In force Last amended 22/11/1444 AH
Saudi Accredited Valuers Law
نظام المقيمين المعتمدين
Regulates the accredited valuer profession in Saudi Arabia. It has 45 articles and concerns valuers, valuation firms and those who rely on valuation reports.
- Articles
- 45
- In force
- 45
- Amended
- 20
- Issued
- 9/7/1433 AH
Issued by: مرسوم ملكي رقم م / 43 بتاريخ 9 / 7 / 1433
Each article shows the official Arabic text, which is the only legally binding version, followed by our plain-English explanation.
Browse Accredited Valuers Law by topic
Definitions and Branches of Valuation1 articleLicensing the Practice of Valuation7 articlesDuties of the Accredited Valuer6 articlesValuation Confidentiality and Keeping Documents2 articlesValuer's Liability and Conflict of Interest3 articlesSaudi Authority for Accredited Valuers2 articlesAuthority Membership and General Assembly4 articlesAuthority Board of Directors and Finances3 articlesValuer Violations and Penalties3 articlesExceptions and Final Provisions6 articles
Articles of the Saudi Accredited Valuers Law
- Article 1يقصد بالعبارات الآتية المعاني الموضحة أمام كل منها، ما لم يدل السياق على خلاف ذلك : 1 ـ المهنة : مهنة التقييم . 2 - الوزارة : وزارة…Amended M/190
- Article 2The article states the aim of the Accredited Valuers Law: setting controls and standards for valuing real estate, economic establishments, equipment and movable property, developing the profession and raising the level of those working in it.
- Article 3The article bars any natural or legal person from practicing the valuation profession in any branch unless licensed to practice it in the same branch.
- Article 4The article creates a register at the Authority for each branch of valuation in which individual valuers are entered, and requires valuers that are companies also to register in the professional companies register at the Ministry of Commerce.Amended M/190
- Article 5The article requires a person entered in the valuers' register to be a Saudi of full legal capacity and good conduct, not sentenced for a hadd or a disreputable crime, experienced in the branch, and a basic member of the Authority.
- Article 6The article refers to the Implementing Regulations the specification of valuation work for which the Authority's Board sees a need for additional experience, and the period of suspension does not count toward that period.
- Article 7The article regulates the valuers' registration committee of three members including a legal adviser, requires it to give reasons for refusing an application, and lets a refused applicant file a grievance with the Board of Grievances.Amended M/190
- Article 8This article provides that the Authority issues the license to practice valuation in the branch named in the registration application after registration in the register, and refers the issuing procedures, fee, term and renewal conditions to the Regulations.Amended M/190
- Article 9This article allows the Authority, in accordance with the Implementing Regulations, to consider applications from professionals who are members of other professional bodies for a license to practice valuation, under the conditions in the law.
- Article 10على المقيّم المعتمد أن يزاول المهنة فعلاً في فرع التقييم الذي رخص له بمزاولته ، وأن يبلغ الوزارة - كتابة - بعنوان مكتبه وبكل تغير يطرأ على…Amended M/190
- Article 11This article allows an individual accredited valuer to name their office provided the name includes their personal name, and requires them to display their license in a prominent place in the office.
- Article 12This article requires the accredited valuer to put their name, license number and license date on all their printed materials, correspondence, reports and statements, and to provide the Authority with the necessary data on their activity as the Regulations provide.
- Article 13This article prohibits an accredited valuer from combining practice of the profession with work that conflicts with the conduct and ethics of the profession, as the Implementing Regulations determine.Amended
- Article 14This article requires an individual accredited valuer to sign their reports personally, and requires the report of a firm to be signed by the partner who took part in the valuation or actually supervised it, and prohibits delegating the signature.
- Article 15This article requires the accredited valuer to comply with the conduct and ethics of the profession, valuation standards, the Authority's technical standards and legal duties, and to give the Ministry and the Authority any information they request to verify their performance.
- Article 16This article requires the core member of the Saudi Authority for Accredited Valuers to attend professional education programs as the Authority determines.
- Article 17This article requires the accredited valuer to keep everything relating to the valuation and clients' paper and electronic data and documents for 10 years from their final report, or until a final judgment if a related lawsuit is filed.
- Article 18This article requires the accredited valuer to keep all valuation information confidential and not to let anyone see it except with the client's written consent or at the request of the competent official bodies.
- Article 19This article makes an individual accredited valuer responsible for compensating harm to the client or third parties caused by their errors in their work, and makes liability joint among the partners if the valuer is a firm.
- Article 20This article requires the accredited valuer to disclose any direct or indirect interest they have in what they are asked to value, and refers to the Regulations the cases in which they must not accept the work.
