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Flashcards in RICS Bye-laws Deck (7)
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1

What is a Royal Charter?

A document issued by the Queen as a patent granting right of power to an individual or a body corporate (in this case RICS)

It defines RICS' objectives, constitution and powers to govern its own affairs

2

What is a bye-law?

Laws and regulations set by the governing council which are the basis of the RICS ROC

3

What does the Royal Charter mean for RICS?

Means that important changes to RICS' constitution - its byelaws - have to be ratified by the UK government, through the Privy Council, even after they have been
approved by a majority of RICS members voting at a general meeting

4

What is self-regulation?

RICS = one of a number of professions operating a self-regulation model = RICS members are not regulated by government but are internally monitored and inspected

RICS self-established standards of regulation meet, and in some cases surpass, the government's own principles on better regulation

5

What are the individual laws passed by RICS to self regulate its firms?

Codes of Conduct for Firms and Members

Defines its own Definitions of phrases i.e. ‘Firm’

The method for electing members

Calculating fees, subscriptions

That there should be President and V.President

6

What changes are you aware of relating to RICS regulation / the Governing Council in 2018?

Designed to establish a modernised, future-facing governance structure

Following Privy Council approval, these changes were operational 2 March 2020.

Changes included:

- more globally diverse Governing Council, drawn from members around world and across different sectors

- Introduction of new role of Chair of Governing Council, separate from the ambassadorial role of RICS President

- Establishing new joint Standards and Regulation Board

7

What are some RICS Bye-Laws?

Bye-Law 1; Applications and Definitions

Bye-Law 2; Membership and Registration

Bye-Law 3; Designations

Bye-Law 4; Contributions to Funds

Bye-Law 5; Conduct