Wondering if there should be a valet key with the fobs you insert into what used to be an ignition key hole with push button start?
I tried searching. No luck.

You release the key from the end of the fob, then take the keys with you. You give the fob to the valet. There is a small ribbed indentation in the middle of the key fob on the end where a key ring is usually attached. That releases the inner portion and the metal key can be removed. If you lock your glove box and trunk the key fob can't open them.

i found something in my 09 535i, glove box, right by where the fuses are, attached to the part where if you want to reach the fuses the plastic thing
idk if it works or not

The glove box key is for an emergency. The plastic wallet key is used to open the door, than the key is inserted into the fob and you can start the car.

Very handy tool if I might add.

Wouldn't the trunk release button still work?

Now, that's an interesting question... will have to re-RTFM again ... ^_^

RTFM?
Reflect think for a minute?

I *never* valet my car...are you kidding? I don't care if my date complains about walking too far in her heels, hell, I'll carry her to/back the whole way. Had a valet tear up the leather in my Audi A4 once in the past so I swore, I'm never going to valet again. Those guys are punk kids and have no respect for these cars...why should they? They didn't pay for them. You have to thoroughly inspect your car inside and out because once you drive away, they become absolved of all liability. How many people do that? Most give them a tip and drive off. So the chances of them being caught if they abused your car are low.

Bottom line, the valet key is a nice feature but one that you should never use.

Read The Fu(kin Manual