RICS Rules of Conduct and Global Professional Standards RB-PS2-5: Red Book: disclosures for valuations the public or third parties rely on

For valuations relied on by third parties (financial statements, stock exchanges, prospectuses, investment schemes, takeovers), where the valuer or firm has valued the asset before for any purpose, the terms, the report and any published mention must disclose third-party reliance, the client relationship, previous involvement, the rotation policy, time as signatory and the proportion of fees; identifiable third parties must be told before the work starts, including any gain beyond the normal fee; and purchases for the client in the prior 12 months involving an introductory fee or negotiation must be disclosed. (Recommended: rotating the responsible valuer at least every seven years and stating fees as minimal (<5%), significant (5 to 25%) or substantial (>25%) of firm income.)