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Brokerage Given 90 Days to File Its Accountant’s Report
BC Financial Services Authority (“BCFSA”) has cancelled the licence of Mary-Jean Jacobson, managing broker of Pace Realty Corporation, for professional misconduct after Jacobson failed to ensure the brokerage complied with requirements to file financial reports.
The Real Estate Services Rules requires all brokerages to file their annual financial statements, accountant’s report, and brokerage activity report within 120 days after the end of the brokerage’s fiscal year.
Pace Realty Corporation’s reports for year 2021 were due by April 30, 2022, and after issuing several written reminders, BCFSA issued a Notice of Disciplinary Hearing on January 11, 2023, to Pace Realty and Jacobson. By the time of the hearing, Pace Realty Corporation had still not filed its financial reports. The hearing resulted in the cancellation of Jacobson’s managing broker’s licence for professional misconduct.
Managing brokers must be actively engaged in the oversight of their brokerages. BCFSA reminds managing brokers that they are responsible for ensuring that the business of the brokerage is carried out competently and in accordance with the Real Estate Services Act, the Real Estate Services Regulations, and the Real Estate Services Rules.
Summary of Decision
- Jacobson’s managing broker licence is immediately cancelled but they can continue being licensed as an associate broker or representative;
- Jacobson is required to complete the Broker Licensing Course before they can apply for a managing broker licence;
- Pace Realty Corporation must submit its annual filings for year 2021 within 90 days or the brokerage’s licence shall be cancelled; and
- Jacobson and Pace Realty Corporation are liable to pay enforcement expenses in the sum of $10,562.
- Decision on Liability and Sanction – Pace Realty Corporation & Mary-Jean Jacobson
BC Financial Services Authority (“BCFSA”) is a Crown regulatory agency of the Government of British Columbia. BCFSA oversees the financial services sector which includes pension plans, mortgage brokers, real estate services, real estate development marketing, and financial institutions (credit unions and insurance and trust companies). BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).