TRESA EXPLAINED

Brokerages will be permitted to enter designated representation agreements with clients

Clients and self-represented parties will continue, but customer relationships will be eliminated. This means that a party to a trade will be either a client or a self-represented party

Sharing contents of offers will be permitted with the seller’s written direction

Adjustments to information and disclosure obligations to promote clarity in communication

A new RECO Information Guide will be shared by registrants with those they engage with

New powers and tools to help RECO operate more efficiently and focus its compliance and enforcement efforts where they are most effective

A revamped Code of Ethics that focuses on ethical obligations including provisions around conflicts of interest and confidentiality

Revisions to RECO’s Discipline Committee, composition and procedures