Article 22 of the Saudi Accredited Valuers Law

This article establishes the Saudi Authority for Accredited Valuers and sets its legal nature.

Characteristics of the Authority:

• Legal personality: it has legal personality, meaning it is an independent legal entity that can contract and sue.
• Non-profit.
• An independent budget.
• Supervision: it works under the supervision of the Ministry, which under the definition in Article 1 is the Ministry of Commerce and Industry.
• Headquarters: the city of Riyadh.
• Offices: it may set up offices affiliated with it within the Kingdom.

The Authority's role in the law: the Authority appears in many places in the law. Under Article 1, valuation standards are the standards adopted by the Authority. Article 23 also sets what the Authority seeks to achieve and its competences, including:

• Preparing, developing and adopting unified standards for the valuation branches together and standards for each branch.
• Setting the general rules for the examination for the fellowship certificate for each branch.
• Organizing continuing professional education courses.
• Setting field supervision procedures to verify that the accredited valuer applies the valuation standards and complies with the provisions of the law and its Regulations.

Relationship to Article 21: Article 21 requires a valuer who stops practicing the profession to notify the Ministry, the Authority and the client within 30 days, and provides that cancellation of the license does not result in cancellation of membership in the Authority.

Anyone who has dealings or a dispute with the Authority in its capacity as the body supervising the profession can consult a lawyer who specializes in administrative cases.