Appraisal Institute Visits the HKIS
The President of the Appraisal Institute (AI), Mr Ken Wilson, led a delegation to visit the HKIS on 29 May 2014. The delegation of representatives from the United States and Beijing were welcomed by the HKIS President, Sr Simon Kwok; the Chairman of the General Practice Surveying Division, Sr Joseph Ho; and the Vice Chairman, Sr KK Chiu. Discussions were held on the assessment process for admitting members, training, and collaboration in organizing events. The delegation also toured the HKIS Secretariat Office and Surveyors Learning Centre.
Meeting with the China Banking Regulatory Commission Shanghai Office – Non-bank Financial Institutions Supervision Division on 11 June 2014
The GPD Chairman, Sr Joseph Ho, and Co-opt Council Member, Sr Elsa Ng, joined an HKIS delegation (a joint division collaboration between the PFMD, GPD, and PDD) on a visit to the China Banking Regulatory Commission’s Shanghai Office, Non-bank Financial Institutions Supervision Division, to discuss further collaboration between the HKIS and the Commission to promote asset management and explore the possibility of sending asset management professionals to Shanghai. During the meeting, Sr Joseph Ho briefly introduced the competencies of GP surveyors, particularly in asset management (including property management and agency practices), to the Commission. The two parties exchanged views on current asset management practices in China and Hong Kong and agreed to work closely to promote better asset management in Shanghai and engage in more knowledge exchanges through seminars and social events. The GPD will work closely with the PFMD and Mainland Affairs Committee on such matters.
Seminar with the Society of Chinese Accountants and Auditors on 14 June 2014
The GPD Chairman, Sr Joseph Ho, was invited to conduct a technical seminar with members of the Society of Chinese Accountants and Auditors on 14 June 2014. The theme of the seminar was “The Relationship between Valuers and Auditors in preparing/Assessing Valuations for Financial Statement Purposes”. During the three-hour event, the participants exchanged views on matching value hierarchy to the value approach and how auditors and GPD members could work together to observe the requirements of the financial reporting standards.
Registration Requirement from Overseas Institutes
Recently, I have received a number of inquiries from our GP surveyors regarding the registration requirement for conducting valuation work imposed by an overseas professional surveying institute (hereafter the “Overseas Institute”) to which they and the majority of GPD members also belong. Such a registration requirement might have caused concern for our GPD members.
From the information made available in the public domain, the Overseas Institute simply asked its members to register before they refer to its valuation standards in their valuation reports, and thereafter subject themselves to an annual third party audit to maintain their registrations. In other words, if members do not refer to its valuation standards when conducting their valuations, then they are not required to register.
While I made no comments on such requirements as a gesture of respect to the Overseas Institute, with the consent of the Executive Committee of the HKIS, I will make the following statements from the GPD Chairman‘s point of view to our members:
- Notwithstanding whether a valuation is performed in the capacity of other professional qualifications or memberships, HKIS members must follow the latest HKIS Valuation Standards, as endorsed by the HKIS General Council, when performing their valuation work. A member who fails to follow HKIS Valuation Standards without a valid reason will incur a disciplinary investigation.
- It is also mandatory for HKIS members to observe its Rules of Conduct, which, along with the HKIS Valuation Standards, require members to protect their clients’ personal information by obtaining their consent prior to releasing such information to a third party. This also applies when the client’s information is to be used by any member for his/her self-interest. Exposing a client’s personal information without the client’s consent incurs a litigation risk and disciplinary action under our Rules of Conduct.
- The HKIS Valuation Standards is the only local valuation standards applicable to Hong Kong and for our members to follow. They are widely accepted by the public and regulators as the only valid valuation standards in Hong Kong in most cases. In fact, our valuation standards observes and is in compliance with the International Valuation Standard at most.
- The HKIS has a standardised and legally framed system to regulate our members under the Hong Kong Institute of Surveyors Ordinance in Hong Kong.
- HKIS members who practise in Hong Kong are also eligible to register to the Surveyors Registration Board (www.srb.org.hk) under the Surveyors Registration Ordinance and to use the designation of Registered Professional Surveyor.
Members should download the relevant HKIS Rules of Conduct and HKIS Valuation Standards from the HKIS website at www.hkis.org.hk for reference.
