Regulatory Alerts2010-07-01
New Rules and Amendments to the Real Estate Brokerage Act and Regulations
Finanstilsynet issued Circular 16/2010 to implement amendments to the Real Estate Brokerage Act and Regulations, effective July 1, 2010, covering the winding up of brokerage firms, proprietary trading, and the role of the responsible manager. The circular introduces mandatory continuing education requirements for licensed brokers and clarifies specific rules for rental brokerage and foreign real estate transactions. It also details updated procedures for bidding processes, including the 24-hour rule, and establishes new administrative rules for licensing applications under the Services Act.
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