The Russian Society of Appraisers (RSA) dates back its history from 1993, pursuing from its inception the objectives of consolidating participants in the valuation market, shaping and facilitating industry processes, as well as representing and protecting professional interests of its members.
On July 9th, 2007, RSA has attained the official status of “self-regulated association”, which means it has been vested with a wide range of statutory oversight and adjudicatory functions bearing upon the valuation profession under the provisions of the Valuation Activities Act. The industry transition to the self-regulated mode of business has significantly expanded RSA’s scope of regulatory competencies in respect of quality assurance of its member’s output and spurred the development of its internal industry standards and regulations for the provision of valuation activities. The assumption of self-regulatory powers by RSA was also conducive to the enhancement of professional expertise and prestige of RSA member-valuers and resulted in the consistent standard of service in protection and supervision of its member and larger public interests.
As of today, The Russian Society of Appraisers is the largest self-regulatory group of valuers in the country uniting as its members more than 6700 qualified appraisal professionals dealing in all types of property and business interests. Headquartered in Moscow, it maintains the nationwide presence in Russia through a network of 78 republican, regional and district branch offices.
RSA holds membership in the following national professional or industry groups:
- The National Valuation Council
- The Chamber of Commerce and Trade of the Russian Federation (TPP RF)
- The Association of Regional Banks of Russia
- The Association of Russian Banks (ARB)
- The Russian Guild of Realtors (RGR)
- The National Association of Mortgage Market Participants (NAUIR)
- The Interregional Union of Tariff Experts (MSTE)
- “The Roundtable of Russian Business” entrepreneurial union
- “The Property Cadastre” Partnership
- The Institute for Property Registration, Valuation and Taxation Issues (IPRONN)
- The National Union of Self-regulated Entities for the Sustainable Development of Land (SRT)
The principal vectors of activity for RSA:
Promoting the development of the self-regulatory mode for valuation activities and the inculcation of civilized valuation market practices in Russia
Supervising member-valuer’s compliance with the norms of professional legislation, the rules and the standards of appraisal activities, The RSA Code of professional conduct and ethics and of other mandatory provisions regulating the discharge of professional activities by RSA members
Safeguarding a favorable work environment for RSA members in the course of their professional activities
Development and implementation of the standards and rules for valuing various property interests, aiming towards the effective performance of valuation activities in the country
Representation of the professional interests of its members to governmental and other bodies
Safeguarding the professional interests of valuers
Provision of informational and methodological support for valuation activities of the RSA members
Creating the environment for quality education and continuing professional development of valuers by liaisoning with the leading education providers of valuation courses
Independent and adjudicatory review of valuation reports
Advising valuers and their clients on the professional products and services
Advising the institutes of national government on a balanced regulatory approach towards valuation industry on behalf of the professional valuation participants
Propagating the development of valuation activities in Russian provinces on the basis of diversified RSA regional office network
Loaning RSA experts to participate in the work of The National Valuation Council
The Russian Society of Appraisers is actively engaged in promoting education and methodological research and the administration of training courses and seminars, as well as the organization of conferences of national and international standing – including in partnership with the global associations of valuers. It is a reputed publisher of a number of academically recognized valuation journals and manuals. In the interest of raising the standards of professional practice, RSA administers a system of appraisal certification for RSA members which goes a long way towards establishing a pool of highly-regarded industry experts and enhances the credit of national valuation profession with the wider public.
The RSA Council of Experts conducts regular sessions of independent reviews of valuation reports -- as directed under the framework of delegated statutory powers in this area or commissioned by the industry clients to help them come to judgment on the quality of received appraisal reports or avoid serious errors in decision-making in the context of deal negotiations, or investment-planning.
