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Order of the Ministry economic development RF dated June 1, 2015 N 327
"On Approval of the Federal Valuation Standard "Valuation for Pledge Purposes (FSO N 9)"

Article 20 federal law dated July 29, 1998 N 135-FZ "On appraisal activities in Russian Federation"(Collected Legislation of the Russian Federation, 1998, N 31, Art. 3813; 2006, N 31, Art. 3456; 2010, N 30, Art. 3998; 2011, N 1, Art. 43, N 29, Art. 4291; 2014, N 30, item 4226) I order:

2. This order comes into force from the date of entry into force of the orders of the Ministry of Economic Development of Russia dated May 20, 2015 N 297 "On Approval of the Federal Valuation Standard" General concepts valuation, approaches and requirements for valuation (FSO N 1)", dated May 20, 2015 N 298 "On approval of the Federal valuation standard "The purpose of the valuation and types of value (FSO N 2)", dated May 20, 2015 N 299 "On Approval of the Federal Valuation Standard "Requirements for the Valuation Report (FSO N 3)".

Federal valuation standard
"Assessment for the purposes of collateral (FSO N 9)"
(approved by order of the Ministry of Economic Development of the Russian Federation of June 1, 2015 N 327)

I. General provisions

1. This Federal Valuation Standard has been developed taking into account international standards appraisal and federal appraisal standards "General concepts of appraisal, approaches and requirements for appraisal (FSO N 1)", "Purpose of appraisal and types of value (FSO N 2)", "Requirements for appraisal report (FSO N 3)" (hereinafter respectively - FSO N 1, FSO N 2, FSO N 3), other federal valuation standards governing the valuation certain types objects of appraisal approved by the Ministry of Economic Development of Russia, and defines the requirements for the appraisal of an object (hereinafter also referred to as property) that is the subject of a pledge or is planned to be transferred as security in the form of a pledge for alleged or existing monetary obligations (hereinafter referred to as the purpose of the pledge).

2. This Federal Valuation Standard is mandatory for use when appraising objects of appraisal for collateral purposes, including appraisal for mortgage lending purposes. This Federal Valuation Standard develops, supplements and specifies, when assessing for the purposes of collateral, the requirements established by the FSO N 1, FSO N 2, FSO N 3, other federal valuation standards governing the valuation of certain types of appraisal objects approved by the Ministry of Economic Development of Russia.

II. Object of assessment

3. For the purposes of this Federal Valuation Standard, the object of valuation means objects of civil rights, in respect of which the legislation of the Russian Federation establishes the possibility of their participation in civil circulation and the pledge of which is not prohibited by the current legislation of the Russian Federation.

III. General requirements for valuation for collateral purposes

4. When concluding an agreement to conduct an appraisal for the purposes of a pledge (hereinafter referred to as the agreement), the customer may inform the appraiser about the existing or potential pledgee. If the pledgee has publicly available special requirements for valuation for the purposes of collateral that do not contradict the legislation of the Russian Federation and the requirements of federal valuation standards, the appraiser must inform the customer of the existence of such special requirements.

The appraiser takes into account these special requirements of the pledgee, if it is stipulated in the appraisal task.

5. For the purposes of this Federal Valuation Standard, when determining the value for the purposes of collateral, the market value is determined. If there are relevant requirements in the valuation assignment, in addition to the market value, investment and (or) salvage value may be determined.

6. When assessing property related to a general functional purpose (hereinafter referred to as a property complex), it is necessary to analyze the possibility of independent functioning and sale of property separately from other assets included in the property complex.

7. When evaluating property that is part of a property complex, based on the assumption that the sale of this property will be carried out as part of a property complex, the value of the appraisal object is determined as a part in the value of the property complex attributable to the property being valued when selling the entire property complex. This assumption is indicated in the assessment task. The cost of specialized property, which for the purposes of this Federal Valuation Standard means property that cannot be sold separately from the entire complex of property of which it is a part, due to its uniqueness due to its specialized nature, purpose, design, configuration, composition, size, location or other properties (hereinafter referred to as specialized property), is determined as a part in the value of the property complex.

