The Property Services Regulatory Authority (PSRA) was formally established on 3 April 2012, pursuant to the provisions of the Property Services (Regulation) Act 2011. One of the main statutory functions of the PSRA is the licensing of Property Service Providers, i.e. auctioneers, estate agents, letting agents and property management agents. The Authority is independent in exercising its statutory functions.
Part 11 and Schedule 7 of the 2011 Act relate to property services provided by certain persons from EU Member States referred to in the legislation as 'relevant persons'. Section 82 of the 2011 Act details a 'relevant person' as: one who holds from an EU competent authority a licence, or other form of authorisation, authorising that person to provide a property service similar to the definition provided for in the 2011 Act; is subject to a scheme of protection in respect of client accounts that substantially corresponds to the provisions of Part 5 of the Act; proposes to provide, or is providing, a corresponding property service in the State; and is not prohibited under the Act from providing the corresponding property service. The requirement to allow 'relevant persons' to provide property services in the State without a licence from the Property Services Regulatory Authority is a requirement of EU law, arising from our obligations under the EU Services Directive 2006/123/EC.
The EU Commission has indicated that it has concerns about certain provisions of the Property Services (Regulation) Act 2011, which may contravene certain aspects of the Services Directive. These relate to the provision of property services by persons other than 'relevant persons' who are permitted to provide property services in their own jurisdictions without a requirement to hold a relevant licence or authorisation. In the light of this concern, and in consultation with the Office of the Attorney General, my Department is considering whether changes may need to be made to certain provisions of the current legislation.
