Article 40 of the Saudi Accredited Valuers Law

This is a transitional article that deals with the position of those who were working in valuation before the law took effect.

The exception: as an exception to the provisions of Article 24, which requires a core member to hold a university degree in a specialization the Authority adopts, provided they obtain the fellowship certificate, a person carrying out valuation work when the law takes effect continues to practice their work as a core member, as the Implementing Regulations determine. For this reason Article 24 itself provides that core members include “those exempted under Article 40”.

The condition: that status lapses, and they must stop practicing the work, if within 5 years of the date the law takes effect they do not pass:

• the fellowship certificate examination, or
• the examination the Authority holds to qualify them.

Extension: the Minister may extend this period by a similar period.

Practical effect:

• The exception is temporary and conditional; it does not grant permanent status.
• The period runs from the date the law takes effect, not from the date the person joined.
• Not passing the examination within the period, or within the extension if there is one, results in the status lapsing and stopping the work.

Relationship to Article 39: Article 39 requires anyone who undertakes work for others that requires valuation to obtain a determination of value from one or more valuers registered in the register. Article 41 then regulates the relationship between licensed accredited valuers and non-Saudi accredited valuers.

Anyone who was carrying out valuation when the law took effect and wants to know their position can consult a lawyer who specializes in administrative cases.