Publication
Keeping your dawn raid guidance current
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
Global | Publication | September 2018
The Royal Institution of Chartered Surveyors (RICS) has this month published the first edition of its Professional Statement: Service Charges in Commercial Property.
The Professional Statement sets out best practice in the management and administration of service charges and it will apply to all service charge periods commencing from 1 April 2019, superseding the third (current) edition of the RICS Code of Practice on the topic. RICS members are not obliged to follow the current Code but the Professional Statement, on the other hand, includes mandatory requirements for RICS members/firms regulated by the RICS involved in the management of service charge accounts.
There are nine mandatory requirements
These mandatory requirements are underpinned and supported by a set of core principles - for example that all costs should be transparent - and detailed best practice recommendations and guidance, including sample service charge reports.
The Statement is also intended to provide guidance on the negotiation, drafting, interpretation and operation of leases. However, it cannot override lease terms. One concern, therefore, is that RICS members may be stuck between a rock and a hard place if any of the mandatory requirements differ from contractual requirements in a lease.
Publication
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023