Azerbaijan, Baku, May 15 / corr Trend U.Ismayilova /
The permanent parliamentary commission on economic policy discussed changes and additions to the Law on Appraisal Activity in its Thursday sitting, official press reports.
"The establishment of appraisal institutes is one of main attributes of market relations," Parliamentary Committee Chairman Ziyad Samedzade said to the sitting.
Appraisal activities in Azerbaijan are regulated on the basis of a Law on appraisal activities, dated 1998. International institutes researching the market appraise the document. However, the law is in force for 11 and the ongoing process and new market relations require to re-consider it.
Changes to appraisal activities on condition of free market economy will promote development of real sector in the country, members of the committee said. .
The Azerbaijan Appraisers Society developed changes and amendments to the Law on Appraisal Activity with the IFC's support.
Consultant of the International Finance Corporation (IFC) Igor Artemenkov devised a new version of the Law on Appraisal Activity which based on a new principle of self regulation and control of appraiser's activity by professional organization.
The law envisages introducing appraisers' obligatory membership at the Appraisers Society and will provide their access to market, as well as obligatory insurance of appraiser's responsibility. Thus, status of professional organization will be improved by offering fulfilling its functions to the Azerbaijani appraisers society.
The same mechanism was applied to the Russian legislation on appraisal activity in 2008 and this system is currently very efficient. All these mechanisms are functioning at the developed markets. The consultant believes that appraisers have to be members of one of the self-regulated organizations. Total number of members at initial stage may be within limits of 100-200 people in Azerbaijan, while the same organization comprises 300 members in Russia.
Measures on development of appraisal activity are being taken within the framework of the second phase of a technical assistance project of the International Finance Corporation (IFC). The IFC finances the project jointly with State Secretariat for Economic Affairs - Seco. Although the project is regional and covers the Central Asia and Azerbaijan, but funds of Seco are only designated
The Appraisers Society of Azerbaijan registered in 1997 is a public organization comprising 80 individuals and 7 juridical figures for Azerbaijan.
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