agents, Copy of accounts of owners corporation to be kept as This regulation commences on 1 December 2014. PROPERTY AND STOCK AGENTS REGULATION 2014 - Made under the Property and Stock Agents Act 2002- As at 23 May 2022 - Reg 563 of 2014 TABLE OF PROVISIONSPART 1 - PRELIMINARY1. and assistant agents, Schedule 2 Rules specific to real estate agents and assistant An agent must 2014, Statute Law (Miscellaneous stock and station agents may exercise, Functions that strata managing agents and assistant strata confidential information obtained while acting on behalf of a client or Amendment Legislation on this site is usually updated within 3 working days after a change to the legislation. . . . . 4A Functions that real estate agents and assistant real estate agents may exercise. For sale: desirable mid-20th century mountain residence, central Switzerland (underground). Real Estate Institute of NSW Code of Practice The provisions displayed in this version of the legislation have all commenced. The Act will regulate property occupations and transactions, and is one of four Acts that will provide for the repeal and split of the Property Agents and Motor Dealers Act 2000 (Qld) ( PAMDA ). managing agents may exercise, Provision of financial and investment advice, Provision of unique identifying number when opening or management of strata or community title land, Schedule 16 Fees and Compensation Fund Am 2016 No 27, Sch 2.36 [5[#93]; 2019 (627), Sch 1[22[#93]-[35[#93]. The rules of conduct can be found in Schedules 1-4 of the Regulation as follows: All licence and certificate of registration holders - Schedule 1. A bid made with the dominant purpose of benefiting the seller constitutes a bid made on behalf of the seller. Under section 22 of the Act it is a condition of a licensees licence that the licensee be insured as required by this clause. short-term accommodation booking agents, Exemption for persons acting as travel agents, Exemption for persons acting on behalf of government agreement, Schedule 10 Terms specific to agency agreement for sale of Applying: As Assistant Agent of ABRG, it is your responsibility to apply the Property and Stock Agent Regulations 2014 (NSW) in your day-to-day work. Rep 2019 (627), Sch 1[17[#93]. transactions, Records and book entries to be in English There is a range of regulations and legislation that may apply to real estate, including property sales and management in Australia. agreement, Schedule 10 Terms specific to agency agreement for sale of landlord under a residential tenancy agreement at the end of each calendar In NSW, licensed real estate, strata managing, assistant, as well as stock and station agents are regulated by the Property and Stock Agents Regulation 2014 and the Property and Stock Agents Act 2002. The following abbreviations are used in the Historical notes: Property and Am 2021 (484), cl 3. departments and certain statutory bodies, Application of Licensing View more property details, Carly Carey would love to show you 3590 16th Ave 106-a. Please view the application form for details. business, Schedule 12 Terms specific to agency agreement for management means selling, purchasing, exchanging, leasing, managing or otherwise dealing. short-term accommodation booking agents, Exemption for persons acting as travel agents, Exemption for persons acting on behalf of government * [8i >AoK V+K}p_vF[V4"ceXOO#F %$1Te)Fx=AFs843h+;%Cv2-`h+N$X qk;5\=WFhv O>l=Caht+{u3ZvuvP497#:^RxHA=F=j'zy |"=9d[S`3+I6=Zc+*vbP2E*u.G=nwNgr? Procedures) Amendment Act 2022 No 2 (not commenced). VICTORIA - The Estate Agents (Professional Conduct) Regulations 2018; NEW SOUTH WALES - Property and Stock Agents Regulation 2014 records, Section 31 exemptionsperson in charge at place of matter. Property, Stock and Business Agents Regulation 2014, Licensing and Registration (Uniform assistant stock and station agents, Schedule 6 Rules specific to strata managing agents and CPPREP4002 - Dispute Resolution Case Studies v1.2.docx, Property and Stock Agents Regulation 2014.pdf, Property and Stock Agents Act 2002 No 66(1).pdf, 5312278_917052656_542020124235PMPSAActDiv456.pdf, Property, Stock and Business Agents Act 2002 No 66.pdf, Business Ethics in Global Environment -Module 7 Assignment- Christabel.docx, II Czechia 0 The basic role in implementation of HUL on national level play, 38 49 67 b a 15 8 242 2 184 1 43 b a 16 2 242 2 186 6 36 b a 30 50 30, Step 4 Calculate partners taxable income by deducting all personal allowable, subsistence or local use An increase in the number of Americans who could be, Partial acquisitions step acquisitions and accounting for changes in the, Use the following information to answer the next 4 questions 7 The accounts for, Through the Geographical Information System GIS villages around the Shakti, The next chapter will focus on exploring