Банкеръ Weekly



Evaluators should be obliged to establish a chamber, similar to the Institute of Certificated Expert Accountants (ICEA), a draft bill moved to Parliament by a group of MPs stipulates. Another proposal is that the experts should sit for an exam at the chamber in order to be licensed as evaluators. The rules for that exam will be approved by the Commission for Financial Supervision, which will effect control over the chamber. Otherwise, the latter will be an independent institution. The mega commission should also invite the constituent assembly of the new structure, due to be held three months after the bill is passed. The constituent meeting can be attended only by licensed evaluators from the Privatisation Agency (PA) who have not discontinued their activities for more than 18 months. According to the transitional provisions of the draft, the founders (i.e. the experts who are already working) will be immediately included in the chamber's register without sitting for an exam. One of the bill's authors, Ralitsa Agyne, was not sure if an explicit provision is necessary concerning the experts appointed by court to evaluate non-cash instalments in the capital of commercial companies. In addition to evaluations under the Privatisation Act, these experts can also be employed under the laws on restitution, on government securities, on the State internal financial control, under the Civil Code, the Tax Procedures Code, etc. Currently, the right for acting as an independent evaluator is acquired only as per the Ordinance on the analyses of the legal state and the privatisation assessment and the order for licensing of evaluators, approved in 2002. However, it concerns only the operation of the PA and not the evaluations ordered by other authorities. Moreover, the professional responsibility of evaluators is limited to the wilfully inflicted damages, but proving of guilt is a complex process, the bill's authors claim. Almost each week the public becomes a witness of information in the mass media, concerning deals in state-owned or municipal property, based on independent evaluation, which obviously differs from the real market value of the establishments, the motives to the draft read. The bill also stipulates a possibility of contesting evaluations when state or municipal property is concerned. Every citizen will be allowed to do that. The claims will be considered by the chamber. An expert will be deprived of his right to carry out such activities if he/she has made three evaluations that have been declared incorrect. And those who have not been active for 18 months will have to sit for an examination. The rights will be entirely forfeited when the idle period has lasted for three years.

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