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Real estate licensees can now access BCFSA’s new licensing and regulatory portal called the Integrated Regulatory Information System (“IRIS”).
The inclusion of real estate licensing in IRIS is an important step towards modernizing the technology BCFSA uses to interact with the financial services sector in British Columbia. Mortgage brokers and financial institutions have been using IRIS since September 2021, while credit unions began using it for reporting in May 2022.
Real estate licensees are now required to use IRIS to apply for licence renewal, pay fees, change brokerages, manage their contact information, and submit required information. Brokerages will be able to view and manage all licensees attached to their brokerage as well as file their annual Accountant’s Reports in the same portal.
With the launch of IRIS, BCFSA has significantly reduced paperwork and streamlined processes for regulated entities to interact with and make regulatory submissions, supporting its mandate to be a modern, effective and efficient financial services regulator.