Cap. 644 Art. 3Establishment of the Property Market Agency.

(1) There shall be established a body to be known as the

Property Market Agency.

(2) Subject to the provisions of this Act and of any other law, it shall be the function of the Agency to regulate the activities of property market intermediaries.

(3) Without prejudice to the generality of its functions provided for in sub-article (2), the Agency shall have the following duties and functions:

(a) to submit proposals and recommendations to the Government regarding national policy in relation to intermediaries in the property market with due consideration for the specific situation and requirements of Malta from time to time, but in any case not later than five (5) years from the last proposals and, or recommendations;

(b) to issue standards in respect of brokerage and related services, in the property market;

(c) to participate in any discussions leading to development planning and, or economic policies;

(d) to monitor the real estate market, directly by encouraging and coordinating research and by commissioning, and where the Agency deems necessary, publish such research, surveys or other professional studies;

(e) to act as regulator and to implement any function related to the property market which may be assigned to it in accordance with any law;

(f) to organise and promote educational campaigns related to the property market and in particular to consumer protection in relation to the said market;

(g) to promote and co-ordinate the training of persons working as property intermediaries;

(h) to give advice on the property market as the Minister may from time to time request;

(i) to undertake periodic reviews of educational programmes and structures related to the activities of property market intermediaries, and where the Agency deems necessary to publish such analysis, in order to recommend improvements in such programmes and in policies and to identify sources for the training of persons in relevant fields of activity so as to ensure the continuous availability of suitably qualified personnel;

(j) to administer any budgetary allocation as may be assigned to it for purposes related to the property market or such other purposes as may be linked to such budgetary allocation;

(k) to promote effective communication and coordination with government entities and private organizations involved in the formulation of policies related to the activities of the property market;

(l) to identify overseas developments related to property market and which are of direct interest and relevance to Malta;

(m) to set up databases and obtain access to international databases in the property market field, not later than three (3) years from the coming into force of this Act, and ensure that such databases are continuously updated;

(n) to act as a contact point with respect to various regional, interregional and international organizations and to organize participation in seminars, conferences and in action groups and working groups of relevance to Malta’s interests in the field of activity of the Agency;

(o) to set up networks of professional persons and organizations to assist in the formulation of policies, and the implementation of programmes, and to monitor areas of importance related to the property market of interest to Malta;

(p) to carry out any other function not covered by this sub-article related to the activities of the property market as may be delegated to it by the Minister;

(q) carry out any other function ancillary or conducive to the functions, duties and aims of the Agency.

(4) The Agency shall be a body having a distinct legal personality and shall be capable, subject to the provisions of this Act, to enter into contracts, to hold and dispose of property of any kind for the purpose of its functions, to sue and be sued and to enter into all such other transactions as are incidental or conducive for the proper performance of its functions.

(5) The Agency shall consist of a Board and of a Directorate.

(6) The legal and judicial representation of the Agency shall vest in the Chairperson:

Provided that the Board may appoint the Executive Head or any one (1) or more of the members of the Directorate staff to appear in the name and on behalf of the Agency in any judicial proceedings and in any act, contract, public deed, instrument or other document whatsoever.

(7) Any document purporting to be an instrument made or issued by the Agency and signed by the Chairperson on behalf of the Agency shall be received in evidence, and shall unless the contrary is proved, be deemed to be an instrument made or issued by the Agency.