Thông tư 30/2024/TT-BTC

CIRCULAR

ON ISSUANCE OF VIETNAM’S VALUATION STANDARDS REGARDING CODE OF ETHICS IN VALUATION, SCOPE OF VALUATION WORK, BASES OF VALUATION, VALUATION DOCUMENTATION

Pursuant to the Price Law dated June 19, 2023;

Pursuant to Decree No. 14/2023/ND-CP dated April 20, 2023 of the Government on functions, tasks, powers and organizational structure of the Ministry of Finance;

At the request of the Director of the Price Management Department;

The Minister of Finance issues a Circular on issuance of Vietnam’s Valuation Standards regarding code of ethics in valuation, scope of valuation work, bases of valuation, valuation documentation.

Article 1. Issuance of the following Vietnam’s Valuation Standards:

- Vietnam’s Valuation Standard on Code of ethics in valuation;

- Vietnam’s Valuation Standard on Scope of valuation work;

- Vietnam’s Valuation Standard on Bases of valuation;

- Vietnam’s Valuation Standard on Valuation documentation.

Article 2. Entry in force

1. This Circular comes into force as of July 1, 2024.

2. Circular No. 158/2014/TT-BTC dated October 27, 2014 of the Minister of Finance on promulgation of Vietnam’s Valuation Standards No. 01, 02, 03 and 04 and Circular No. 28/2015/TT-BTC dated March 6, 2015 of the Minister of Finance on promulgation of Vietnam’s Valuation Standards No. 05, 06 and 07 shall cease to be effective from the date this Circular takes effect.

Article 3. Implementation

1. Relevant organizations and individuals shall implement Vietnam’s Valuation Standards issued together with this Circular.

2. Difficulties that arise during the implementation of this Circular should be reported to the Ministry of Finance for consideration./.

VIETNAM’S VALUATION STANDARD

ON CODE OF ETHICS IN VALUATION
(Issued together with Circular No. 30/2024/TT-BTC dated May 16, 2024 of the Minister of Finance)

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This Vietnam’s Valuation Standard provides guidance on valuation reports, valuation certificates, valuation result notices, and valuation documentation when conducting valuations in accordance with the law on prices.

Article 2. Regulated entities

1. Valuers, valuation firms that provide valuation services in accordance with the price laws.

2. Organizations and individuals that perform state valuation in accordance with the price laws.

Chapter II

SPECIFIC PROVISIONS

Article 3. Code of ethics in valuation

Valuers must follow the code of ethics with the following essential principles: integrity; objectivity, impartiality; professional competence and due care; confidentiality; professional behaviour.

Article 4. Integrity

1. Valuers or individuals that perform state valuation in accordance with price laws (hereinafter referred to as valuation professionals) should be straightforward, honest, and non-concealment in all work and professional relationships, non-engagement in self-seeking behavior from valuation.

2. Valuation professionals must not use false information or information given without basis.

3. Valuation professionals must not omit information that, if missing, could cause misunderstandings for users of the valuation report.

4. In case of discovery of discrepancies related to the value of the subject asset, the valuation professional must do the following:

a) For valuation services: notify the valuation firm to inform the valuation client in writing;

b) For state valuation: notify the agency, organization, or person with authority to establish the valuation council.

Article 5. Impartiality and objectivity

1. Valuation professionals, valuation firms should not allow bias, conflict of interest, or undue influence (either financial or spirit interests) of other to override their professional judgments; should not bargain or negotiate based on subjective will to distort the value of the subject asset to gain illegal profits.

2. If the valuation professional or valuation firm cannot maintain a reasonably independent position and the objectivity of the valuation, they must decline or abandon the valuation assignment.

3. When providing periodic valuations of the same asset, the valuation professional should consider adopting safeguards to maintain their impartiality and objectivity in valuation.

Article 6. Professional competence and due care

1. Valuation professionals must attain necessary legal knowledge and professional knowledge, experience and skills when performing valuation.

2. Valuation professionals must possess and maintain their professional competence when performing valuation through continuous learning, acquisition of new valuation knowledge, and enhancement of valuation skills.

3. Valuation firms must ensure that individuals assisting valuation professionals in their professional valuation work are adequately trained and possess the appropriate professional competence.

4. In the event that a valuation professional assesses that they do not have the necessary professional competence and experience to undertake a specific valuation engagement, they must decline to perform the valuation.