8. The assessment report must contain the following additional results to those specified in FSO N 3:

the value (values) of the appraisal object in accordance with the types of value provided for in paragraph 5 of this Federal Valuation Standard;

Conclusions about the liquidity of the object of assessment are mandatory indicated in the report, but are not considered as the result of the assessment.

9. As a characteristic of the liquidity of the appraised object, the report indicates the typical (estimated) period of its market exposure for open market during which it can be sold at market value. In the case of valuation of specialized property as part of a complex of property, the liquidity of such property may be determined as the liquidity of the complex of property of which it is an integral part. This assumption is indicated in the valuation brief and the valuation report.

When determining the liquidity of the object of appraisal, the appraiser must justify the conclusions drawn by presenting the results of the analysis of significant factors affecting the liquidity of the object.

10. The appraisal task must contain the following information, additional to that specified in FSO N 1, as well as in other federal appraisal standards governing the appraisal of certain types of appraisal objects approved by the Ministry of Economic Development of Russia, information:

features of the inspection of the object of assessment or grounds that objectively prevent the inspection of the object, if any;

the procedure and terms for the provision by the customer of the materials and information necessary for the assessment;

the need to involve industry experts (specialists with the necessary professional competencies in matters requiring analysis in the assessment). If at the stage of preparing the assignment for the assessment of any of the parties to the contract, the need to involve industry experts is determined (revealed), then such a condition should be included in the assessment assignment.

11. In the valuation task, by the customer or the pledgee (if he is a party to the agreement), in agreement with the appraiser, other calculated values ​​​​in addition to those specified in clause 8 of this Federal Standard for the valuation of the valuation results, including:

forecast of changes in the value of the object of assessment in the future;

the amount of costs required when foreclosing the object of assessment.

At the same time, the specified calculated values ​​and conclusions based on the results of additional studies are included in the report, but are not the result of an assessment.

IV. Valuation assumptions for collateral purposes

12. The assumptions used in the assessment should be agreed upon by all parties to the contract.

13. The assumptions used in the valuation regarding the development prospects of the valuation subject must be justified by market data and trends. The use of forecast data of the customer or the owner of the appraisal object without checking their feasibility and compliance with market data independent of the customer is not allowed.

14. When building forecasts based on several scenarios or analytical data, it is advisable to refrain from using the most optimistic forecasts that lead to the maximization of the value of the object of assessment.

15. All the advantages that the owner has in relation to the object of assessment and the conditions of possession and use of the object of assessment, which differ from market conditions, cannot be taken into account in the assessment for the purposes of collateral, if they do not remain indisputably when the ownership of the object of assessment is transferred to another person.

16. All encumbrances and obligations, information about which is publicly available and (or) presented to the appraiser by the parties to the contract, affecting the value of the appraised object, should be taken into account when conducting the appraisal. The requirements for taking into account the influence of these factors on the value of the appraisal object are specified in the assignment for appraisal. In the event that encumbrances are identified before the signing of the contract, the appraiser is obliged to inform the parties to the contract being concluded, which are indicated in the task for evaluation, about this. If encumbrances are identified during the appraisal process, the appraiser is obliged to indicate the presence of encumbrances in the report and take them into account in the calculations, unless otherwise specified in the appraisal task.

17. The appraisal of the object of appraisal in the assumption of its use not for the current purpose is subject to mandatory agreement with the parties to the contract and is included in the appraisal task. When evaluating the object of appraisal assuming a change in its current use, all costs necessary for the implementation of alternative use are subject to mandatory accounting.

18. If it is necessary to conduct an assessment for the purposes of a pledge of research requiring special knowledge, be sure to involve industry experts with such knowledge. The appraiser is obliged to inform the customer about the impossibility of conducting an appraisal without the involvement of industry experts. In this case, the need to involve such industry experts is indicated in the valuation brief.

V. Special requirements for valuation for the purposes of collateral

19. When determining the liquidation value as a factor in the forced sale of the appraised object and when choosing the exposition period, the conditions for the sale of the appraised object should be considered, corresponding to the procedures for foreclosing the collateral established by the legislation in force on the date of appraisal or provided for by the contract. On the basis of the available information about the object of appraisal, other factors of forced sale and assumed assumptions in the period of exposure of the object to the open market can be selected. Such factors and assumptions are subject to justification and must be indicated in the valuation report.

