Gas Regulator Levies Act, 2002
R 385
Property Practitioners Act, 2019 (Act No. 22 of 2019)RegulationsProperty Practitioners Regulations, 2022Chapter 1 : Definitions, Application and Exemptions2. Exemption from Trust Accounts |
2.1 | Pursuant to the provisions of section 23 (1) of the Act, the following is prescribed— |
2.1.1 | A property practitioner is exempted from keeping a trust account if— |
2.1.1.1 | that property practitioner has never received any trust monies, other than as permitted in regulation 2.4; or |
2.1.1.2 | no longer receives any trust monies, other than as permitted in regulation 2.4; and |
2.1.1.3 | that property practitioner submits to the Authority an affidavit in the form set out below in terms of which affidavit the property practitioner asserts that— |
2.1.1.3.1 | they are compliant with the provisions of either subregulation 2.1.1.1 or subregulation 2.1.1.2; |
2.1.1.3.2 | they undertake that they will not receive any trust funds after the date of such affidavit other than as permitted in terms of regulation 2.4, without having first opened a trust account and having provided the Authority at least 60 days in advance of receiving any funds in trust, with full details of such trust account, including the financial institution with which such trust account is held and the trust account number; and |
2.1.1.3.3 | the property practitioner provides evidence to the Authority that any previously existing trust account (including any savings or interest-bearing account referred to in section 54 (2) operated by that property practitioner (other than as permitted in terms of regulation 2.4 has been finally closed and all funds held in that trust account have been disbursed in accordance with the requirements of law, provided that for this purpose any independent review or audit report which is compliant with regulation 2.2 below, if provided to the Authority will be sufficient evidence of compliance with the foregoing. |
2.2 | Where a property practitioner is exempted in terms of subregulation 2.1.1, provided that such property practitioner has had any previously existing trust account reviewed in terms of section 23 (1) or audited in terms of section 54 (1) to (7) up to the date on which such trust account was closed, such property practitioner will not be required to again have such account reviewed or audited. |
2.3 | Where a property practitioner is exempt in terms of subregulation 2.1.1 and has complied with regulation 2.2 foregoing, such property practitioner will be exempted from having to have its annual financial statements and other accounts audited and will only be required to have such accounts records independently reviewed by a registered accountant. |
2.4 | A property practitioner will further be exempt from operating a trust account if such property practitioner is otherwise compliant with the provisions of subregulation 2.1.1 and if— |
2.4.1 | such property practitioner has mandated one or more other property practitioners that specialise in collecting and distributing trust payments (“the payment processing agents”) to process such trust payments on its behalf, in respect of all trust funds received by that property practitioner; |
2.4.2 | each payment processing agent mandated by that property practitioner operates a trust environment that complies with the Act and associated regulations; |
2.4.3 | each payment processing agent mandated by that property practitioner operates a trust environment that complies with the Act and associated regulations; and |
2.4.4 | the trust environment and each of the client accounts operated by the payment processing agents are audited annually in compliance with the Act and regulations, and the audit reports in respect thereof are submitted to the Authority in compliance with the Act and the regulations; and |
2.4.5 | the property practitioner concerned holds no trust monies whatever outside of the manner provided for in subregulations 2.4.1 to 2.4.4 foregoing. |
2.5 | All property practitioners, other than a property practitioner registered as a business property practitioner with the Authority, are exempt from operating trust accounts. |
2.6 | A managing agent shall not be required to operate a trust account in respect of a body corporate where the funds of that body corporate are held in a bank account opened in the name of the body corporate concerned in terms of section 21 (4) (a) of the Sectional Title's Schemes Management Act, 8 of 2011. |
FORM OF AFFIDAVIT BY BUSINESS PROPERTY PRACTITIONER IN RESPECT OF TRUST MONIES
1 | I, [insert name] (identity number [insert identity number]), in my capacity as [insert capacity] of [insert the name of the business property practitioner concerned] (registration number [insert registration number]) (the "business property practitioner") solemnly affirm that— |
1.1 | I am duly authorised to make this affidavit on behalf of the business property practitioner; |
1.2 | the business property practitioner has never received any trust monies / no longer receives any trust monies (delete whichever is not applicable); |
1.3 | should these circumstances change, we undertake not to receive any trust monies after the date hereof without first— |
1.3.1 | opening a trust account; |
1.3.2 | giving the Authority no less than 60 days' notice prior to such receipt of any trust monies; and |
1.3.3 | furnishing all details pertaining to the trust account to the Authority, which details must comprise at least the name of the financial institution at which the trust account is held, and the trust account number. |
______________________________________ Signature
______________________________________ Full name of signatory
______________________________________ Identity or registration number of signatory
______________________________________ Date of signature