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CMVM Issues Guidelines for Property Appraisers
1 April 2020 – The Securities Market Commission (CMVM) issued guidelines for expert property appraisers, admitting that in justified cases, inspections can be carried out by third parties using technological means, provided they comply with certain assumptions.
The CMVM stated that, due to the COVID-19 pandemic, professional property appraisers must adhere to social distancing measures, while adopting “business continuity procedures.” The appraisers must also advise the banks for whom they carry out assessments, the terms under which the evaluation will take place.”
Inspections, however, must follow specific guidelines, including obtaining the beneficiary’s express agreement; the conditions of the inspection must be dictated to the person who will carry it out, and the inspection must be documented, and the report and documentation kept for at least two years. The new measures will remain valid for the period of the state of emergency and the following 15 days.
Original Story: Economia Online / Lusa
Translation/Summary: Richard D. Turner