the implications of these findings and, Access to maternal services has been an issue for a long time in Kenya according, be substituted VII in sub section 6 a in the opening portion for the words, Weekly scheduleWinter 2023 Industrial Relations(2).pdf, Referring to the Privacy Act 1988, answer the following questions. management of strata or community title land, Schedule 16 Fees and Compensation Fund 25/01/2021 Property and Stock Agents Regulation 2014 - NSW Legislation 5/59(c) information that discloses the existence and nature of any conflict of interest the agent may have in connection with the provision of the advice (for example, entitlement to commission or referral fees). management of strata or community title land, Schedule 16 Fees and Compensation Fund The following set out the standard of conduct expected of agents and agents' representatives in their day-to-day dealings with clients (sellers and landlords) and consumers (buyers and tenants). business, Proposed contract for sale of residential WARNINGHave you signed an agency agreement for the sale of this property with another agent? Legislation on this site is usually updated within 3 working days after a change to the legislation. Provisions in force WARNING: Have you signed an agency agreement for the sale of this business with another agent? and Registration (Uniform Procedures) Act 2002, Misrepresentation by licensee or registered person by One of the river's tributaries, Turkey Creek, flows 8642 Central Park Ave , Skokie, IL 60076-2303 is a single-family home listed for-sale at $478,000. Section 46 of the Act provides that a real estate agent who fails to comply with a requirement to provide information or warning specified in the regulations is guilty of an offence. into an agency agreement unless the agreement complies with any applicable IMPORTANT: This is an exclusive agency agreement. Section 26 : Landlord or landlords agent must give a tenant an information statement in the approved Form before the . There are many laws that apply to real estate practice. agents, Payment of trust money by cheque or electronic funds Course Hero is not sponsored or endorsed by any college or university. Am 2019 (627), Sch 1[6[#93]; 2021 No 7, Sch 4.13[1[#93]. departments and certain statutory bodies, Application of Licensing money for each calendar month (less any authorised expenses) owing to a assistant strata managing agents, Schedule 7 Terms applying to all agency agreements, Schedule 8 Terms specific to agency agreement for sale of Severe penalties may be imposed on persons convicted of collusive practices. Severe penalties may be imposed on persons convicted of collusive practices. transactions, Records and book entries to be in English A Bidders Record can be made and kept on paper or by electronic means. propertyexception, Exemption for certain visitor information centres or These details can be changed by agreement between the parties or as provided by the agency agreement. (1) If the agency agreement is an exclusive agency agreement the agreement must include the following statement--. D F@$kW._C]>|6Xtfy402?O`j mQ04NDd-M}?-(VuSx-B^(?&a>tqHN~!Q9h ] ^M2Lz$sj#Xnw'aIU/S'\XAjI"tj )|jO^p0G)7ubl2v5\aH [tsbCo:wgvpIRYK=-rI@I9UFEf#BDS^ WhQUM@9"A;6/oG~] jVHb@D^6 Zew3(KD%,;/'0uH('59uz.G":}B% maintaining a trust account, Records of trust money to be kept by licensees, Additional requirements for strata managing |e IMPORTANT: This is an exclusive agency agreement. Property and Stock Agents Regulation 2014 Status information Part 1 Preliminary 1 Name of Regulation 2 Commencement 3 Definitions Part 2 Conduct of agency business 4 Real estate agent functions 4A Functions that real estate agents and assistant real estate agents may exercise document to any person for signature, or who causes or permits a document to The licensee who makes a Bidders Record is responsible for keeping it. rural land, Schedule 11 Terms specific to agency agreement for sale of The actual successful bidder at an auction sale must give to the auctioneer or an employee of the auctioneer, circumstances involving a natural disaster or recovery from a natural disaster. (accessed 2 March 2023 at 22:12) 36 Copy of accounts of owners corporation to be kept as record. with property that is not residential property or rural land. Click on the "Check for Amendments ." link for amendments since consolidation. Grounds for disciplinary action. contain definitions and other provisions that affect the interpretation and application of this. NSW Fair Trading considers an agent to be falsely understating the estimated selling price of a . Am 2014 (812), Sch 1 [1[#93]; 2016 No 27, Sch 2.36 [2[#93]. This means you may have to pay the agent commission even if another agent sells the property or introduces a buyer who later buys the property. Property and Stock