not yet registered, they may apply via the online portal unless they are already registered with the PPRA in another industry. In the latter case, they should apply using the manual registrations email address.

All applications and new industry registrations should be directed to [email protected].

The 9 categories mentioned above are required to register in the manner as set out in the Notice document.

Click here to download the Notice document:

https://theppra.org.za/download.php?data_id=137569

Relevance to Auditors, Independent Reviewers & Accountants:

• The Property Practitioners Act is yet another piece of legislation that your clients (who are pension funds) must comply with, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
• As an auditor, independent reviewer and accountant, you need to consider your client’s compliance with the new Property Practitioners Act, and be aware of guidance published by the PPRA, such as notices.
• As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for practitioners to keep abreast of any changes in so that they can continue to advise their clients accordingly.

Relevance to Your Clients:

• Property practitioners should be aware of notices and other guidance published by the PPRA.
• As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance business property practitioners to be aware of the latest changes that may affect them, e.g. information provided as a result of FAQs.

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