TEGoVA,The European Group of Valuers' Associations, is a European non profit making association composed of 60 valuers' associations from 33 countries representing more than 70.000 valuers in Europe.
In preparing for its November 2014 takeover of banking supervisory power, the ECB required the biggest banks in the Union subject to the SSM to value their real estate exposures in line with EVS within the Asset Quality Review process, emphasising that if other standards are chosen, in case of conflict, EVS prevails.
The EBA has been drafting regulatory technical standards impacting the valuation profession covering MLV and independence of valuers. TEGoVA has advised the EBA.
Is TEGoVA truly representative of the European valuation profession?
With 59 national associations of valuers from 32 countries, I think so.
What distinguishes TEGoVA from the other international valuation standard setters?
Fundamentally, our recognition that the EU's 'ever closer Union' extends to property markets and professionals....