- Article 211 - يجب على المقيّم المعتمد إذا توقف عن مزاولة المهنة لأي سبب من الأسباب بصورة مؤقتة أو نهائية أن يبلغ الوزارة والهيئة والعميل بذلك خلال…Amended M/190
- Article 22This article establishes the Saudi Authority for Accredited Valuers as a non-profit legal person with an independent budget, working under the Ministry's supervision, based in Riyadh, with the power to set up offices within the Kingdom.
- Article 23This article sets what the Authority seeks to achieve in developing the valuation profession and monitoring its quality, and its competences, including adopting valuation standards, fellowship exam rules, professional education, field supervision and technical advice.Amended M/190
- Article 24This article sets the categories of the Authority's members: core members with a university degree and the fellowship certificate or exempted under Article 40, associate members, honorary members and student associates.
- Article 25This article regulates the Authority's general assembly, made up of core members who have paid their subscriptions, the quorum for its ordinary and extraordinary meetings, its chair and how it makes decisions.Amended M/190
- Article 26This article sets the competences of the Authority's general assembly: adopting the board's annual report, approving the final accounts, appointing auditors and their fees, electing board members from the accredited valuers, and discussing its agenda.Amended
- Article 271 - يدير الهيئة مجلس إدارة مكون من تسعة من المقيّمين المعتمدين، تنتخبهم الجمعية العمومية، وتحدد اللائحة التنفيذية الإجراءات اللازمة لذلك،…Amended M/190
- Article 28يمارس مجلس الإدارة الصلاحيات اللازمة لتصريف شؤون الهيئة وتحقيق أهدافها المنصوص عليها في هذا النظام، وله على الأخص ما يأتي : 1 - اقتراح…Amended M/190
- Article 29This article makes the Authority's financial year match the State's financial year, with the first year starting from the law's effective date and ending with the State's financial year of the following year.
- Article 30This article lists the Authority's resources: members' subscriptions, government subsidies, gifts, donations, bequests and endowments the board accepts, investment returns, fees for services, works and licenses, amounts from violations, and other resources.Amended M/190
- Article 31This article provides that the Authority has an auditor appointed each year by the general assembly from among licensed certified accountants, with a right of inspection and a duty to report to the assembly, and the board appoints the first year's auditor.
- Article 32أولاً : دون إخلال بأي عقوبة أشد منصوص عليها في أي نظام آخر، تطبق على من يخالف أحكام هذا النظام أي من العقوبات الآتية : أ ـ الإنذار. ب -…Amended M/190
- Article 33This article has the competent court hear six violations, including practicing valuation without a license, impersonating the valuer's title and misleading advertising, and apply specific penalties from Article 32.Amended M/190
- Article 34أ - مع مراعاة ما ورد في المادة (الثالثة والثلاثين) من هذا النظام، يتولى النظر في مخالفات أحكام هذا النظام وإيقاع العقوبة المناسبة من بين…Amended M/190
- Article 35يتولى ضبط ما يقع من مخالفات لأحكام هذا النظام ولائحته التنفيذية موظفو الوزارة الذين يصدر بتحديدهم قرار من الوزير.Amended M/190
- Article 36This article provides that the allowances of the members of the violations committee are set by decision of the Minister, and those of the Valuers Registration Committee by decision of the board.Amended M/190
- Article 37This article allows a person whose license, membership or registration was cancelled or struck off to apply for a new license, membership or re-registration 3 years after the date of the decision.Amended M/190
- Article 38This article has the competent court hear all lawsuits brought by or against the accredited valuer for a reason related to practicing the profession under the law.
- Article 39This article requires anyone who undertakes work for others that requires valuation to obtain a determination of value from one or more registered valuers, and refers to the Regulations the cases and the timing of application.
- Article 40This article makes an exception for those carrying out valuation work when the law takes effect, letting them continue as core members if they pass the fellowship exam or the Authority's exam within 5 years, with the Minister able to extend it by a similar period.
- Article 41This article provides that the relationship between licensed accredited valuers under the law and non-Saudi accredited valuers is regulated as this law and the Professional Companies Law determine.
- Article 42This article exempts government employees who carry out valuation by virtue of their work in government committees from the law, provided they pass the tests the Authority sets to qualify them.Amended M/190
- Article 43This article requires that what is stated in Article 18 of the Cooperative Insurance Companies Control Law be taken into account when applying the provisions of the Accredited Valuers Law.
- Article 44This article provides that the Authority's board of directors prepares the Implementing Regulations of the Accredited Valuers Law, they are issued by decision of the Minister, and they take effect when the law takes effect.
- Article 45The article provides that the Accredited Valuers Law is published in the Official Gazette and takes effect 180 days after its publication.