Licensing procedures for appraisers issued

Licensing procedures for appraisers issued

JAKARTA (JP): Minister of Finance Mar'ie Muhammad issued
licensing procedures for appraisers over the weekend.

Agus Haryanto, spokesman for the Ministry of Finance, said
that the licensing procedures, stipulated in Minister of Finance
Decree No. 57/KMK.017/1996, affect registered appraisal firms and
individual appraisers.

"Already registered appraisers must also adjust themselves to
the new standard," he said in a statement made available to The
Jakarta Post on Saturday.

The Ministry of Finance announcement said that to date there
has been no legal tool to regulate the individuals and companies
operating in the appraisal sector even though the appraising
profession has played an important role in the development of the
capital market, as well as the banking, insurance and pension
fund sectors since the 1970s.

"The new licensing procedures are issued in principal to
standardize appraising activities in the absence of a special
regulation," he said.

Under the new licensing procedures, individuals wishing to
operate as appraisers are required to be university graduates and
to pass the professional test compiled by the Indonesian
Appraising Society.

In addition, individual appraisers must also be registered as
members of the Indonesian Appraising Society.

Under the new licensing procedures, any company planning to
operate as an appraising firm must have at least one appraiser
working as an executive of the company and at least two
appraising assistants and an operational data base. (hen)