The Ministry of Finance Order of the Ministry of Finance No. 22 The Measures for the Administration of the Examination and Approval of Asset Appraisal Institutions, which have been adopted upon Minister, Jin Renqing May 11, 2005 Measures for the Administration of the Examination and Approval of Asset Appraisal Institutions Chapter I General Provisions Article 1 For the purpose of strengthening the administration of asset appraisal institutions, promoting the quality of asset appraisal work Article 2 An asset appraisal institution refers to a social intermediary institution which was established in accordance with law, engaging Article 3 The Ministry of Finance shall be the administrative department for the asset appraisal all over the country. In accordance with law, The public finance department (bureau) of the provinces, autonomous regions, or municipalities directly under the Central Government The asset appraisal societies shall take charge of the self-disciplinary management of the asset appraisal industry and shall administer, Article 4 The range of asset appraisal mainly consists of: all kinds of individual asset appraisals, whole asset appraisals of enterprise, and Article 5 As to an asset appraisal institution, it shall, in the light of the law, acquire the asset appraisal qualifications and shall comply Article 6 The asset appraisal institution shall, in accordance with the law, implement asset appraisal businesses, without any restriction in Article 7 Each asset appraisal institution shall join the China Appraisal Society and become a member thereof. Chapter II Establishment of Asset Appraisal Institution Article 8 The organization form of an asset appraisal institution is partnership or limited liability company (hereinafter referred to as “in Article 9 An asset appraisal institution established in accordance with law shall include such words as “Asset Appraisal” in its name. Article 10 When establishing a partnership asset appraisal institution, not only the provisions prescribed in the relevant laws and regulations (1) Having not less than 2 partners according with the conditions as prescribed in the present Measures; (2) Having not less than 5 certified asset appraisers (including the partners); and (3) The actual contributions of the partners are not less than100, 000 Yuan. Article 11 When establishing an asset appraisal institution in the form of a company, not only the provisions prescribed in the relevant laws (1) Having not less than 2 shareholders who meet the present requirements as prescribed in the present Measures; (2) Having not less than 8 certified asset appraisers (including the shareholders); and (3) Having a registered capital of not less than 300, 000 Yuan. Article 12 Any “partner” or shareholder as mentioned in the present Measures shall meet the requirements as follows, other than the situations (1) Holding a Certified Asset Appraiser Certificate of the People’s Republic of China (hereinafter referred to as the CAAC); (2) After acquiring a CAAC, he has more than 3-year-asset appraisal experience in an asset appraisal institution and has no bad record; (3) Having registered in this asset appraisal institution (including its branches) and takes up asset appraisal business as a full-time Article 13 In accordance with the internal management needs of an asset appraisal institution, and under the precondition of meeting the conditions Article 14 The position of the chief partner of an asset appraisal institution in the form of partnership or the position of the legal representative Article 15 For the purpose of establishing an asset appraisal institution, all partners or shareholders shall adopt a resolution, and submit (1) An application form established by the asset appraisal institution; (2) Notice of the name pre-approval issued by the administrative department for industry and commerce; (3) The capital contribution certificate; (4) The resumes of the partners or shareholders, and the candidate for the chief partner or legal representative; (5) A summary of the information about the certified asset appraisers upon verification of the provincial asset appraisal society, and (6) The photocopies of the CAAC and the identity card of a certified assets appraiser; (7) The application forms of the certified asset appraisers for changing their working institutions; (8) The partnership agreement or articles of incorporation; (9) The valid certification for the property right or use right of the business office; and (10) The system of the internal management. Article 16 A sound internal management system shall be set up in an asset appraisal institution to strengthen the internal management. The internal (1) A personnel administration system; (2) A financial management system; (3) A practice control system of the operation; and (4) A archives management system of the business. Article 17 The provincial public finance department shall examine the application materials handed in by an applicant, make a decision of acceptance If the application materials are incomplete or their form doesn’t meet the relevant requirements, the provincial public finance department Article 18 After taking cognizance of an application, the provincial public finance department shall throw daylight on the name of the asset Article 19 After taking cognizance of an application for the establishment of an asset appraisal institution, the provincial public finance department Article 20 If the provincial public finance department makes a decision of approval about the establishment of an asset appraisal institution, (1) The name and organization form of the asset appraisal institution; (2) The basic information about the partners or shareholders of the asset appraisal institution; (3) The chief partner or legal representative of the asset appraisal institution; (4) The basic information about the certified asset appraisers; (5) The time requirements for the applicant to register in the administrative department for industry and commerce; and (6) The time requirements for the certified asset appraisers to change their working institutions. Article 21 After completing the registration formalities in the administrative department for industry and commerce upon the strength of the The CAACs shall be uniformly printed and numbered by the Ministry of Finance, and shall be issued by the provincial public finance Article 22 Where approving the establishment of an asset appraisal institution, the provincial public finance department shall hand in the approval If any improper examination and approval is found, the Ministry of Finance shall order the provincial public finance department to Article 23 If the provincial public finance department make a decision of disapproval on the establishment of an asset appraisal institution, Article 24 An