Real Estate Developer to Pay $44K Penalty for Failing to File Assignments

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BC Financial Services Authority has issued a $44,000 penalty and $3,050 in enforcement expenses against real estate developer after they breached an undertaking to file information about assignments, contrary to the Real Estate Development Marketing Act (“REDMA”).

Faizal Kathrada, Jeffrey Sengara, and Glentana Development Corp. are ordered to pay the penalty and enforcement expenses jointly and severally. They did not comply with an undertaking accepted by the Office of the Superintendent of Real Estate (“Superintendent”) in 2019 to immediately file assignment information, after not filing for eight quarterly reporting periods.

Developers must comply with any written undertaking given to BCFSA, including an undertaking that relates to reporting assignment information in the Condo and Strata Assignment Integrity Register (“CSAIR”). Undertakings under REMDA are binding on developers and every director of a developer.

BCFSA is responsible for enforcing developer filing requirements under REDMA and the Real Estate Development Marketing Regulation in CSAIR.