20. When evaluating objects that are supposed to be created or are in the process of being created, when determining the market value of objects in the state on the date of assessment, in the absence of an assumption about a change in the use of the object, the market value may be additionally determined in accordance with the terms of the contract, taking into account the assumption that the object is completed as of the date estimates.

VI. Final provisions

21. In case of discrepancies between the requirements of this Federal Valuation Standard and the requirements of FSO N 1, FSO N 2, FSO N 3 and other federal valuation standards that regulate the valuation of certain types of valuation objects approved by the Ministry of Economic Development of Russia, this Federal Standard has priority.

On approval of the federal valuation standard "Valuation for the purposes of collateral (FSO N 9)

In accordance with Article 20 of the Federal Law of July 29, 1998 (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 1998, N 31, Art. 3813; 2006, N 31, Art. 3456; 2010, N 30, Art. 3998; 2011, N 1 , item 43; N 29, item 4291; 2014, N 30, item 4226) I order:

1. Approve the attached Federal Valuation Standard "Valuation for Pledge Purposes (FSO N 9)".

2. This order comes into force from the date of entry into force orders of the Ministry of Economic Development of Russia dated May 20, 2015 dated May 20, 2015

Minister
A.V.ULYUKAEV

FEDERAL STANDARD
ASSESSMENTS "ASSESSMENT FOR THE PURPOSES OF COLOR (FSO N 9)"

I. General provisions

1. This Federal Appraisal Standard has been developed taking into account international appraisal standards and federal appraisal standards "General concepts of appraisal, approaches and requirements for appraisal" The purpose of appraisal and types of value (FSO N 2), "Requirements for an appraisal report" (hereinafter, respectively - FSO N 1, FSO N 2, FSO N 3), other federal valuation standards governing the valuation of certain types of valuation objects approved by the Ministry of Economic Development of Russia, and determines the requirements for the valuation of an object (hereinafter also referred to as property) that is the subject of a pledge or planned for transfer as security in the form of collateral for alleged or existing monetary obligations (hereinafter - the purpose of the pledge).

2. This Federal Valuation Standard is mandatory for use when appraising objects of appraisal for collateral purposes, including appraisal for mortgage lending purposes. This Federal Valuation Standard develops, supplements and specifies, when assessing for the purposes of collateral, the requirements established by other federal valuation standards governing the valuation of certain types of valuation objects approved by the Ministry of Economic Development of Russia.

II. Object of assessment

3. For the purposes of this Federal Valuation Standard, the object of valuation means objects of civil rights, in respect of which the legislation of the Russian Federation establishes the possibility of their participation in civil circulation and the pledge of which is not prohibited by the current legislation of the Russian Federation.

III. General requirements for valuation for collateral purposes

4. When concluding an agreement to conduct an appraisal for the purposes of a pledge (hereinafter referred to as the agreement), the customer may inform the appraiser about the existing or potential pledgee. If the pledgee has publicly available special requirements for valuation for the purposes of collateral that do not contradict the legislation of the Russian Federation and the requirements of federal valuation standards, the appraiser must inform the customer of the existence of such special requirements.

The appraiser takes into account these special requirements of the pledgee, if it is stipulated in the appraisal task.

5. For the purposes of this Federal Valuation Standard, when determining the value for the purposes of collateral, the market value is determined. If there are relevant requirements in the valuation assignment, in addition to the market value, investment and (or) salvage value may be determined.

6. When assessing property related to a general functional purpose (hereinafter referred to as a property complex), it is necessary to analyze the possibility of independent functioning and sale of property separately from other assets included in the property complex.

7. When evaluating property that is part of a property complex, based on the assumption that the sale of this property will be carried out as part of a property complex, the value of the appraisal object is determined as a part in the value of the property complex attributable to the property being valued when selling the entire property complex. This assumption is indicated in the assessment task. The cost of specialized property, which for the purposes of this Federal Valuation Standard means property that cannot be sold separately from the entire complex of property of which it is a part, due to its uniqueness due to its specialized nature, purpose, design, configuration, composition, size, location or other properties (hereinafter referred to as specialized property), is determined as a part in the value of the property complex.

