The standard, which RICS launched in March last year in a non-binding manner after a period of consultation with professionals, experts and industry regulators, is mandatory, so failure to comply may result in a series of sanctions and disciplinary measures, from a fine to the loss of the RICS rating.
The consultation, performed by the organization between 2015 and 2016, confirmed the need for RICS to address key points in conflict of interest management, such as the definition of confidentiality, information disclosure or dissemination clauses and transparency between the parties, or the establishing of rules on the relationships between multiple agencies.
"The new standard aims to address the concerns detected in the consultation period, injecting greater confidence to investors and customers by promoting transparency, and increasing clarity for professionals and companies in the sector bonded to RICS," said Pilar Guzmán, MRICS member of the Board of Directors of the RICS in Spain.