The Saudi Authority for Certified Valuers (SACV) presented to the public a draft amendment to its statute that includes enabling the Board of Directors to invest the Authority's funds, including investing in owning and leasing real estate, investing in financial instruments, and other investments, and invited interested parties and specialists to express their views on the proposed project through the “Consultation” platform of the National Competitiveness Center until December 8, 2021.

The Saudi Authority for Certified Valuers (SACV) has presented to the public a draft amendment to its statute.

Modifications in creating the registry

The amendments to the articles of the system stipulate the establishment of a register for each branch of evaluation in the Authority in which the names of certified evaluators are registered if they are natural persons.
If they are legal persons, they are additionally registered in the register of professional companies in the Ministry of Commerce and are subject to the provisions of the Professional Companies Law.
The amendment to the Accredited Assessors Law aims to structure the roles of the entities concerned with the application of the law, in order to contribute to the development of the assessment profession, its organization, the establishment of the necessary controls, and full supervision to contribute to raising the efficiency and quality of assessors in line with international best practices.

The amendment to the Accredited Assessors Law

The Authority stressed that the amendments to the Appraisers Authority Law emphasize the Authority's endeavor to improve and advance the practice of the profession, monitor the quality of its performance, develop awareness of its rules, behaviors, customs and respect, and everything that would contribute to its development and regulation.

The Authority explains that it seeks to achieve the objectives stipulated in this Law, and in particular, it has the following: Preparing, developing and adopting unified standards for all branches of evaluation, and standards for each of its branches, setting the general rules necessary for the fellowship exam for each branch of evaluation, organizing continuing professional education courses to develop the level of those belonging to the profession, participating in local and international seminars and committees related to the evaluation profession, preparing research and studies and issuing periodicals and books related to evaluation and related matters.

The Authority clarifies that it seeks to achieve the objectives stipulated in this system.

Fines and imprisonment are among the penalties for violators

According to the law, the following penalties apply to violators of the provisions of the Accredited Residents Law: warning, censure, suspension from practicing the profession for a period not exceeding one year, a fine not exceeding 200 thousand riyals, revocation of the license, revocation of the violator's membership with the Authority, removal of the violator's registration from the register of accredited residents, and imprisonment for a period not exceeding one year, provided that the penalty is proportionate to the violation.

The Accredited Residents Authority shall refer the violations stipulated in the system to the Public Prosecution to consider initiating criminal proceedings before the competent court, and the amendments to the system authorize the publication of the final decision issued for the penalty of suspension, fine, license revocation, and removal, at the expense of the violator in one or more local newspapers, or any other means.

Get a license after the end of the penalty

According to the Residents Law, a person whose license or membership has been revoked or whose registration has been cancelled may apply for a new license, membership or re-registration after three years from the date of issuance of the revocation or cancellation decision, and the Council or its delegate shall decide on the application, following the same conditions and procedures prescribed for granting a license, membership and registration application.

It also stipulates that the provisions of this system shall not apply to government employees who perform evaluation work by virtue of their work in various committees in government agencies, provided that they pass the tests specified by the Authority in order to qualify them.

The violations of the provisions of this law and its executive regulations shall be controlled by the employees of the Authority, who shall be determined by a decision of its Board of Directors, while the remuneration of the members of the committee to consider violations of the provisions of this law stipulated in the law shall be determined by a decision of the Minister of Finance, and the remuneration of the members of the committee to register residents stipulated in this law shall be determined by a decision of the Board of Directors of the Certified Appraisers Authority.

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The resources of the Residents Authority shall consist of members' subscriptions, government subsidies, gifts, donations, bequests and endowments, which the Board decides to accept, returns on the investment of the Authority's funds, financial compensation for the services, works and licenses provided by the Authority, amounts collected from violations, and other resources, as approved by the Board.

Resources of the Residents Authority shall consist of members' subscriptions, government subsidies, gifts, donations, bequests and endowments.