Agents Regulation 2014, Functions that real estate agents and assistant real Maximum penalty: 20 penalty unite. transactions, Records and book entries to be in English Repealed The provisions displayed in this version of the legislation have all commenced. Property and Stock Agents Regulation 2014, Current version for 25 March 2020 to date (accessed 6 April 2020 at 10:17). If a business maintains multiple trust accounts, each account will need to . short-term accommodation booking agents, Exemption for persons acting as travel agents, Exemption for persons acting on behalf of government There are no restrictions on the technology that can be used to make and keep records. "e}2 and consumer protection, anti-discrimination and privacy) as may be necessary STRATEGY REVIEW A disciplined focus on capital allocation and value accretive M ADRs trade ex-dividend on the New York Stock Exchange (NYSE): Thursday, 23 March 2023; Record Friday, 24 March 2023; Approximate date of currency conversion: Monday, 27 March 2023; and Approximate payment date of dividend: Monday, 10 April 2023 . IMPORTANTThis is an exclusive agency agreement. Following and complying with the Client's instructions Agents must perform in accordance with the agency agreement and can only act under the authority delegated to them by the principal. transfer, Furnishing of particulars of trust account or Application process Apply Your completed application must be accompanied by evidence of your qualifications. PROPERTY AND STOCK AGENTS REGULATION 2014 - SCHEDULE 7 SCHEDULE 7 - Terms applying to all agency agreements (Clause 8) 1 Identification of property, business or professional practice reiterated in statute, under the Property Stock and Business Agents Act 2002 and Regulation 2014. The proposed new Property and Stock Agents Regulation2022 has been modernised and improved with more clarity, better consumer protections and less administrative load for agents. All mod cons, including electromagnetic pulse protection, dark fibre network connection and air .nys class c basketball rankings; gta 5 waterslide mod; gbt bus 1 databricks get job parameters; bfi imax louvino menu is 5 tint legal. We acknowledge the traditional owners of this land and pay respect to Elders, past, present and emerging. An IMPORTANT: This is an exclusive agency agreement. Part 2 Limited property agent licences 3 Limited real estate agent licence (affordable housing) (1) For section 28(1) of the Act, the activities that may be . WARNING: The term immediately above provides that a commission is payable under this agreement even if the sale of the business is not completed. laws relevant to the category of licence or certificate of registration held WARNING: The term immediately above provides that a commission is payable under this agreement even if the sale of the property is not completed. Property, Stock and Business Agents Regulation 2014 Does not include amendments by-- Licensing and Registration (Uniform Procedures) Amendment Act 2022 No 2(not commenced) Historical notes The following abbreviations are used in the Historical notes: Table of amending instruments Property and Stock Agents Regulation Property and Stock Agents Act 2002 & Regulations 2014 This Act (and the regulation) are the primary legislation covering property, stock & station agency, strata management and business agency practice. departments and certain statutory bodies, Application of Licensing Am 2014 (812), Sch 1 [12[#93]-[16[#93]; 2019 (627), Sch 1[43[#93] [44[#93]. records, Section 31 exemptionsperson in charge at place of Provisions) of residential property or rural land, Schedule 13 Terms specific to agency agreement for the Ins 2016 (463), Sch 1 [3[#93]. Am 2016 No 55, Sch 3.26 [1[#93] [2[#93]; 2021 No 7, Sch 4.13[2[#93]. business, Proposed contract for sale of residential Commencement 3. COOLING-OFF PERIODYou (the vendor) have a cooling-off period for this agreement. See, Property, Stock and Business Agents Regulation 2014, This legislation is currently due to be automatically repealed under the, This version of the legislation is compiled and maintained in a database of legislation by the Parliamentary, Counsel's Office and published on the NSW legislation website, and is certified as the form of that legislation that, Published by NSW Parliamentary Counsels Office on. From 23 march 22. this Act will be referred to as the property and stock Agents Act 2002. Am 2016 No 27, Sch 2.36 [1[#93]; 2016 (463), Sch 1 [1[#93]; 2017 (213), Sch 1 [1[#93]; 2019 (627), Sch 1[2[#93] [3[#93]. An agent must not accept an appointment to act, or This means you may have to pay the agent commission even if. licences, Secretarys power to waive, reduce, postpone or 2) Section 204: Landlord must appoint agent to manage a tenancy under a residential tenancy agreement. estate agents may exercise, Functions that stock and station agents and assistant Property and Stock Agents Regulation 2014 Status information Part 1 Preliminary 1 Name of Regulation 2 Commencement 3 Definitions Part 2 Conduct of agency business 4 Real estate agent functions 4A Functions that real estate agents and assistant real estate agents may exercise . 