asset appraisal institution may merge or split up in the light of the relevant laws and regulations. The remaining asset appraisal Chapter III Establishment of Branches of An Asset Appraisal Institution Article 25 The branches of an asset appraisal institution (hereinafter referred to as the branches) refer to the non-legal-person business institutions The asset appraisal institution shall undertake the civil liabilities of its branches. Article 26 The name of a branch shall be in the form of “the name of the asset appraisal institution + the name of the administrative area where Article 27 An asset appraisal institution shall carry out unified management on its branches in such aspects as personnel, finance, practicing Article 28 The asset appraisal institution shall issue an asset appraisal report with the seal of itself when its branch does an asset appraisal Article 29 When an asset appraisal institution sets up a branch, it shall meet the conditions as follows: (1) It has been more than 3 years since it was established in accordance with law and qualified with assets appraisal, as well as a sound (2) It has not less than 20 certified asset appraisers, excluding those who shall transfer to the to-be-established branch and those who (3) It’s aggregate incomes from appraisal business account for RMB 15 million Yuan during the 3 years before it submits the application; (4) It has not suffered any administrative punishment or criminal punishment during the 3 years before it submits the application. Article 30 A branch shall meet the conditions as follows: (1) The person who takes charge of the branch shall be a partner or shareholder of the asset appraisal institution that sets up the branch, (2) Having no less than 6 certified asset appraisers; and (3) Having a fixed business office. Article 31 If a qualified asset appraisal institution sets up a branch, it shall hand in the following materials to the provincial public finance (1) A resolution about the establishment of a branch, made by all partners or shareholders of the asset appraisal institution; (2) An application form of the asset appraisal institution for setting up of a branch; (3) The business range of the branch authorized by the asset appraisal institution; (4) The resume of the person who takes charge of the to-be-established asset appraisal institution; (5) The annual accounting statements and audit reports during the 3 years before the asset appraisal institution submits the application; (6) A summary of the registration information of the certified asset appraisers upon verification of the provincial asset appraisal society (7) A summary of the registration information of the asset appraisers who are to move to this branch upon verification of the provincial (8) The valid certification for the property right or use right of the business office of the branches; and (9) The measures of the management on the branch carried out by the asset appraisal institution. If the asset appraisal institution is to set up a branch in different provincial administrative area, it shall submit the consent Article 32 The provincial public finance department of the place where the branch is located shall carry out the examination and approval procedures Article 33 After completing the formalities for the registration of the branch in the administrative department for industry and commerce, the Article 34 After receiving the photocopy of the business license of the branch, the provincial public finance department of the place where the If the asset appraisal institution set up a branch in different provincial administrative area, the provincial public finance department Chapter IV Alternation and Termination of An Asset Appraisal Institution and Its Branches Article 35 If there is alternation in an asset appraisal institution or of any of its branches covering the name, the business office, chief Article 36 If the asset appraisal qualification certificate of an asset appraisal institution is lost or damaged, the asset appraisal institution Article 37 If an asset appraisal institution or its branch, during its existence period, fails to meet the establishment conditions as prescribed If the asset appraisal institution or its branch fails to meet the prescribed conditions within 90 days, the asset appraisal qualifications Article 38 If an asset appraisal institution obtains the asset appraisal qualification or sets up a branch by cheating, bribery or other illegal Article 39 The provincial public finance department shall cancel the asset appraisal qualification under any of the circumstances as follows: (1) The asset appraisal institution comes to its termination in the light of the law; (2) The asset appraisal qualification is revoked or withdrawn, or the asset appraisal qualification certificate is revoked in accordance (3) Other circumstances prescribed in the laws and regulations under which the asset appraisal qualification shall be cancelled. Article 40 The provincial public finance department shall cancel a branch under any of the circumstances as follows: (1) The asset appraisal institution decides to revoke its branch; (2) The asset appraisal qualification of the asset appraisal institution is revoked; (3) The approval of the establishment of the branch is revoked or withdrawn by the provincial public finance department; or (4) Other circumstances prescribed in the laws and regulations under which the branch shall be deregistered. Article 41 When going through the formalities for the deregistration of an asset appraisal institution or its branch, the asset appraisal institution Article 42 If the provincial public finance department goes through the formalities for the deregistration of an asset appraisal institution Article 43 The provincial public finance department of the place where a branch is located shall inform the provincial public finance department The provincial public finance department shall inform the Ministry of Finance and China Appraisal Society of the alternation and termination Chapter V Supplementary Provisions Article 44 Where it is actually difficult to meet the requirements prescribed in the present Measures when setting up an asset appraisal institution Article 45 If, upon the approval of the people’s government of a province, autonomous region or municipality directly under the Central Government, Article 46 Of the asset appraisal institutions and their branches set up prior to the implementation of the present Measures, those incompletely Besides the provision as mentioned in the preceding paragraph, where any asset appraisal institution or its branch which was set up Article 47 The present Measures shall go into effect as of June 1, 2005. The Interim Measures for the Administration of Asset Appraisal Institutions |
The Ministry of Finance
2005-05-11