ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF KAZAKHSTAN

of April 26, 2018 No. 487

About approval of the model code of business and professional ethics of appraisers and requirements to consideration of appraisers of addresses by chamber concerning violation by her members of requirements of the Law of the Republic of Kazakhstan "About estimative activities in the Republic of Kazakhstan", standards and rules of chamber of appraisers

According to the subitem 10) article 30 of the Law of the Republic of Kazakhstan "About estimative activities in the Republic of Kazakhstan" PRIKAZYVAYU:

1. Approve:

1) the model code of business and professional ethics of appraisers according to appendix 1 to this order;

2) requirements to consideration of appraisers of addresses by chamber concerning violation by her members of requirements of the Law of the Republic of Kazakhstan "About estimative activities in the Republic of Kazakhstan", standards and rules of chamber of appraisers according to appendix 2 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) within 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 April 26, 2018 No. 487

Model code of business and professional ethics of appraisers

1. This model code of business and professional ethics of appraisers (further – the Code) is developed according to the Law of the Republic of Kazakhstan "About estimative activities in the Republic of Kazakhstan" and determines requirements to business and professional ethics of appraisers in case of accomplishment of professional obligations by them.

2. The purpose of the Code is providing public trust to honesty, openness and professionalism of appraisers, consolidations of efforts of all appraisers to high-quality accomplishment of independent assessment.

3. When implementing estimative activities the appraiser:

is guided by the legislation in the field of estimative activities, other regulatory legal acts of the Republic of Kazakhstan and standards of assessment;

cares for professional honor and advantage, excludes making of the acts discrediting reputation of the appraiser and undermining confidence of society to its activities;

honesty fulfills professional duties.

4. For goal achievement of the Code the appraiser observes the following principles:

1) honesty.

Honesty of the appraiser assumes priderzhivaniye him regulations of professional and personal behavior, accomplishment of the work competently, honesty, with respect for impartiality in the conclusions and decisions;

2) objectivity.

The appraiser does not allow conflict of interest and performs professional activity independently and without prejudice. The basis for its conclusions and the conclusions is the legal and objective information, but not bias or pressure put upon it;

3) competence.

The appraiser has professional knowledge, skills and experience for ensuring qualified professional performance of work, supports this level and acts according to applicable technical and professional standards, the legislation of the Republic of Kazakhstan by provision of professional services.

If the appraiser has no professional knowledge and necessary experience for competent accomplishment of the offered estimative task, the appraiser refuses such task;

4) professional behavior.

Perform work according to the applied legal requirements, technical and professional standards, be effective in public concerns and avoid any situations discrediting profession;

5) confidentiality.

Observe confidentiality of information obtained as a result of professional and business relations and not open such information to the third parties, except as specified, stipulated by the legislation the Republic of Kazakhstan and not use it for personal benefit or benefit of the third parties.

Need of respect for the principle of confidentiality remains also after the termination of the relations between the appraiser and the customer of assessment.

5. Appraiser:

1) does not provide false information about the level of the professional qualification;

2) does not connect itself with the valuation report, the reference to results of other assessment if the appraiser believes that it contains statements or information which are false or misleading;

Does not hide 3) or obviously does not distort information, necessary for evaluating, which will bring into delusion of consumers of estimative services;

4) does not carry out assessment at the same time both on the party of the buyer, and on the party of the seller of asset;

5) does not carry out assessment for two or bigger numbers of the parties competing among themselves for the estimated valuable interest;

6) does not carry out assessment on the party of the creditor when consultations appear as well to the borrower.

6. The circumstances or the relations influencing respect for the principles are subdivided into the following categories:

1) personal interest – the financial or other interest of the appraiser or members of his family influencing judgment of the professional appraiser of cost towards misstatement;

2) threat of conflict of interest – two or more customers have opposite or conflict interests concerning results of assessment;

3) interest promotion threat – the professional appraiser advances line item of the customer or employer to such an extent when objectivity is exposed to compromise;

4) threat of relationship or the close, close relations with the customer of assessment or the employer owing to which, the appraiser is more loyal to their interests or work;

5) intimidation threat – the appraiser evades from accomplishment of the professional activity or does not perform work objectively because of threats (blackmail) from the outside.

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