Measures for Examination, Approval, Supervision and Administration of Assets Appraisal Institutions
Measures for Examination, Approval, Supervision and Administration of Assets Appraisal Institutions
Measures for Examination, Approval, Supervision and Administration of Assets Appraisal Institutions
Order of the Ministry of Finance No. 64
August 11, 2011
Chapter I General Provisions
Article 1 For the purposes of regulating the examination and approval of assets appraisal institutions, strengthening the supervision of assets appraisal institutions and promoting the healthy development of the assets appraisal industry, these Measures are hereby formulated.
Article 2 Assets appraisal institutions refer to legally established institutions that have obtained assets appraisal qualification and engage in assets appraisal business.
Article 3 The Ministry of Finance (MOF) is the competent authority for assets appraisal industry and is responsible for formulating rules on administration of assets appraisal institutions and for the approval, supervision and administration of such institutions all over the country.
Finance departments (bureaus) of all provinces, autonomous regions and municipalities directly under the Central Government (hereinafter referred to as the finance authorities at the provincial level) shall be responsible for the examination, approval, supervision and administration of local assets appraisal institutions.
Article 4 China Appraisal Society (CAS) shall be responsible for self-disciplinary administration of the national assets appraisal industry, assist MOF in examination, approval, supervision and administration of assets appraisal institutions all over the country.
Appraisal societies of all provinces, autonomous regions, municipalities directly under the Central Government and cities specifically designated in the State plan shall be responsible for self-disciplinary administration of local assets appraisal industries and assist finance authorities at the provincial level in examination, approval, supervision and administration of local assets appraisal institutions.
Article 5 The business scope of an assets appraisal institution includes appraisal of a single asset, appraisal of asset portfolio, appraisal of enterprise value, appraisal of other assets and relevant consulting businesses.
Article 6 An assets appraisal institution shall acquire assets appraisal qualification in accordance with the laws and abide by relevant laws, regulations, professional norms and rules.
Article 7 Assets appraisal institution may legally engage in assets appraisal business and are not subject to any administrative regional or industrial restrictions or illegal intervention by any unit or individual.
Article 8 All assets appraisal institutions shall join CAS and become CAS members.
Chapter II Establishment of Assets Appraisal Institutions
Article 9 An assets appraisal institution may be established in the form of a general partnership (including extraordinary general partnership, hereinafter referred to as partnership form) or a limited company (hereinafter referred to as corporation form).
Article 10 Name of an assets appraisal institution shall include typeface "assets appraisal".
Trade name of an assets appraisal institution shall not be the same with those of established ones.
Article 11 For establishment of an assets appraisal institution in the partnership form, the following conditions shall be met in addition to compliance with the State's relevant laws and regulations:
1. It has more than 2 partners that conform to provisions of these Measures;
2. It has more than 5 certified assets valuers; and
3. Partners' total paid-in capital contribution shall not be lower than RMB100,000, while for those established in an extraordinary general partnership, the total paid-in capital contribution shall not be lower than RMB300,000.
Article 12 For establishment of an assets appraisal institution in the corporation form, the following conditions shall be met in addition to compliance with the State's relevant laws and regulations:
1. It has more than 2 shareholders that conform to provisions of these Measures;
2. It has more than 8 certified assets valuers; and
3. Its registered capital is not less than RMB300,000.
Article 13 A partner or shareholder of an asset appraisal institution shall meet the following conditions:
1. Holding a certified assets valuer certificate;
2. Engaged in assets appraisal businesses for the last 3 consecutive years after acquiring the certified assets valuer certificate; and
3. Not subject to trade self-disciplinary or administrative punishment for appraisal practice 3 years before becoming a partner or shareholder.
Article 14 Subject to Article11 and Article 12 hereof, an asset appraisal institution may add a natural person rather than a certified assets valuer to be its partner or shareholder for internal management need. The specific conditions therefor will be prescribed separately.
Article 15 The position of chief partner of an asset appraisal institution in the partnership form and legal representative of an asset appraisal institution in the corporation form shall be held by the executive partner or shareholder of the said institution holding a certified assets valuer certificate.
Article 16 For establishment of an asset appraisal institution, all partners or shareholders (herein after referred to as the applicant) shall designate an representative or jointly entrust an agent to file an application with the finance authority at the provincial level, and submit the following application materials:
1. An application form for establishment of an asset appraisal institution;
2. Partners' agreement or corporate articles of association;
3. Name pre-approval notice issued by the industry and commerce administration;
4.
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