ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF KAZAKHSTAN

of May 3, 2018 No. 503

About approval of Rules of conducting examination of the valuation report, requirements to the expert opinion and Rules of its approval

According to Item 5 of article 11 of the Law of the Republic of Kazakhstan of January 10, 2018 "About estimative activities in the Republic of Kazakhstan" PRIKAZYVAYU:

1. Approve:

1) Rules of conducting examination of the valuation report according to appendix 1 to this order;

2) Requirements to the expert opinion according to appendix 2 to this order;

3) Rules of approval of the expert opinion according to appendix 3 to this order.

2. To department of methodology of financial accounting and audit of the Ministry of Finance of the Republic of Kazakhstan (Bekturova A. T.) in the procedure established by the legislation to provide:

1) state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;

2) pv current of ten calendar days from the date of state registration of this order the direction it the copy in paper and electronic type in the Kazakh and Russian languages in the Republican state company on the right of economic maintaining "The republican center of legal information" for official publication and inclusion in Reference control bank of regulatory legal acts of the Republic of Kazakhstan;

3) placement of this order on Internet resource of the Ministry of Finance of the Republic of Kazakhstan;

4) within ten working days after state registration of this order in the Ministry of Justice of the Republic of Kazakhstan provision in Department of legal service of the Ministry of Finance of the Republic of Kazakhstan of data on execution of the actions provided by subitems 1), 2) and 3) of this Item.

3. This order becomes effective since July 13, 2018 and is subject to official publication.

Appendix 1

to the Order of the Minister of Finance of the Republic of Kazakhstan of May 3, 2018 No. 503

Rules of conducting examination of the valuation report

Chapter 1. General provisions

1. These rules of conducting examination of the valuation report are developed according to the Law of the Republic of Kazakhstan of January 10, 2018 "About estimative activities in the Republic of Kazakhstan" (further - the Law) and determine procedure for conducting examination of the valuation report.

Chapter 2. Procedure for conducting examination

2. Expertize of the valuation report is carried out by advisory council of chamber of appraisers which member is the appraiser who was carrying out assessment.

3. The advisory council is body of chamber of appraisers, created of number of the appraisers having the certificate on qualification assignment "expert" and consists of at least five experts.

4. Examination of the valuation report is understood as the research conducted by advisory council of chamber of appraisers for the purpose of verification of the valuation report on compliance to requirements of the legislation of the Republic of Kazakhstan on estimative activities and standards of chamber of appraisers.

5. The term of conducting examination of the valuation report does not exceed thirty calendar days.

6. Expertize of the valuation report is carried out at the initiative of the customer and (or) the third party challenging the valuation report.

7. Expertize of the valuation report is carried out at the expense of the party initiating examination of the valuation report.

8. Expertize of the valuation report is carried out based on the contract between person challenging the valuation report and chamber of appraisers.

9. Examination of the valuation report is not performed by the expert:

1) the valuation report of which is challenged;

2) concerning assessment object which has or acquires corporeal or liability rights out of the agreement;

3) the having valuable interest to assessment object;

4) being the affiliate of the customer;

5) creditor or the insurer of which is the legal entity - the customer estimative services (or) examinations of the valuation report;

6) being the shareholder, the founder, the worker, the owner, the participant, the creditor, the debtor, the sponsor of legal person customer or the expert is close relative or the customer's cousin-in-law - physical person;

7) the head or person authorized by him who is the worker of the legal entity, in which consists in close family or peculiar relations with the customer - physical person and (or) the head or the authorized person of the legal entity;

8) if it attracts emergence of conflict of interest or creates threat of emergence of such conflict, except for the obligations arising from the signed public agreements.

10. In cases when special knowledge in certain field of science is necessary for conducting examination of the valuation report, the equipment, art or craft, the advisory council involves scientists and specialists in profile of the carried-out assessment.

11. Expertize of the valuation report is carried out based on the following documents submitted by the customer of examination and (or) the third party:

copies of the contract for conducting examination of the valuation report;

copies of the valuation report containing all appendices mentioned in it;

copies of the agreement on assessment (in case of its availability).

12. Examination of the valuation report is performed, including by check:

observance by the appraiser of requirements of the legislation of the Republic of Kazakhstan on estimative activities, standards and rules of chamber of appraisers;

observance by the appraiser of requirements of the relevant agreement on assessment, including to requirements to content and report layout about assessment which are established by the agreement on assessment (in case of its availability);

uses in the course of assessment of reliable information;

justification of use or refusal of use of approaches and methods to assessment, correctness of the made calculations;

justification, assumptions made in the course of assessment and restrictive conditions.

13. In case of need when conducting examination of the valuation report the advisory council of chamber of appraisers requests the absent information to which the appraiser in the valuation report referred.

14. The positive or negative expert opinion is result of examination of the valuation report:

the positive expert opinion the expert opinion containing conclusion about compliance of the valuation report to requirements of the legislation of the Republic of Kazakhstan on estimative activities and (or) about confirmation of the project cost of assessment determined by the appraiser in the valuation report is recognized;

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