The China Appraisal Society ("CAS") has recently issued the Interim Measures for the Uniform Code Management of Asset Appraisal Reports (the "Measures"), immediately effective from the date of issuance.
According to the Measures, asset appraisal reports, once uniformly coded, will gain the status of being recognized in the industry. Asset appraisal reports issued by asset appraisal institutions will be all subject to the uniform coding policy. Meanwhile, the Measures stipulate that, an asset appraisal institution shall generate a uniform serial code in the report coding system for an asset appraisal report, before delivering such report to the principal. Generating a uniform serial code requires logging in to the report coding system first, and then filling in and submitting basic information about the asset appraisal report as requested, before the report coding system automatically generates a serial code for the asset appraisal report and a "receipt" after all requested information has been provided and submitted. In addition, the Measures expressly state that, the CAS and local industry associations will regularly or irregularly conduct spot checks to look into the situation about the filling and submission of information in the report coding system, and will deal with the failure of any asset appraisal institution to fill in and submit relevant information in line with requirements set out in the Measures, as the case may be, and include such failure into the credit records pursuant to applicable provisions.