Lukashenko signed decree on improving appraisal activities

President of Belarus Aleksandr Lukashenko has signed Decree No. 266, to improve appraisal activities, sb.by reports with reference to the Belarusian leader’s press service

The document amends Decree No. 615 (as of October 13th, 2006) On Appraisal Activities in the Republic of Belarus. In particular, the minimum size of the authorised capital has been established for appraisal organisations in the amount of at least Br50,000, and for expert organisations — at least Br100,000, which will be a guarantee of ensuring their financial stability and a potential source of payment of compensation by them for possible damage, if necessary.

The minimum number of appraisers in each organisation has also been increased from 2 to 5, and for expert organisations conducting an assessment of the reliability of the assessment, additional requirements have been introduced to have at least two expert appraisers on staff and to carry out appraisal activities for at least six years. This will improve the quality of services provided through the use of collective experience.

Moreover, in order to streamline the storage of assessment reports – including for control purposes – the obligation has been introduced to have archive facilities or an archival information system in such organisations.