Article 44 of the Saudi Accredited Valuers Law

This article deals with the Implementing Regulations of the law.

Stages of the Regulations:

1. Preparation: prepared by the board of directors of the Saudi Authority for Accredited Valuers.
2. Issuance: issued by decision of the Minister, who under the definition in Article 1 is the Minister of Commerce and Industry.
3. Effect: they take effect when the law takes effect, so they begin to apply at the time the law begins to apply.

What this distribution indicates: the professional body, the Authority's board of directors, prepares the Regulations because of its closeness to the profession and its details, while issuance is by decision of the Minister, combining professional expertise with government supervision.

The importance of the Regulations: the law refers to the Implementing Regulations on many matters, and they contain the procedural details of applying its provisions. Anyone who wants to know how a provision of the law is applied therefore often needs to consult them.

Relationship to other articles:

• Article 43 provides that, in applying the provisions of this law, what is stated in Article 18 of the Cooperative Insurance Companies Control Law is to be taken into account.
• Article 45 provides that the law is published in the Official Gazette and takes effect 180 days after the date of its publication, so the Regulations take effect at the same time.

Anyone who needs the procedural details of any provision of the law should consult the Implementing Regulations, and can consult a lawyer who specializes in commercial cases.