Tashkent, Uzbekistan (UzDaily.com) -- In Uzbekistan, the draft law “On Valuation Activities” has been submitted for discussion. The draft law was developed by State Assets Management Agency.

The explanatory note to the draft states that the draft law was developed in connection with the need to bring the norms in this area into line with modern trends in current legislation.

Unlike the current law, the draft new act is divided into chapters (9 chapters). It also enshrines:

conceptual apparatus (definition of 15 terms);

basic principles:

independence;

objectivity;

integrity;

professionalism;

confidentiality;

powers of the Cabinet of Ministers, the authorized body and its commissions;

the procedure for maintaining the Register of Appraisers and the Unified Register of Expert Opinions;

the procedure for carrying out internal and external quality control of appraisal activities, etc.

Separate norms are devoted to the procedure for carrying out the activities of professional associations in this area, including:

consolidation of the powers of associations to monitor compliance by their members with the law;

their participation in the development of a professional code of ethics, teaching materials and regulations in the field, etc.