5. Valuation professionals must carefully review the collected data and consider it thoroughly before performing the valuation.

Article 7. Confidentiality

1. Valuation professionals, valuation firms, or valuation councils shall not disclose any information about a valuation engagement that has been conducted, that the person requesting the valuation has requested to be kept confidential, or that is not permitted by law. In the event that a valuation engagement has been completed, the confidentiality requirements must still be adhered to.

2. Valuation professionals may use information about the subject asset as a basis for gathering market data.

3. Valuation professionals, valuation firms, or valuation councils shall not use information that has been requested to be kept confidential by the client about the valuation engagement to serve the interests of the valuation professional, valuation firm, or the interests of a third party.

4. Valuation firms and valuation councils must take measures to prevent participants in the valuation engagement and consultants from disclosing confidential information about the valuation engagement.

5. Valuation professionals may use their work experience to demonstrate their competence when changing employers or seeking new clients, but they must still comply with the provisions of Clause 1 of this Article.

Article 8. Professional behavior

1. Valuation professionals, valuation firms, and valuation councils must ensure that valuations are conducted in accordance with the provisions of the valuation standards system, valuation laws, and other relevant laws.

2. Valuation professionals, valuation firms, and valuation councils must act responsibly towards the individuals and organizations requesting the valuation, as well as the public interest.  Professional judgments should consider the potential wider impacts (if any) on third parties./.

VIETNAM’S VALUATION STANDARD

ON THE SCOPE OF VALUATION WORK
(Issued together with Circular No. 30/2024/TT-BTC dated May 16, 2024 of the Minister of Finance)

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This Vietnam’s Valuation Standard specifies the scope of work to be performed when valuing in accordance with the laws.

Article 2. Regulated entities

1. Valuation professional, valuation firms that provide valuation services in accordance with the price laws.

2. Organizations and individuals that perform state valuation in accordance with the price laws.

3. Organizations or individuals that request valuations, third parties that use valuation reports under valuation contracts (if any).

Chapter II

SPECIFIC PROVISIONS

Article 3. Content of the scope of valuation work

1. The valuation professional shall discuss with the party requesting the valuation the tasks related to the valuation engagement, but must ensure that they do not violate the prohibited acts in the field of prices and valuation as stipulated in Article 7 of the Price Law.

2. Valuation planning

a) The valuation professional has the right to prepare or not to prepare a valuation plan and shall be responsible for his/her decision;

b) The valuation plan includes the following basic contents:  Names of the participants in the valuation engagement; expected tasks to be performed and time for performance; content of the work that needs to hire consultants (if any).

3. Collect information about the subject asset, information for the valuation process; perform information analysis for the valuation process in accordance with the provisions of the Vietnam’s Valuation Standard on the collection and analysis of information about the subject asset.

4. Based on the characteristics of the subject asset and the information collected, select and apply appropriate valuation methods in accordance with the provisions of the Vietnam’s Valuation Standard.

5. Determine the value of the subject asset.

6. Prepare and issue valuation reports, valuation certificates for valuation services of valuation firms; prepare valuation reports, announce valuation results for state valuations.

Before issuing valuation certificates, issue valuation reports for valuation services of valuation firms or valuation reports, announcements of valuation results for state valuations:

a) The contents that must be discussed and agreed upon with the party requesting the valuation include: Name, basic economic and technical characteristics, current status of the subject asset; purpose of valuation; valuation date; party using valuation certificate, valuation report or party using valuation result announcement, valuation report; assumptions (if any), special assumptions (if any); documents that the party requesting the valuation must provide;

b) The contents that must be notified to the party requesting the valuation include: bases of valuation; limitations and waiver of liabilities.

Article 4. Requirements for the application of valuation methods

1. Based on the valuation approaches prescribed in the Vietnam’s Valuation Standards promulgated by the Ministry of Finance, the valuer analyzes and selects appropriate valuation methods in accordance with the purpose of valuation, the bases of valuation, the availability of data and information for applying valuation methods and in accordance with the provisions of related laws (if any).

