The State Assets Management Agency of the republic of Uzbekistan

In order to settle some gaps in the current legislative acts regulating appraisal activities and the activities of legal experts in the field of appraisal, the Law of the Republic of Uzbekistan ‘On making additions and amendments to some legislative acts of the Republic of Uzbekistan in connection with further improvement of appraisal activities’ (No. DRU-945 dated 26 August 2024) was adopted.

This Law defines:

• according to the amendments made to Article 42 of the Law ‘On Appraisal Activity’, the appraiser may participate as a specialist or expert in inspections and other activities conducted by controlling or law enforcement bodies only on the basis of an agreement concluded between the appraisal organisation and these bodies;
• according to the amendments made to Article 11 of the Law ‘On Judicial Expertise’, judicial expertise on scientific validity of methods applied in valuation reports is allowed to be carried out by legal experts with at least three years of work experience, and according to the amendments made to Article 16, the duties of legal experts include ‘to comply with the established requirements to the conclusion of a legal expert during inspections, as well as acts of legislation in the relevant field’.

Accordingly, a legal basis has been created for participation of appraisers as experts in audits and other activities carried out by controlling or law enforcement bodies.

Also, the definition of a judicial expert examination on the scientific validity of methods used in valuation reports clearly distinguished it from an expert opinion on the reliability of the valuation report prepared by an appraisal organisation.

At the same time, compliance with the Unified National Valuation Standard of the Republic of Uzbekistan regulating the valuation process in the activities of judicial experts is stipulated in their duties.

The adoption of this Law will harmonise the regulatory documents used by appraisers and judicial experts in this area, as well as the correct preparation of appraisal reports and their application in court practice.

Also, this Law will eliminate the problems with expert examination of the reliability of valuation reports, reduce unnecessary expenses of citizens and at the same time introduce a unified approach to determining the actual value of property in the Republic.

Link to the full text of the Decree.