New Regulatory Environment
The Property Services (Regulation) Act 2011 established the Property Services Regulation Authority (PSRA) with effect from 3rd April 2012. The PSRA has taken over the licensing of Auctioneers and Letting agents from the Revenue and Courts. The legislation applies to entities engaged in:
The Property Services (Regulation) Act 2011 (Client Moneys) Regulations 2012 were issued on 16th June 2012, and outlines the compliance requirements for client money regulations. These regulations provide for various requirements of auctioneers and estate agents with regard to the keeping of client accounts and accounting records and of Property Management Companies with regard to the handling of, and accounting for, moneys lodged to a relevant account.
The new legislation applies to Property Service Providers (PSPs).
Auctioneers, Estates Agents, Letting Agents and Property Management Agents are now regulated by the PSRA. This applies to property located in the Republic of Ireland and to transactions in Ireland which relate to property located abroad.
The new regulatory environment provides for:
Brian Dignam is a Director in OSK. OSK are the leading property management accountant in Ireland auditing in excess of 400 commercial, industrial and residential companies.
A video message from Tadgh O'Sullivan, Director.
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