2. At least 2 (two) valuation methods must be applied when valuing an subject asset, except in the following cases:

a) Sufficient conditions for applying the comparative method according to the provisions of the Vietnam’s Valuation Standard on the market approach;

b) Valuation of intangible assets according to the provisions of the Vietnam’s Valuation Standard on intangible asset valuation;

c) There is not enough information to apply 02 (two) or more valuation methods. In this case, there must be an analysis and argument for the lack of information to apply 2 (two) or more valuation methods.

3. When applying 2 or more valuation methods, the determination of the value of the subject asset must be carried out as follows:

a) Determine the value of the subject asset according to each valuation method;

b) Argue for the selection or determination of the value of the subject asset on the basis of the purpose of valuation, the characteristics of the subject asset, the basis for valuation, the information collected and other factors related to the value of the subject asset./.

VIETNAM’S VALUATION STANDARD

ON BASES OF VALUE IN VALUATION
(Issued together with Circular No. 30/2024/TT-BTC dated May 16, 2024 of the Minister of Finance)

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This Vietnam’s Valuation Standard provides for bases of value in valuation in accordance with price laws.

Article 2. Regulated entities

1. Valuers, valuation firms that provide valuation services in accordance with price laws.

2. Organizations and individuals that perform state valuation in accordance with price laws.

3. Organizations or individuals that request valuations, third parties that use valuation reports under valuation contracts (if any).

Article 3. Interpretation of terms

For the purposes of this Vietnam’s Valuation Standard, these terms below shall be construed as follows:

1. “the estimated amount” refers to a price that would be received to sell an asset or paid to transfer a liability in an arm’s length market transaction.

2. “a willing buyer” refers to one who is motivated, but not compelled to buy, this buyer is neither over-eager nor determined to buy at any price.

3. “a willing lessee” refers to one who is motivated, but not compelled to lease, this lessee is neither over-eager nor determined to lease at any price.

4. “a willing seller” refers to one who is motivated, but neither an over-eager nor a forced seller prepared to sell at any price, nor one prepared to hold out for a price not considered reasonable in the current market on the valuation date.

5. “a willing lessor” refers to one who is motivated, but neither an over-eager nor a forced lessor prepared to lease at any price, nor one prepared to hold out for a price not considered reasonable in the current market on the valuation date.

6. “an arm’s length transaction”  is one between parties who do not have a particular or special relationship, which may make the price level uncharacteristic of the market on the valuation date. The market value transaction is presumed to be between unrelated parties, each acting independently.

7. “after proper marketing” means that the asset has been exposed to the market in the most appropriate manner to effect its disposal at the best price reasonably obtainable in accordance with the market value definition.  The method of sale (exposed to the market) is deemed to be that most appropriate to obtain the best price in the market to which the seller has access.  The length of exposure time is not a fixed period but will vary according to the type of asset and market conditions.  The only criterion is that there must have been sufficient time to allow the asset to be brought to the attention of an adequate number of market participants.   The exposure period occurs prior to the valuation date.

8. “where the parties had each acted knowledgeably, prudently” presumes that both the willing buyer and the willing seller are reasonably informed about the nature and characteristics of the asset, its actual and potential uses, and the state of the market as of the valuation date.  Each is further presumed to use that knowledge prudently to seek the price that is most favorable for their respective positions in the transaction.  Prudence is assessed by referring to the state of the market at the valuation date.  In markets with changing prices, the prudent buyer or seller will act in accordance with the best market information available at the time.

9. “without compulsion” establishes that each party is motivated to undertake the transaction, but neither is forced nor unduly coerced to complete it.

10. “real property interest” is a right or interest that is issued together with real property, such as the right to ownership, the right to control, the right to use, the right to lease, the right to sublease, rights over adjacent real property, etc.

11. “contract rent” is the rent payable under the terms of an actual lease. It may be fixed for the duration of the lease, or variable.

Chapter II

SPECIFIC PROVISIONS

Article 4. Bases of value

1. Bases of value includes but not limited to: Market value, market rent, investment value, forced sale value, equitable value. The fair value is prescribed in Vietnam’s law on preparation of financial statements and guidance in International Financial Reporting Standards (IRFS).

2. The basis of value plays a fundamental role in valuation.  The basis of value can affect the selection of valuation methods, the application of inputs, and the development of assumptions and views on the value of the property.  

3. The basis of value is determined based on the purpose of the valuation and the circumstances (actual or anticipated) of the transaction.  The valuation professional needs to discuss with the organization or individual requesting the valuation to determine the basis of value that is appropriate for the purpose of the valuation.

