“A valuation or valuation analysis is often at the core” of a fairness opinion, says the International Valuation Standards Council (IVSC) in a news release. Although some countries regulate the conditions surrounding fairness opinions—including who may provide them and what they should contain—these requirements “are not consistent,” the IVSC says, “and many companies are domiciled in countries with no regulation at all.” Further, because a typical fairness opinion contains more than valuation advice, they often fall outside of the International Valuation Standards and the related ethical framework.

To bridge this gap and to promote the key principles of “independence, objectivity, and transparency,” the IVSC has just issued a new exposure draft of its Procedural Guidelines for Fairness Opinions. Comments are due by the end of May; download a copy of the draft here.