IVSC AGENDA CONSULTATION 2020
On 16 October 2020 the IVSC issued an Invitation to Comment on its future agenda proposals. Responses are invited before 15 January 2021.
The paper is detailed and requires careful consideration. However, we share some of our initial impressions:
The IVSC is proposing to introduce mandatory standards for matters that affect the markets in which valuers' operate. Those highlighted are: Automated Valuation Models, Environmental, Social and Governance, Long Term Value, Social Value, Uncertainty & Risk and Data Management.
With the exception of the last item, these all have been the subject of previous projects by the IVSC. Guidance on Valuation Uncertainty and Risk was published in 2013 and was recently substantially recycled in a "Letter from the Boards" issued in March 2020.
For the remaining suggested agenda items, the previous conclusion has been that while these are matters of which valuers may need to be aware, if the IVSC issues anything at all it should be limited to providing information to help valuers better understand the issues. These are not matters which valuers, or professional bodies to which they belong, can control. Attempting to produce rules that valuers have to follow is therefore inappropriate.
We will be updating this page with more detailed comments once we have considered the detail in the paper.