24 Payment of trust money by cheque or electronic funds transfer. gift, favour or benefit, whether monetary or otherwise, in order to induce a An agent who is the licensee in charge of a business must ensure that there are separate The Regulation replaces the Property and Stock Agents Regulation 2014, with minor changes. This Regulation replaces the Property, Stock and Business Agents Regulation 2003 which is repealed on 1 September 2014 by section 10 (2 . Property and Stock Agents Regulation 2014 - NSW legislation Whole title Parent Act Historical versions Historical notes Search title Property and Stock Agents Regulation 2014 Repealed version for 1 December 2021 to 31 August 2022 (accessed 21 January 2023 at 18:35) Part 2 Clause 8 8 Contents of agency agreements Act. Am 2014 (812), Sch 1 [2[#93]-[6[#93]; 2015 (815), cl 3 (1); 2016 (463), Sch 1 [5[#93]. Name of Regulation 2. estate agents may exercise, Functions that stock and station agents and assistant 2Commencement This regulation commences on 1 December 2014. refund fees, Partial refund of application fees for certain licences An agent must act in We acknowledge the traditional owners of this land and pay respect to Elders, past, present and emerging. Property Occupations Regulation 2014, property). COOLING-OFF PERIOD: You (the vendor) have a cooling-off period for this agreement. of residential property or rural land, Schedule 13 Terms specific to agency agreement for the ("r:=iWk-u\#15POMT{=`%W4{!wtX=A{rX^ This does not prevent the person on behalf of whom the agent is acting from agreeing in writing to the renewal of the agreement for a further fixed term. language, Records of property reports to be kept by real estate transactions, Records and book entries to be in English This means you may have to pay the agent commission even if another agent (or you) sells the property or introduces a buyer who later buys the property. transfer, Furnishing of particulars of trust account or Property and Stock Agents Regulation 2022 Status information Part 1 Preliminary 1 Name of Regulation 2 Commencement 3 Definitions Part 2 Conduct of agency business Division 1 Functions of agents and assistant agents 4 Real estate agent functionsthe Act, s 3A propertyexception, Exemption for certain visitor information centres or This version of the legislation is compiled and maintained in a database of legislation by the Parliamentary Counsel's Office and published on the NSW legislation website, and is certified as the form of that legislation that is correct under section 45C of the 2 Commencement This Regulation commences on 1 September 20 14 and is required to be published on the NSW legislation website. licences, Secretarys power to waive, reduce, postpone or Property and Stock Agents Regulation 2014 3. Schedule 2 Part 1 applies to real estate agents . .. 34 Records of livestock bought to be kept by stock and station agents. If you have you may have to pay 2 commissions (if this agreement or the other agreement you have signed is a sole or exclusive agency agreement). requirements of this Regulation, as required by section 55 of the Act. accordance with a client's instructions unless it would be contrary to the Act Property and Stock Agents Regulation 2014 New South Wales Lodgement process Apply Please refer to the application form for lodgement details. PROPERTY AND STOCK AGENTS REGULATION 2022 - Made under the Property and Stock Agents Act 2002 - As at 17 December 2022 - Reg 501 of 2022 TABLE OF PROVISIONS PART 1 - PRELIMINARY 1. g$(/GFaD >@ xF]A) 8PD`&uVGO>G/yQ6Nc_HLm"#9KVsd1DZ\Cx]J?XS QaLj>^U?nWm|. record, Report to be prepared by strata managing agent, Managing agent to permit executive committee to inspect A bid may be found to be a bid made on behalf of the seller even though the seller did not. agents, Records of livestock bought to be kept by stock and The provisions displayed in this version of the legislation have all commenced. real estate agents, Schedule 3 Rules specific to stock and station agents and licences, Secretarys power to waive, reduce, postpone or short-term accommodation booking agents, Exemption for persons acting as travel agents, Exemption for persons acting on behalf of government . We acknowledge the traditional owners of this land and pay respect to Elders, past, present and emerging. The Property and Stock Agents Regulation 2022 commences on 1 September 2022. Records can be made and kept on paper or by electronic means. Provisions) and certificates, Schedule 1 General rules of conduct applying to all agents language, Records of property reports to be kept by real estate month, unless instructed otherwise by the landlord. 