Rules for the Regulation of Firms

Question 1

Who are the Rules for the Regulation of Firms made by?

Answer 1

The Standards and Regulation Board (in accordance with Bye-Law 2.5.1 under powers provided by Regulation 7.2.4)

Question 2

What do the Rules for the Regulation of Firms set out?

Answer 2

1. **Which Firms are required to register with RICS for regulation
2. Circumstances in which a Firm is eligible to apply for regulation (even though it is not required to do so)
3. The procedure for:
   - registration,
   - De-registration
   - appeal
4. The obligations of regulated firms (together with the Rules of Conduct)

Question 3

When is a Firm REQUIRED to register for regulation?

Answer 3

(A) The Firm provides surveying services to the public

(B) The Firm is operating in Regulated Area A (United Kingdom)

(C) At least 50% of the Firm’s Principals are RICS Members

Question 4

Which document sets out the rules for regulation of firms?

Answer 4

Rules for the Registration of Firms

Version 7 with effect from 2 February 2022

Question 5

RICS Members who are also Principals of a Firm that is required to register under Rule 3…

Answer 5

must take all reasonable steps within their power to ensure that an appropriate application to register for regulation by RICS is made on behalf of the Firm.

Question 6

A Firm is ELIGIBLE to register for regulation by RICS if…

Answer 6

(A) The Firm provides surveying services to the public

(B) At least 25% of the Firm’s Principals are RICS Members

Question 7

A Firm is also eligible to register for regulation by RICS if it meets the requirements of Rules 4.1(a); and either…

Answer 7

(A) The Head of Regulation is satisfied that the Firm is implementing an appropriate plan to secure compliance with Rule 4.1(b) within a reasonable period of time or…

(B) The Head of Regulation is satisfied that the Firm is appropriately supported and
supervised by another RICS-registered Firm or Firms that fulfil the requirements in 4.1

Question 8

Registration of practice divisions…

Answer 8

If:

(A) A Firm provides surveying services to the public

(B) The provision of surveying services by the Firm is the responsibility of a division,
department or practice area of the Firm, which, in the opinion of the Head of Regulation, has a degree of management autonomy sufficient to ensure that the division, department or practice area is capable of meeting the obligations of registration

(C) The division, department or practice area of the Firm is required or eligible to apply for regulation by RICS under these Rules. the Head of Regulation may, with the consent of the Firm, register that division, department or practice area for regulation by RICS in its own
capacity and in place of registering the Firm itself.

Question 9

An application to register for regulation by RICS must…

Answer 9

(A) Provide information as prescribed by the Standards and Regulation Board

(B) Agree that RICS may share relevant information about the Firm with government or other
regulatory bodies as appropriate

(C) Agree that if RICS declines to register the Firm, RICS may publish its decision

Question 10

Upon receipt of an application from a Firm to register for regulation the Head of Regulation may…

Answer 10

(A) Grant registration

(B) Grant registration subject to conditions

(C) Refuse registration