It is close to legendary at this stage that regulation in the Irish overseas property industry (as well as most others) is, to put it mildly, almost non-existent. With this in mind it is good to report that the days of an unregulated property industry here are, very likely, nearing their end. This is due to the formal launch of the National Property Services Regulatory Authority (NPSRA). The decision to establish the Authority arose following the commissioning by the Minister for Justice, Equality and Law Reform of the Auctioneering/Estate Agency Review Group in 2004 to examine the licensing and regulatory requirements for Property Services Providers (PSP).It is currently very early days in the process and before the Authority can engage in the licensing and regulation of PSP’s it will be necessary for new legislation to be introduced to empower it to undertake such functions. On 21st December 2006 the Government approved proposals for legislation to establish the NPSRA. The Bill is expected to be published in final form in the near future and should become law later this year.The NPSRA heralds the dawn of a new regulatory environment, one which is currently unmatched anywhere else in the world. Tom Lynch,… Read full this story
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