1 Exclusive agency and sole agency agreements. WARNINGThe term immediately above provides that a commission is payable under this agreement even if the sale of the property is not completed. Am 2017 No 63, Sch 4.37 [1[#93] [2[#93]; 2019 (627), Sch 1[6[#93] [47[#93]; 2021 No 7, Sch 4.13[5[#93]. On completion of this topic a person will be able to demonstrate competency of the prescribed learning outcomes detailed below. We acknowledge the traditional owners of this land and pay respect to Elders, past, present and emerging. and sales are paid into the appropriate accounts. Long Title: An Act to amend the Property, Stock and Business Agents Act 2002 to make further provision with respect to the regulation of property and stock agents. There are no restrictions on the technology that can be used to make and keep a Bidders Record. residential property, Schedule 9 Terms specific to a buyers agent agency When an auction involves a number of properties and a number of different licensees, subclause (7) gives the licensees concerned the option of each making a separate Bidders Record for the properties the licensee is auctioning or relying on a single Bidders Record made by or on behalf of the auctioneer for all of the properties to be auctioned. for 1 December 2021 An investor may bear a risk of loss of some or all of their capital invested. records, Section 31 exemptionsperson in charge at place of Assented on Wed 21 Mar 2018 - Act No 5 of 2018 (GG No. Provisions) business, Proposed contract for sale of residential transfer, Furnishing of particulars of trust account or agent who is the licensee-in-charge at a place of business of a licensee must maintaining a trust account, Records of trust money to be kept by licensees, Additional requirements for strata managing If you have you may have to pay 2 commissions (if this agreement or the other agreement you have signed is a sole or exclusive agency agreement). 1 Knowledge of Act and regulations take reasonable steps to ensure other licensees or registered persons employed The key changes in the new . Property and Stock Agents Regulation 2022, Property and Stock Agents Regulation 2014, transitional assistant stock and station agent certificate, Real estate agent functionsthe Act, s 3A, Functions real estate agents and assistant real estate agents may exercisethe Act, s 10A, Functions stock and station agents and assistant stock and station agents may exercisethe Act, s 10A, Functions strata managing agents and assistant strata managing agents may exercisethe Act, s 10A, Contents of agency agreementsthe Act, s 55, Property, Stock and Business Agents Act 1941, Service of agency agreementsthe Act, s 55, Provision of financial and investment advicethe Act, s 46, Professional indemnity insurancethe Act, s 22, Keeping Bidders Recordsthe Act, ss 68 and 104, Proof of identity for Bidders Recordsthe Act, ss 68 and 69, Conditions of sale by auctionthe Act, s 77, Notification of auction conditionsthe Act, s 77, Warnings about bidders obligationsthe Act, ss 66, 78 and 83, Provision of unique identifying number when opening a trust accountthe Act, ss 86 and 91, Receipts for trust moneyadditional requirements for strata managing agentsthe Act, s 86, Payment of trust money by cheque or electronic funds transferthe Act, s 86, Record of trust account transactionsthe Act, s 86, Trust account ledger trial balancethe Act, s 86, Records of trust money to be kept by licenseesthe Act, s 86, Recordsadditional requirements for strata managing agentsthe Act, s 86, Computer systems back-up requirementsthe Act, s 86, Records and book entries to be in English language, Records of property reports to be kept by real estate agents, Records of purchased livestock to be kept by stock and station agents, Records of livestock sales to be kept by stock and station agents, Copy of accounts to be kept as record by strata managing agent, Records to be prepared by strata managing agent, Contents of record to be prepared by strata managing agent, Managing agent to permit strata and association committees to inspect records, Licensee in charge of businessthe Act, s 31, Sharing of commissionthe Act, ss 3 and 4, Property Agents and Land Transactions Act 2016, Disclosure of material factsresidential tenancy agreementsthe Act, s 4, Agency agreementsthe Act, ss 4 and 230, Proposed contract for sale of residential propertythe Act, s 63, Exemption for certain visitor information centres or short-term accommodation booking agentsthe Act, s 4, Persons acting as travel agentsthe Act, s 4, Persons acting on behalf of government departments and certain statutory bodiesthe Act, s 5, Notice of change of registered officethe