Article (13):
According to Article (6) of the Law, is not permissible for the Accredited Valuer to practice valuation in the cases mentioned in this article, unless the Accredit-ed Valuer has practiced the profession for a period of no less than three years after obtaining the license, provided that the valuer fulfills any additional re-quirements, qualifications or examinations set by the Board, or its delegates- as follows:
• Valuing government assets for all valuation purposes, including the shift from cash basis to accrual basis accounting.
Valuing real estate investment funds.
• Valuing real estate, investment properties, machinery and equip-ment for financial reporting purposes for companies listed on the financial market.
Valuing for eminent domain and temporary taking of land.
Article (14):
According to Article (12) of the Law, the Accredited Valuer must provide Taqeem with the necessary information through the following:
1. Use the approved electronic systems to organize the practice of the profession, open a Firm Account, pay the subscription for the service, and update its information and data in the Firm’s account on an ongoing basis. The Valuer must notify the authority of any change that occurs to the information and data, within a maximum period of (30) days from the date of the change.
2. Notify Taqeem of the Firm’s address address and any change that oc-curs to this address, or when any other branch is opened within (30) days of obtaining a practice license or from the date of the change or the open-ing the branch. The notification shall be via electronic systems or in writing.
3. Inform the Taqeem, during the period it specifies, of any information, data, files or documents related to their work.
4. Upload a final copy of each valuation report issued by the valuer on the Firm Account, and place the code provided on the report before delivering the report to the client, as well as filling a summary of the report in the Firm’s account, as determined by the General Secretariat.
Article (15):
According to Article (15) of the Law which states that the Accredited Valuer shall undertake the responsibilities stipulated in the laws and regulations governing the work of the Authority, the Accredited Valuer must practice the profession according to the following:
1. Comply with the provisions of the Law, Regulations, Code of Ethics, and Manuals.
2. Practice valuation though a Valuation Firm.
3. Enable Taqeem or its representative to monitor the quality of professional performance.
4. Indicate the authorized sector and Basic Membership designation when signing valuation reports.
5. Sign all issued reports in accordance with Article (14) of the Law, and make sure that all employees or persons involved in preparing the report have signed the report.
6. All issued valuation reports shall be in Arabic. Another language can be used if the Accredited Valuer agrees with the client on that, provided that the Accredited valuer shall provide the Authority or any of the competent of-ficial authorities with a certified copy of his report in Arabic upon its request.
7. Display the valuer’s information at the Firm’s main office and other sub-sequent branches, if any. The information shall include the name of the Accredited Member and license number, if the valuer is a natural person, but if the valuer is a legal person, then the provisions of the Professional Companies Law shall apply.
8. Ensure that all employees who carry out the valuation work in the Firm are holders of a valid membership. They also must work, under the Accredited valuer’s supervision and responsibility, under valid contracts. Moreover, registering them in the Firm’s account, and ensuring their membership is renewed before the expiration date.
9. Display membership and license when undertaking any valuation work, including field work such as inspection and the like, and to ensure that all employees abide by the provisions of this paragraph.
10. Taking into account the provisions, regulations and other decisions re-lated to the Saudi Labor Law, the Accredited Valuer shall commit to have no less than 30% Saudi professionals in the Firm who have basic member-ship, associate membership or student membership of total valuers.
11. Train associate and student members according to the arrangements determined by Taqeem.
12. Renew Taqeem membership and practice license before its termination. This obligation is demanded by all partners if the Accredited Member is a legal person.
13. Work according to the rules and instructions provided by Taqeem.
Article (16):
1. The Accredited Valuer is prohibited from accepting any valuation assignment in all cases indicated in the code of conduct, and especially in the following cases:
a) Valuing assets that the valuer own, co-own, have an interest in - directly or indirectly - as a broker, marketer, investor or a financier for their ownership.
b) Assets in which the valuer is a relative, to the fourth degree, of the founder or a member of the Board of Directors.
c) Assets of companies where the valuer provides services that conflict with one’s valuation of either of the assets, either directly or indirectly.
d) Assets of companies in which the valuer has shares, or is a partner of one of its senior employees, one of the partners, one of its board members, or the overseer of one of its endowments.
e) Provide valuation services to more than one client on the same subject asset, except after obtaining written consent from all clients.
2. Before accepting the valuation assignment, the Accredited Valuer shall ensure that all valuers participating in the valuation assignment are adhering to paragraph (A) of this item and replace who cannot commit to such conditions
Article (17):
1. The following procedures shall be followed when an Accredited Valuer ceases to work, either temporarily or permanently for any reason:
• The Ministry and Taqeem shall be notified of the reasons and the duration of the cessation within thirty (30) days following the cessation of work.
• If one partner ceases to work permanently, the remaining partners of a professional company shall amend the Company Contract in accordance with the Law of Professional Companies. Taqeem shall be notified of the steps taken to reassign the assignments supervised by the departing partner to other partners
If an Accredited Valuer ceases to practice the profession permanently, or for a period that may harm the clients or a third party, the valuer shall settle all pending matters as well as rights and obligations resulting therefrom, according to the following:
a) Taqeem shall be notified of the assignments, rights and obligations affected by the cessation, as well as the measures taken to solve them and the duration required, provided that it would not take more than (60) days.
b) After the end of the specified period referred to in the previous para-graph, the Accredited Valuer shall provide evidence that all suspended transactions has been terminated and the rights and obligations result-ing from that.
c) The Accredited Valuer shall not be suspended from practicing the profession, or written off from the accredited valuers’ Registry, before con-firming that he has followed the procedures stipulated in this Article. In the event that the Accredited Valuer fails to adhere to these procedures, the Authority may request the Review Committee to issue a decision revoking the license or removing his name from the Registry. In that case, all pending transactions, rights and obligations shall be liquidated at his expense.
Article (18):
Without prejudice to the obligations accredited valuers must abide by, Taqeem members must adhere to the following:
1. Comply with the provisions of the Code of Ethics, valuation standards, and technical standards issued by Taqeem as well as Laws and regulations governing Taqeem’s work.
2. Work or train in a licensed valuation Firm in the accredited valuation sector obtained, according to a valid contract. The member shall connect to the Firm Account via the electronic systems.
3. Sign all reports and work in which they participated.
4. Present/reveal membership and accredited valuer license of the person or firm they work for when carrying out any valuation work, including field work such as inspection and the like.
5. shall not provide valuation service to more than one client for the same asset except after obtaining the written consent from all clients.
6. Commit to maintain the validity of membership while working at the valuation Firm.
7. Use the approved electronic systems to regulate valuation practice.
8. Work according to the rules and instructions provided by Taqeem.
