
geltend
valid / in force
Valid, in force, or effective. Used almost exclusively in reference to laws, rules, or regulations.
Nach geltendem Recht ist das Parken hier verboten.
Under current law, parking is prohibited here.
valid / asserted
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valid / in force
Valid, in force, or effective. Used almost exclusively in reference to laws, rules, or regulations.
Nach geltendem Recht ist das Parken hier verboten.
Under current law, parking is prohibited here.

to assert
To formally raise and seek to enforce a claim, right, or demand.
Sie können die Reisekosten bei Ihrer Steuererklärung geltend machen.
You can claim the travel expenses on your tax return.
'Geltend' is the present participle of the verb 'gelten' (to be valid, to apply). This origin explains the meaning 'being valid' or 'being in force'.
Diese Regel gilt für alle Mitarbeiter ohne Ausnahme.
This rule applies to all employees without exception.
In the meaning 'gültig' (valid), 'geltend' is used almost exclusively as an adjective before a noun (attributive use). Using it as a standalone predicate, e.g. 'Das Recht ist geltend.' (The law is valid/in force), is very unusual.
Bitte beachten Sie die geltenden Sicherheitsvorschriften.
Please observe the applicable safety regulations.
The word 'geltend' occurs very often in the fixed expression 'geltend machen' (to assert/claim). This means that someone formally demands a claim or right.
Der Anwalt riet ihm, Schadensersatzansprüche geltend zu machen.
The lawyer advised him to assert claims for damages.
What can you 'geltend machen' (assert/claim)? Typical objects are 'Ansprüche' (claims), 'Forderungen' (demands/claims), 'Kosten' (costs), 'Rechte' (rights), or more abstract things such as 'seinen Einfluss' (one's influence).
Viele Arbeitnehmer machen die Fahrtkosten zur Arbeit steuerlich geltend.
Many employees claim their commuting costs to work for tax purposes.
valid
For rules or regulations, gültig and geltend can both express that something can be followed. Gültig tends to emphasize formal validity, while geltend emphasizes current applicability in a particular situation. Use gültig for recognition or duration, and geltend for the rule that is currently being applied.

Ab Montag ist in unserem Haus die neue Hausordnung geltend.
Starting Monday, the new house rules will be in force in our building.
Die neue Hausordnung ist ab Montag für alle Bewohner gültig.
The new house rules are valid for all residents starting Monday.