The Ministry of Finance and

China Securities Regulatory Commission

yesterday (9th) issued the "Notice on Management Issues Concerning Asset Appraisal Agencies Engaged in Securities and Futures Related Businesses", Significantly improve the professional standards of asset appraisal institutions engaged in securities and futures-related businesses in terms of establishment period, number of practitioners, net asset size, business income level, etc.

An asset appraisal agency applying for securities appraisal qualifications must meet the following conditions: it has been established in accordance with the law and has obtained asset appraisal qualifications for more than 3 years. If a merger has occurred, it must also be 1 year from the date of completion of industrial and commercial change registration. ; The quality control system and other internal management systems are sound and effectively implemented, and the practice quality and professional ethics are good; there are no less than 30 registered asset appraisers, of which no less than 30 have held a registered asset appraiser certificate and have been practicing continuously in the past three years. 20 people; net assets are not less than 2 million yuan; purchase professional liability insurance or withdraw professional risk funds in accordance with regulations; more than half of the partners or shareholders holding no less than 50% of the equity have been practicing in the institution for more than 3 consecutive years; recently The total evaluation business income in the three years shall not be less than 20 million yuan, and the annual income shall be no less than 5 million yuan.

The notice will come into effect on July 1. Relevant sources from the Ministry of Finance stated that there are currently 102 asset appraisal agencies with securities appraisal qualifications, and 30-50 meet the above requirements. The introduction of the notice may prompt some asset appraisal agencies to restructure.