4. The nature and source of the valuation inputs must be consistent with the chosen basis of value

Article 5. Market value

1. Market value is the estimated amount for which an asset should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

2. Market value is the most probable price reasonably obtainable in the market on the valuation date in keeping with the market value definition. This is an estimated amount rather than a predetermined amount or actual sale price.

3. The value of the asset should be tied to the valuation date, which is a specific date that is determined due to the fact that market conditions can change over time, leading to the estimated valuation value may not be appropriate at a time other than the valuation date.

4. The concept of market value presumes a price negotiated in an open and competitive market where the participants are acting freely. The market for an asset could be an international market or a local market. The market could consist of numerous buyers and sellers, or could be one characterized by a limited number of market participants.

Article 6. Market rent

1. Market Rent is the estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

2. Market rent may be used as a basis of value when valuing a lease or an interest created by a lease. In such cases, it is necessary to consider the contract rent and, where it is different, the market rent.

3. In calculating market rent, the valuer must consider the following:

a) in regard to a market rent subject to a lease, the terms and conditions of that lease are the appropriate lease terms with regulations of law;

b) in regard to a market rent that is not subject to a lease, the assumed terms and conditions are the terms of a notional lease that would typically be agreed in a market for the type of property on the valuation date between market participants.

Article 7. Investment value

1. Investment value is the estimated amount of an asset on the valuation date to a particular owner or prospective owner for individual investment or operational objectives.

2. Investment value is an entity-specific basis of value.  This basis of value reflects the benefits received by an entity from holding the asset.  Investment value reflects the circumstances and financial objectives of the entity for which the valuation is being produced. It is often used for measuring investment performance.

Article 8. Forced sale value

1. Forced sale value is the value of an asset on the valuation date in circumstances where a seller in under compulsion to sell that asset within a time frame too short and that, as a consequence, a proper marketing is not possible and buyers may not be able to undertake adequate due diligence. Forced sale is the situation under which a transaction is expected to take place.

2. The price that could be obtained in a forced sale will depend upon the nature of the pressure on the seller and the reasons why proper marketing cannot be undertaken.  The forced sale value can only be determined if there are reasonable assumptions about the consequences of failing to sell in the specified period due to constraint on the seller.

Article 9. Equitable value

1. Equitable value is the estimated price for the transfer of an asset or liability between identified knowledgeable and willing parties at a specific place on the valuation date that reflects the respective interests of those parties.

2. Equitable value requires the assessment of the price that is fair between two specific, identified parties considering the respective advantages or disadvantages that each will gain from the transaction.

Article 10. Assumptions and special assumptions

1. In addition to stating the basis of value, it is often necessary to make an assumption or multiple assumptions to clarify either the state of the asset in the hypothetical exchange or the circumstances under which the asset is assumed to be exchanged.

2. All assumptions and special assumptions must be reasonable under the circumstances and be relevant having regard to the purpose for which the valuation is required.

3. Assumptions can be made regarding limited and uncertain information affecting the value of the subject asset in case these limitations cannot be rectified.

Information limitations include limitations on legal documentation of the subject asset, limitations on the characteristics of the subject asset, or limitations on other information due to limitations in collection of information.

4. Special assumptions are the assumed facts that differ from those existing at the date of valuation, however, these assumptions must be relevant having regard to the purpose for which the valuation is required.

5. Special assumptions need to be communicated to the valuation user and obtain written consent from this valuation user, while ensuring compliance with the requirements of relevant legal regulations.

6. If conducting a valuation on the basis of a special assumption makes the valuation unfeasible, this special assumption must also be eliminated./.

VIETNAM’S VALUATION STANDARD

ON VALUATION DOCUMENTATION
(Issued together with Circular No. 30/2024/TT-BTC dated May 16, 2024 of the Minister of Finance)

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This Vietnam’s Valuation Standard prescribes and guides on valuation reports, valuation certificates, valuation result notices, and valuation documentation when conducting valuations in accordance with the law on prices.

Article 2. Regulated entities

1. Valuers, valuation firms that provide valuation services in accordance with the price laws.

2. Organizations and individuals conducting state valuations in accordance with the law on prices shall apply Articles 3, 4, 8, 9, and 10 of this Vietnam’s Valuation Standard.

