Presidential decree signed to improve appraisal business in Belarus

Belarus President Aleksandr Lukashenko signed decree No.266 with a view to improving appraisal activities, BelTA has learned.
The document amends decree No.615 on appraisal activities in the Republic of Belarus of 13 October 2006. In particular, the minimal size of the charter capital of an appraisal organization has been set at Br50,000. The minimal size of the charter capital of an expert organization has been set at Br100,000. These thresholds are supposed to ensure the financial stability of these organizations, provide a potential source for payoffs in case they need to compensate for possible damages.
The minimal number of appraisers in every organization has been raised from two to five. Expert organizations that provide expert evaluations of appraisal veracity are also required to have at least two expert appraisers on the payroll and have to have been providing appraisal services for at least six years. It will allow improving the quality of service by means of tapping into collective experience.
Apart from that, in order to regulate the storage of value conclusions, including for oversight purposes, the decree obliges such organizations to have archive rooms or an archive information system.