Article 1. The basic concepts used in this Law of the Law on Valuation Activities in the Republic of Kazakhstan

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The following basic concepts are used in this Law:

1) valuation – determination of the possible market or other value of the object of valuation in accordance with the legislation of the Republic of Kazakhstan;

2) the valuation approach is a way of determining the possible market or other value of an object of valuation using one or more valuation methods.;

3) assessment method – a set of actions of a legal, financial, economic, organizational and technical nature performed during the assessment;

4) valuation date – the day or period of time for which the possible market or other value of the valuation object is determined.;

5) valuation activity – the professional activity of the subjects of valuation activity aimed at establishing a market or other valuation object provided for by this Law, other laws of the Republic of Kazakhstan and valuation standards as of a certain date.;

6) authorized body in the field of evaluation activities – the central executive body responsible for the management and intersectoral coordination in the field of evaluation activities;

7) valuation standard is a regulatory legal act in which the authorized body in the field of valuation establishes uniform requirements for the subjects of valuation activities to determine the market or other value of the valuation object.;

8) an unreliable assessment report is a written document drawn up in violation of the requirements of the legislation of the Republic of Kazakhstan on valuation activities, using unreliable data leading to a distortion of the market or other value of the valuation object, with the exception of the case provided for in paragraph 2 of Article 14 of this Law.;

9) assessment report – a written document drawn up in accordance with the legislation of the Republic of Kazakhstan on assessment activities based on the results of the assessment;

10) examination of the assessment report – a study conducted by the expert council of the Chamber of Appraisers in order to verify the assessment report for compliance with the requirements of the legislation of the Republic of Kazakhstan on evaluation activities and standards of the Chamber of Appraisers;

11) appraiser – an individual who carries out professional activities on the basis of a certificate of qualification "appraiser" issued by the Chamber of appraisers, and is a member of one of the chambers of appraisers;

12) certificate of qualification "appraiser" – a document confirming the person's compliance with the requirements for special theoretical knowledge, practical skills, skills and work experience;

13) the Chamber of Appraisers is a self–regulating organization in the field of professional activity established for the purpose of quality control of the evaluation activities of its members, protection of the rights and legitimate interests of appraisers;

14) rules of the Chamber of Appraisers – a document developed and approved by the Chamber of Appraisers, defining the procedure for organizing the activities of the Chamber of Appraisers and its members;

15) the standard of the Chamber of Appraisers is a document developed and approved by the Chamber of Appraisers, which establishes requirements for the repeated use by members of the Chamber of Appraisers of uniform and mandatory principles and characteristics for their services.;

16) the qualification commission is a specialized body of the Chamber of appraisers established to conduct a qualification examination for persons applying for certificates of qualification "appraiser", "expert";

16-1) register of unscrupulous appraisers – a list of appraisers compiled on the basis of information from the Chambers of appraisers on the suspension of the certificate and (or) revocation of the certificate and (or) termination of the certificate of qualification "appraiser";

17) conflict of interest – a situation in which the interest of an appraiser, a legal entity with which the appraiser has concluded an employment contract, or an expert may affect the reliability of the assessment report or expert opinion;

18) market value – the estimated amount of money for which the asset would have been exchanged on the valuation date between the interested party and the seller as a result of a commercial transaction after proper marketing, in which each of the parties would act being knowledgeable, prudent and without coercion;

19) other value – the value of the valuation object other than the market value, the types of which are established by valuation standards;

20) expert – a member of the expert council of the Chamber of Appraisers, who holds a certificate of qualification "expert";

21) certificate of qualification "expert" – a document confirming the appraiser's compliance with the requirements for the expert's level of professional knowledge established by the Chamber of Appraisers;

22) the customer is an individual and (or) a legal entity that has concluded an agreement to conduct an assessment;

23) affiliated persons – individuals and (or) legal entities capable of influencing the appraiser's activities, having the ability to directly and (or) indirectly make decisions on determining the possible market or other value of the appraised object and (or) influence such decisions made by each other (one of the persons), including by virtue of the concluded transaction;

24) third parties – persons who are not among the appraisers, experts and customers who have a certain relationship to the object of evaluation, evaluation activities;

25) International assessment standards – assessment standards adopted by the International Assessment Standards Council.

This Law regulates public relations related to the implementation of valuation activities in the Republic of Kazakhstan, and also defines the legal basis for regulating valuation activities.

President

Republic of Kazakhstan

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