8. The assessment report must contain the following additional results to those specified in FSO N 3:

• the value (values) of the appraisal object in accordance with the types of value provided for in paragraph 5 of this Federal Valuation Standard;
• other calculated values, conclusions and recommendations prepared by the appraiser in accordance with the assessment task.

Conclusions about the liquidity of the object of assessment are mandatory indicated in the report, but are not considered as the result of the assessment.

9. As a characteristic of the liquidity of the appraised object, the report shall indicate the typical (estimated) period of its market exposure on the open market, during which it can be sold at market value. In the case of valuation of specialized property as part of a complex of property, the liquidity of such property may be determined as the liquidity of the complex of property of which it is an integral part. This assumption is indicated in the valuation brief and the valuation report.

When determining the liquidity of the object of appraisal, the appraiser must justify the conclusions drawn by presenting the results of the analysis of significant factors affecting the liquidity of the object.

10. The appraisal task must contain the following information, additional to that specified in and also in other federal appraisal standards governing the appraisal of certain types of appraisal objects approved by the Ministry of Economic Development of Russia, information:

• features of the inspection of the object of assessment or grounds that objectively prevent the inspection of the object, if any;
• the procedure and terms for the provision by the customer of the materials and information necessary for the assessment;
• the need to involve industry experts (specialists with the necessary professional competencies in matters requiring analysis during the assessment). If at the stage of preparing the assignment for the assessment of any of the parties to the contract, the need to involve industry experts is determined (revealed), then such a condition should be included in the assessment assignment.

11. In the valuation task, by the customer or the pledgee (if he is a party to the agreement), in agreement with the appraiser, other calculated values ​​​​in addition to those specified in clause 8 of this Federal Standard for the valuation of the valuation results, including:

• forecast of changes in the value of the object of assessment in the future;
• the amount of costs required when foreclosing the object of assessment.
• At the same time, the specified calculated values ​​and conclusions based on the results of additional studies are included in the report, but are not the result of an assessment.

IV. Valuation assumptions for collateral purposes

12. The assumptions used in the assessment should be agreed upon by all parties to the contract.

13. The assumptions used in the valuation regarding the development prospects of the valuation subject must be justified by market data and trends. The use of forecast data of the customer or the owner of the appraisal object without checking their feasibility and compliance with market data independent of the customer is not allowed.

14. When building forecasts based on several scenarios or analytical data, it is advisable to refrain from using the most optimistic forecasts that lead to the maximization of the value of the object of assessment.

15. All the advantages that the owner has in relation to the object of assessment and the conditions of possession and use of the object of assessment, which differ from market conditions, cannot be taken into account in the assessment for the purposes of collateral, if they do not remain indisputably when the ownership of the object of assessment is transferred to another person.

16. All encumbrances and obligations, information about which is publicly available and (or) presented to the appraiser by the parties to the contract, affecting the value of the appraised object, should be taken into account when conducting the appraisal. The requirements for taking into account the influence of these factors on the value of the appraisal object are specified in the assignment for appraisal. In the event that encumbrances are identified before the signing of the contract, the appraiser is obliged to inform the parties to the contract being concluded, which are indicated in the task for evaluation, about this. If encumbrances are identified during the appraisal process, the appraiser is obliged to indicate the presence of encumbrances in the report and take them into account in the calculations, unless otherwise specified in the appraisal task.

17. The appraisal of the object of appraisal in the assumption of its use not for the current purpose is subject to mandatory agreement with the parties to the contract and is included in the appraisal task. When evaluating the object of appraisal assuming a change in its current use, all costs necessary for the implementation of alternative use are subject to mandatory accounting.

18. If it is necessary to carry out research for the purposes of collateral that requires special knowledge, it is mandatory to involve industry experts with such knowledge. The appraiser is obliged to inform the customer about the impossibility of conducting an appraisal without the involvement of industry experts. In this case, the need to involve such industry experts is indicated in the valuation brief.

V. Special requirements for valuation for the purposes of collateral

19. When determining the liquidation value as a factor in the forced sale of the appraised object and when choosing the exposition period, the conditions for the sale of the appraised object should be considered, corresponding to the procedures for foreclosing the collateral established by the legislation in force on the date of appraisal or provided for by the contract. On the basis of the available information about the object of appraisal, other factors of forced sale and assumed assumptions in the period of exposure of the object to the open market can be selected. Such factors and assumptions are subject to justification and must be indicated in the valuation report.

