The Institute of Chartered Accountants of the Maldives (ICAM) has published the Regulation on the Registration of Service Providers Conducting Financial Statement Valuations, the organisation announced yesterday.
According to a gazetted notice, the regulation was formulated under the Maldives Chartered Accountants Act and aims to establish policies and procedures for registering valuation service providers. It also sets out conditions for registering as an individual valuator or a valuator firm, including requirements for continued professional development (CPD), registration fees, reporting obligations, and disciplinary measures.
The regulation applies to individuals and firms providing valuation services to the private sector in the Maldives. Registered individual valuators are required to complete 10 CPD hours annually and 60 hours every three years, with at least five hours verified through the institution or its approved programmes.
The regulation also outlines penalties for violations. Depending on the severity of the breach, violators may face fines ranging from MVR 2,000 to MVR 10,000.
The regulation takes effect immediately upon publication in the gazette.
