Who regulates property valuers in Portugal?
For valuations for banks, investment funds, insurers and pension funds, the CMVM: valuers must be registered with it (Law 153/2015). Banco de Portugal and the insurance supervisor give a binding opinion on valuers’ fitness and propriety. RICS regulates its own members and RICS-regulated firms, who must follow the Red Book.
What does CMVM registration require?
Law 153/2015 says that only valuers registered with the CMVM, with a written contract, may value property for entities of the financial system — banks, investment funds, insurers, reinsurers and pension funds. Registration requires fitness and propriety, professional qualifications and experience, and professional liability insurance, and the valuer may not subcontract the work.
What is the role of Banco de Portugal?
Banco de Portugal supervises the banks that commission home-loan valuations. In the CMVM’s assessment of a valuer’s fitness and propriety, the official Diário da República glossary records a prior binding opinion from Banco de Portugal and from the Insurance and Pension Funds Supervisory Authority (ASF).
Where does RICS fit?
RICS is a professional body. It regulates its members and RICS-regulated firms worldwide, and its valuers must comply with RICS Valuation – Global Standards (the Red Book), which adopt and apply IVS. I am a CMVM-registered valuer and an RICS Registered Valuer, and I chaired RICS Portugal from 2020 to 2025. See What is a Red Book valuation?.
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- What is a Red Book valuation?
- What are the International Valuation Standards?
- IVS vs Red Book
- José Covas FRICS