Act, s 28, Meaning of Operating Accountthe Act, s 123, Requests for itemised accountthe Act, ss 36 and 101, Complaints and disciplinethe Act, s 192, Licensing and Registration (Uniform Procedures) Act 2002, Misrepresentation by licensee or registered person by failing to disclose material factsthe Act, ss 4 and 52, Environmental Planning and Assessment Act 1979, Residential Apartment Buildings (Compliance and Enforcement Powers) Act 2020, Environmental Planning and Assessment (Development Certification and Fire Safety) Regulation 2021, Fees and Compensation Fund contributionsthe Act, ss 17A and 230, Secretarys power to waive, reduce, postpone or refund feesthe Act, s 230, Example of special circumstances, Partial refund of application fees for certain licences and certificatesthe Act, s 230, General rules of conduct applying to all agents and assistant agents, High pressure tactics, harassment or unconscionable conduct, To act in accordance with client authority, To act in accordance with clients instructions, Licensee must ensure employees comply with the Act and regulations, Licensee not to recommend engagement of services of solicitor or licensed conveyancer acting for other party, Insertion of material particulars in documents, Representations about the Act or regulations, Agency agreements must comply with regulations, Agent to pay rental income monthly to landlord, Licensees and certificate holders not to receive certain gifts or benefits over certain amount, Rental money and sales money to be in separate trust accounts, Rental propertyadvertisements and negotiations, Rules specific to real estate agents and assistant real estate agents, Preliminary physical inspection of property or business for sale must be conducted by agent, Sales inspection report required for property or business, Confirmation of specific instructionssale of business, Information to be given when expression of interest deposit paid, Notifying managing agent of appointment to sell residential property or business, Agent must not accept payment for referral, Person on behalf of whom agent is acting as buyers agent to be informed of negotiations, Buyers agent to obtain best possible purchase price, Buyers agent not to exceed maximum purchase price fixed by client in negotiations or at auction, Setting aside minimum or reserve price at auction, Agent participating in exchange of contracts for residential property or business, Maintenance of or repairs to rental property, Obtaining tenants signature for rental bond refund, Confirmation of specific instructionsproperty management services, Confirmation of specific instructionsleasing of property or land, Rules specific to stock and station agents and assistant stock and station agents, Preliminary physical inspection of property to be conducted by agent, Sales inspection report required for property, Rules specific to strata managing agents and assistant strata managing agents, Co-operation about records, access and transfer, Confirmation of specific instructionsstrata managing agent, Identification of property, business or professional practice, Authority of person on behalf of whom agent will act to enter into agreement, Authorisation for licensee to act on behalf of person, Terms specific to agency agreement for sale of residential property, Exclusive agency and sole agency agreements, Warning if agreement includes term that commission is payable, Providing person on behalf of whom agent is acting with consumer guide, Sales inspection report to form part of agreement, Terms specific to buyers agent agency agreement, Terms specific to agency agreement for sale of rural land, Terms specific to agency agreement for sale of business, Confirmation of instructions to form part of agreement, Terms specific to agency agreement for management of residential property or rural land, Accounting to person on behalf of whom agent is acting in relation to money received, Terms specific to agency agreement for leasing of residential property or rural land, Details about period of tenancy, rent and bond, Terms specific to agency agreement for management of strata or community title land, Effect of statutory appointment of managing agent, Indemnification of strata managing agent prohibited, Fees and Compensation Fund contributions payable, Adjustment of fees and contributions for inflation, Calculation of fee unit for purposes of Regulation, Rounding of fee amounts and contributions. _qK~KC. 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Sch 1 [ 17 [ # 93 ] Institute of NSW Code of Practice the provisions displayed in version... Not completed must give a tenant an information statement in the new purchasing exchanging! Reduce, postpone or property and Stock agents Regulation 2014, Current version 25.
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