3. Organizations or individuals requesting valuations, third parties that use valuation reports under valuation contracts (if any).

Chapter II

VALUATION REPORTS

Article 3. Valuation reports

1. Valuation reports shall provide explanations, arguments, and analyses of the determination of the value of the subject asset.

2. The information and data in valuation reports shall be referenced to specific sources.

3. Valuation reports may be issued in electronic form with electronic signatures in accordance with the law on electronic signatures based on the valuation contract or valuation request.

Article 4. Essential content of valuation reports

Valuation reports shall include the following essential contents:

1. Basic information about the individual or organization preparing the valuation report

a) For valuation services:

- The name and address of the valuation firm or branch of the valuation firm;

- The registration number of the certificate of eligibility for business in valuation services, the notice number of the Ministry of Finance on the eligibility of the firm to operate in valuation services;

- The name of the valuer performing the valuation and the valuer's card number;

- The legal representative of the valuation firm, or the head of the branch of the valuation firm, or the firm manager authorized to sign the valuation certificate and review and approve the valuation report.

b) For state valuations:

- The name and address of the entity that established the valuation council;

- Full names, positions, employers of the valuation council members.

2. Basic information about the scope of the valuation:

a) Information about the organization or individual requesting the valuation;

b) The name of the subject asset;

c) The purpose of the valuation;

d) The bases of valuation:

d) The valuation date;

e) The location of the subject asset;

g) The time and/or stage of the subject asset survey;

h) The sources of information used in the valuation process and the review and evaluation of the information collected;

i) The legal basis for the valuation and the subject asset to conduct the valuation (if any) such as the valuation contract, the valuation request document;

k) The date of the valuation report.

3. Information about the subject asset in accordance with the provisions of the Vietnam’s Valuation Standard on the collection and analysis of information about the subject asset.

4. Overview of the trading market for the group (type) of subject asset.

5. Assumptions and special assumptions (if any). In the event that assumptions and special assumptions need to be made, the valuation professional shall clearly explain this content in the valuation report.

6. Application of valuation approaches and methods.

7. Value of the subject asset.

8. Effective period of the valuation report: Determined according to the effective period of the valuation certificate.

9. Exclusion and limitation clauses:

a) The valuation professional shall consider the valuation contract or valuation request document, the characteristics of the subject asset, the context in which the valuation is conducted, the purpose of the valuation, and the basis of valuation to consider the exclusion and limitation clauses appropriately;

b) Exclusion and limitation clauses may include conditions for the work, limitations on the scope of work and other limitations, for example:  lack of clarity about the legal status of the asset, limitations on information and related data that needs to be collected;

c) The valuation professional shall assess the impact of the limitations; and also propose a way to rectify (if any) such limitations in the valuation process.

10. Signatures on the valuation report:

a) For valuation reports of valuation firms, it is necessary to have:

- The full name, valuation card number, and signature of the valuation professional who was assigned responsibility for conducting the valuation;

- The full name, valuation card number, and signature of the legal representative of the valuation firm, or the firm manager authorized to sign the valuation certificate and review and approve the valuation report.

- The full name, valuation card number, and signature of the head of the branch of the valuation firm in case of issuing a valuation certificate at the branch of the valuation firm.

b) For valuation reports prepared by the valuation council performing state valuation according to the price laws, it is necessary to have the full names and signatures of the valuation council members who participated in preparing the valuation report.

11. Appendices (if any).

Chapter III

VALUATION CERTIFICATES

Article 5. Valuation certificates

1. A valuation certificate must be accompanied by a valuation report.

2. A valuation certificate may be issued in electronic form with an electronic signature in accordance with the law on electronic transactions based on a valuation contract or valuation request.

3. The form of the valuation certificate is prescribed in Appendix I issued together with this Vietnam’s Valuation Standard.  The number of the valuation certificate is numbered according to the following principle:  Number of valuation firm code/year of issuance of valuation certificate/serial number of the valuation certificate issued by the firm in the year.  For example, the number of the valuation certificate with serial number 6 issued by the valuation firm with code 001/TDG in 2023 is: 001/2023/6.

Article 6. Essential content of valuation certificates

Valuation certificates shall include the following essential contents:

1. The number of the valuation contract and/or the valuation request document.

2. The name and address of the valuation firm or branch of the valuation firm.

3. Information about the valuation client.

4. Basic information about the subject asset (name and type of asset, basic legal, economic and technical characteristics).

