Code de Conduite
Code of Conduct
LEGAL NOTICE / DRAFT STATUS
This document is a proposed Code of Conduct and does not currently hold binding disciplinary force. Pursuant to Article 13(3)(b) of the Articles of Association of LPVI, it constitutes a draft internal regulation pending formal review, voting, and adoption by the General Assembly at its upcoming meeting in Autumn 2026. This legal notice will be removed upon final adoption, as approved or amended by the General Assembly.
PREAMBLE: SCOPE OF APPLICATION AND DEFINITIONS
SCOPE OF APPLICATION
This Code of Conduct governs the professional conduct of all individual members of LPVI – Luxembourg Property Valuation Institute a.s.b.l. (LPVI). It applies to all professional activities, whether conducted in an independent capacity or for or on behalf of a corporate entity, ensuring that the individual member is bound personally.
DEFINITIONS
Members: All individual members of LPVI are subject to Section III: General Obligations of Members, with professional practice obligations applying whenever property valuation or real estate activities are undertaken.
Valuers: Members preparing, signing, or issuing property valuation or reviews thereof are subject to Section I: European Valuer’s Code of Conduct and Section III: General Obligations of Members.
Court-Sworn Experts: Valuers executing judicial mandates or court appointments are subject to Section I: European Valuer’s Code of Conduct, Section II: Standards for Court-Sworn Experts and Judicial Expertise, and Section III: General Obligations of Members.
SECTION I: EUROPEAN VALUER’S CODE OF CONDUCT
The section reproduces the official TEGOVA European Valuer’s Code of Conduct. In application of provision C below, all Valuers must maintain their professional competence by completing the mandatory continuing education requirements defined in the LPVI Continuing Professional Development (CPD) Policy, where such a policy is adopted and published by LPVI. In the event that TEGOVA publishes a more recent or updated version of its European Valuer’s Code of Conduct, such updated version shall automatically supersede the provisions set out in this section.
A. The valuer must act with honesty, integrity and diligence at all times with a duty of care to the instructing party and all others expected to rely on the valuation advice.
B. The valuer must exercise professional judgement objectively and independently in undertaking work and, as relevant, honour the duties of a professional to a court, tribunal or equivalent forum.
C. The valuer must maintain a level of professional knowledge and technical skill that is at least that required by the professional valuation body of which the valuer is a member or, for valuers who are REV or REV-Resi, by those requirements, keeping up to date with professional matters and relevant current developments so as to be competent in professional practice.
D. The valuer must be transparent and accountable to the instructing party in undertaking professional work for them.
E. The valuer must avoid all actual or potential conflicts of interest regarding the property in question, the valuation process and the result of the valuation, must not have any direct or indirect interest in the property and must not be related to either the buyer or the seller of the property. The valuer must inform the instructing party in writing when a conflict of interest arises and before issuing the valuation report.
F. When the client commissioning the valuation report is a credit institution, the valuer must not be involved in the loan application, assessment, decision or administration and must not be guided or influenced by the borrower’s creditworthiness.
G. The valuer must not disclose privileged or confidential information.
H. The valuer must have or be subject to a procedure for handling complaints that may be made concerning professional conduct and must advise instructing parties in writing of its existence.
Where a valuation must be signed in the name of a valuation company, this Code applies to the company and also to any legal or natural person undertaking the valuation work.
SECTION II: STANDARDS FOR COURT-SWORN EXPERTS AND JUDICIAL EXPERTISE
A. The court-sworn expert remains fully bound by Section I: European Valuer’s Code of Conduct in all judicial mandates.
B. The court-sworn expert is subject to state supervision under the Law of July 7, 1971, and to potential revocation by the Minister of Justice for professional or ethical default.
C. When a corporate entity is appointed as a judicial expert, the member designated to execute the mission on its behalf remains personally bound by all obligations of this Code of Conduct. Any shared procedural liability with the corporate entity shall be without prejudice to the court-sworn expert’s personal ethical and disciplinary accountability.
D. The court-sworn expert must maintain absolute objective and subjective impartiality under Article 521 of the NCPC and Article 6 of the European Convention on Human Rights (ECHR) and must recuse themselves immediately if a conflict of interest arises.
E. The court-sworn expert must confine investigations to the court-mandated scope under Articles 432 et seq. of the New Civil Procedure Code (NCPC) and must not exceed it without written judicial authorisation.
F. The court-sworn expert must guarantee an adversarial process by formally convening all parties, fully communicating working documents, and granting reasonable deadlines for written observations prior to filing.
G. The court-sworn expert must comply with the rules governing the deposit and taxation of judicial fees under Article 467 of the NCPC and must not request or accept direct payments from the parties.
H. The court-sworn expert must execute missions without gross negligence or delay, acknowledging civil liability under Articles 1382 and 1383 of the Civil Code.
SECTION III: GENERAL OBLIGATIONS OF MEMBERS
A. The member must strictly comply with applicable EU and national legislation concerning Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), data protection, including the General Data Protection Regulation (GDPR), and consumer rights.
B. The member must maintain absolute moral, technical, and scientific independence, refusing to allow professional judgment to be compromised by commercial pressures or client influence.
C. The member must not accept hidden commissions, rebates, or financial advantages from third parties, nor acquire undisclosed personal or indirect interests in properties subject to an assignment.
D. The member must retain personal responsibility for assigned mandates, ensuring that any delegation to employees or sub-contractors remains under the member's direct and permanent supervision and sole professional responsibility.
E. The member must ensure the accuracy and transparency of all data and analytical outputs, refrain from data manipulation or selective filtering, and exercise human professional judgment when using automated tools or artificial intelligence.
F. The member must maintain professional courtesy and confraternity toward peers, refraining from unfair competition, improper solicitation of colleagues’ employees, or unjustified public criticism of a peer’s professional practice.
G. The member is subject to the disciplinary authority of the General Assembly, pursuant to Article 13(3)(k) of the Articles of Association of LPVI. Suspected breaches of this Code of Conduct may be reported to the Executive Board, which investigates and refers violations alongside a recommendation to the General Assembly for final decision. Recommended sanctions may include formal warnings, suspension of membership rights not entailing loss of membership status, or expulsion of LPVI, with mandatory notification to TEGOVA for the revocation of REV or REV-Resi designations.
Dernière mise à jour : 31.08.2026