Flashcards in RICS Bye-laws Deck (7)
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
What is a bye-law?
Laws and regulations set by the governing council which are the basis of the RICS ROC
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
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
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
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.
- 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