5. The purpose of the valuation.

6. The valuation date.

7. The basis of valuation.

8. Assumptions and special assumptions (if any).

9. Name of valuation approach and method.

10. The exclusion and limitation clauses of the valuation result.

11. Value of the subject asset.

12. The full name, valuation card number, and signature of the valuation professional who was assigned responsibility for conducting the valuation and signed the valuation report.

13. The full name, valuation card number, and signature of the legal representative of the firm or the firm manager according to the law on enterprises authorized by the legal representative of the firm and the seal of the valuation firm in case the certificate is issued at the valuation firm.  The full name, valuation card number, and signature of the head of the branch of the valuation firm and the seal of the branch of the valuation firm in case the certificate is issued at the branch of the valuation firm.

14. The effective period of the valuation certificate.

Article 7. Effective date of valuation certificates

1. The effective date of the valuation certificate is the date on which the valuation certificate is issued.

2. The effective period of the valuation certificate is determined based on the legal, economic and technical characteristics of the subject asset; changes in law and the market related to the subject asset and the purpose of the valuation, but not exceeding 6 (six) months from the date of issuance of the valuation certificate.

Chapter IV

VALUATION RESULT NOTICES

Article 8. Valuation result notices

1. A valuation result notice must be accompanied by a valuation report.

2. A valuation result notice may be issued in electronic form with an electronic signature in accordance with the law on electronic transactions based on a valuation request.

3. The form of the valuation result notice is prescribed in Appendix II issued together with this Vietnam’s Valuation Standard.

Article 9. Essential content of valuation result notices

Valuation result notices shall include the following essential contents:

1. The number of the decision on establishment of the valuation council.

2. Basic information about the subject asset (name and type of asset, basic legal, economic and technical characteristics).

3. The purpose of the valuation.

4. The valuation date.

5. The basis of valuation.

6. Assumptions and special assumptions (if any).

7. Name of valuation approach and method.

8. Exclusion and limitation clauses.

9. Value of the subject asset.

10. Effective period of the valuation result notice.

11. The full names and signatures of the valuation council members who signed the valuation report and the seal of the organization that established the valuation council.

Article 10. Effective date of valuation result notices

1. The effective date of the valuation result notice is the date on which the valuation result notice is issued.

2. The effective period of the valuation result notice is determined based on the legal, economic and technical characteristics of the subject asset; changes in law and the market related to the subject asset and the purpose of the valuation, but not exceeding 6 (six) months from the date of issuance of the valuation result notice.

Chapter V

VALUATION DOCUMENTATION

Article 11. Valuation documentation

1. The valuation professional is responsible for preparing the valuation documentation to demonstrate that the valuation process has been carried out in accordance with Vietnam’s Valuation Standards.

2. The valuation documentation includes all the necessary information and documents that are used in the process of valuing the asset to form the final valuation result. The documents in the valuation documentation must be classified, arranged in order and presented on paper, film or other information carriers in accordance with the laws in force. The composition of each valuation documentation may vary depending on the purpose of the valuation and the type of the subject asset.

3. The valuation documentation is utilized and used in accordance with the law on prices and the law on archiving.  The utilization of the valuation documentation must ensure confidentiality in accordance with the law.

Article 12. Retention of valuation documentation

1. Valuation documentation shall be retained in paper and/or electronic data format, with a minimum retention period of 10 (ten) years from the date of issuance of the valuation certificate at the valuation firm or branch of the valuation firm that issued the valuation certificate.

2. Valuation documentation to be retained shall include:

a) The original valuation report;

b) The original valuation certificate;

c) The original or a true copy of the valuation contract and the valuation contract liquidation minutes (if any), or the original valuation request letter (if any);

d) Information and documents about the subject asset (or subject firm when determining the firm value), comparable assets (if comparable assets are used);

d) Reports of experts invited to provide expert opinions (if any);

e) Minutes of surveys, information collected to form the valuation result; photographs, other necessary documents and information (if any);

g) Analytical and evaluation documents of the valuer (if any).

3. The valuation firm must have measures in place to maintain the confidentiality, security, integrity, accessibility and recoverability of the valuation documentation during the retention period.  Valuation documentation that have passed their retention period shall be invalidated in accordance with the law./.

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