Edict on improvement of appraisal activities signed

2 july 2024

Officially

On June 27, 2024, President of Belarus Alexander Lukashenko signed Edict No. 266, which is aimed at improving appraisal activities.

The document amends Edict No. 615 of October 13, 2006. "On Appraisal Activities in the Republic of Belarus". In particular, the State Committee on Science and Technology (SCST) is authorized to approve technical codes of established practice (TCP) in the field of valuation of intellectual property objects and property rights thereto, as well as to provide explanations on issues of valuation of such objects. The relevant TCP was previously developed by the SCST. Its approval will take place after the procedures provided for by the legislation.

The minimum size of the authorized fund for appraisal organizations in the amount of not less than 50 thousand Belarusian rubles, and for expert organizations - 100 thousand Belarusian rubles, which will be a guarantee of their financial stability and a potential source of payment of compensation for possible damage.

The minimum number of appraisers in each organization was also increased from 2 to 5. For expert organizations that carry out expert appraisal of the credibility of the assessment, additional requirements have been introduced on the presence in the staff of at least 2 expert appraisers and on carrying out appraisal activities for at least 6 years. This will make it possible to improve the quality of services provided through the use of collective experience.

In addition, in order to streamline the storage of evaluation reports, including for control purposes, it has been made obligatory for such organizations to have archive premises or an archive information system.

Based on the materials of the Press Service of the President of the Republic of Belarus

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