For member-valuers who fail to comply with the relevant valuation standards and/or SRPO code of ethics, the statutory list of disciplinary measures includes reprimands, injunctions, fines, or even expulsion from membership ranks.
Of the 11,200 SRPO valuers, 86% are employees of legal entities and not self-employed persons.
Each SRPO is entitled to have representation on the National Valuation Council (NVC), an association established in 2008 to bring together SRPOs and large corporate consumers of valuation reports.
An SRPO is a self-regulated professional organization of valuers with functions similar to the Appraisal institute.
Table 2 Membership in Self-Regulated Professional Organizations of Valuers in Russia Percentage Number of of Total SRPO SRPO Members * Members The Russian Society of Appraisers 4,600 41% The Self-Regulated Interregional 2,500 22% Association of Appraisers Other SRPOs: Five smaller and 4,000 37% regional entities (ARMO, Sibyr, MSO, NKSO,OPEO) Total 11,200 100% * Membership as of mid-2008 Source: The Federal Reference Book on Valuation Activities in the Russian Federation (Moscow: Center for Strategic Partnership, 2008), 36.
Needless to say, regulatory oversight is not the only concern of the SRPOs.
It was estimated that on the eve of the reform about 40,000 persons were qualified to undertake valuations in the country; of these, only 11,200 valuers went on to join SRPOs rosters.
In case of disputes, an arbitration process is easily available through the Experts Councils of reputed SRPOs.