RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of May 8, 2003 No. 210

About licensing of estimative activities

According to article 5 of the Law of the Republic of Uzbekistan "About licensing of separate types of activity" and the Law of the Republic of Uzbekistan "About estimative activities" the Cabinet of Ministers decides:

1. Approve Regulations on licensing of estimative activities according to appendix.

2. To the State Property Committee of the Republic of Uzbekistan in two weeks in accordance with the established procedure to develop and approve:

regulations on commission of experts on preparation of the conclusions about issue of licenses and its structure;

regulations on certification (recertification) of physical persons on receipt of qualification of the appraiser.

3. Determine that the legal entities and physical persons which did not obtain the corresponding license till August 1, 2003 lose, according to the legislation, the rights to implementation of estimative activities.

 Item 4 of ceased to be valid according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 09.09.2013 No. 244

 Item 5 ceased to be valid according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 09.09.2013 No. 244

6. To impose control over the implementation of this resolution on the Deputy to the Prime Minister of the Republic of Uzbekistan Azimova R. S.

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of May 8, 2003 No. 210

Regulations on licensing of estimative activities

I. General provisions

1. This Provision determines procedure for licensing of estimative activities.

2. Licensing of estimative activities is performed Goskomkonkurention of the Republic of Uzbekistan (further - the licensing body).

3. For consideration of documents on issue of licenses, preparation of the conclusions on them in the licensing body the commission of experts is created. Regulations on commission of experts and its structure affirm the licensing body. Meetings of commission of experts are held at least once a month.

4. Estimative activities are performed by exclusively legal entities.

5. On the right of implementation of estimative activities standard (simple) licenses in the following directions of estimative activities are granted:

on the right of assessment of personal estate, except for securities, shares, intellectual property items and other intangible assets;

on the right of real estate appraisal, except for company as property complex;

on the business valuation right (the company as property complex, all types of tangible and intangible assets).

6. The license for implementation of estimative activities is granted without restriction of effective period.

II. Licensed requirements and conditions

7. Licensed requirements and conditions when implementing estimative activities are:

compliance with law of the Republic of Uzbekistan "About estimative activities", requirements of National standards of assessment of property of the Republic of Uzbekistan, and also other acts of the legislation;

availability in case of the receipt of the license of completely created authorized capital in the amount of provided by this Provision;

availability of the policy of assurance of the civil responsibility;

implementation only the type of activity provided by this Provision;

implementation by the appraiser of estimative activities only in one estimative organization. At the same time estimative activities can be performed by the appraiser in other estimative organization only after the termination, termination or the expiration of the employment contract (contract) or the agreement of the civil nature signed with the estimative organization in which it performed estimative activities;

availability in staff of the estimative organization of appraisers in the quantity provided by this Provision;

ensuring confidentiality of information obtained when evaluating;

timely and high-quality accomplishment of contractual commitments on evaluating;

position assignment of the head of the estimative organization only appraiser;

ensuring independence when implementing estimative activities according to the procedure established by the legislation on estimative activities;

creation of the authentic valuation report by person (persons) having the qualification certificate of the appraiser;

availability at the estimative organization of the approved internal regulations of quality control of work of the appraisers;

the notification of the licensing body in 10-day time from the date of state registration about change of the name or the location (postal address);

representation once a year in Goskomkonkurention of the Republic of Uzbekistan in the established form of data on estimative activities, and also upon the demand of Goskomkonkurention of the Republic of Uzbekistan of other information connected with evaluating.

The estimative organizations performing:

assessment of personal estate, except for securities, shares, intellectual property items and other intangible assets - at least two regular appraisers shall have the authorized capital equal to at least 1500-fold size of minimum wage, and;

real estate appraisal, except for the companies as property complex, - at least three regular appraisers shall have the authorized capital equal to at least 2000-fold size of minimum wage, and;

business valuation (the company as property complex, all types of tangible and intangible assets), - at least four regular appraisers shall have the authorized capital equal to at least 2500-fold size of minimum wage, and.

At the same time at least 30 percent of the authorized capital shall be brought in the form of money.

The estimative organizations can render only the following types of the professional services accompanying estimative activities:

examination of reliability of the valuation report;

development and analysis of investment projects, creation of business plans;

automation of process of assessment and implementation of information technologies;

carrying out research works in the field of estimative activities and distribution of their results.

III. Documents necessary for receipt of the license

8. For receipt of the license the license applicant submits the following documents to the licensing body:

a) the statement for licensing with indication of:

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