20. When evaluating objects that are supposed to be created or are in the process of being created, when determining the market value of objects in the state on the date of assessment, in the absence of an assumption about a change in the use of the object, the market value may be additionally determined in accordance with the terms of the contract, taking into account the assumption that the object is completed as of the date estimates.

VI. Final provisions

21. In case of discrepancies between the requirements of this Federal Valuation Standard with the requirements of FSO No. 1, and other federal valuation standards governing the valuation of certain types of valuation objects approved by the Ministry of Economic Development of Russia, this Federal Standard has priority.

1 DRAFT On Approval of the Federal Valuation Standard “Valuation for Pledge Purposes (FSO 9)” In accordance with Article 20 of Federal Law No. 135-FZ of July 29, 1998 “On Valuation Activities in the Russian Federation” (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 1998, 31 3813; 2006, 31, art. 3456; 2010, 30, art. 3998; 2011, 1, art. 43, 29, art. 4291; 2014, 30, art. 4226) in a y: Approve the attached Federal Valuation Standard "Valuation for the Purposes of Pledge (FSO 9)". Minister A.V. Ulyukaev

2 APPROVED by the Order of the Ministry of Economic Development of Russia dated 2011 FEDERAL VALUATION STANDARD "Valuation for the Purposes of Pledge (FSO 9)" I. General Provisions and requirements for the assessment (FSO 1)”, “The purpose of the assessment and types of value (FSO 2)”, “Requirements for the assessment report (FSO 3)” (hereinafter, respectively, FSO 1, FSO 2, FSO 3), other federal standards appraisal, regulating the appraisal of certain types of appraisal objects and approved by the Ministry of Economic Development of Russia, and defines the requirements for the appraisal of an object (hereinafter referred to as property) that is the subject of a pledge or is planned to be transferred as security in the form of collateral for alleged or existing monetary obligations (hereinafter referred to as pledge purposes) . 2. This Federal Appraisal Standard is mandatory for appraisal of objects of appraisal for the purposes of collateral, including appraisal for the purposes of mortgage lending. This Federal Valuation Standard develops, supplements and specifies the requirements and procedures established by FSO 1, FSO 2, FSO 3, and other federal valuation standards governing valuation when assessing for collateral purposes.

3 2 separate types of objects of assessment and approved by the Ministry of Economic Development of Russia. II. Object of Valuation 3. For the purposes of this Federal Valuation Standard, the object of valuation means objects of civil rights in respect of which the legislation of the Russian Federation establishes the possibility of their participation in civil circulation and the pledge of which is not prohibited by the current legislation of the Russian Federation. III. General requirements for valuation for collateral purposes 4. When concluding an agreement for valuation for collateral purposes, the customer may inform the appraiser about the existing or potential pledgee. If the pledgee has special requirements for valuation for the purposes of collateral that do not contradict the requirements of federal valuation standards and the legislation of the Russian Federation, the appraiser must inform the customer of the existence of such special requirements. The appraiser takes into account these special requirements of the pledgee, if it is stipulated in the appraisal task. 5. For the purposes of this Federal Valuation Standard, when determining the value for the purposes of collateral, the market value is determined. If there are relevant requirements in the valuation assignment, in addition to the market value, investment and (or) salvage value may be determined. 6. When assessing property related to a common functional purpose (hereinafter referred to as the property complex), it is necessary to analyze the possibility of independent functioning and implementation

4 3 property separately from other assets included in the property complex. 7. When evaluating property that is part of a property complex, based on the assumption that the sale of this property will be carried out as part of a property complex, the value of the appraisal object is determined as a part in the value of the property complex attributable to the property being valued when selling the entire property complex. This assumption is indicated in the assessment task. The cost of specialized property, which for the purposes of this Federal Valuation Standard means property that cannot be sold separately from the entire complex of which it is part, due to the uniqueness due to the specialized nature, purpose, design, configuration, composition, size, location or other properties (hereinafter referred to as specialized property), is determined as a part in the value of the property complex. 8. The appraisal report should additionally also contain the following results: the cost (values) of the appraisal object in accordance with the types of value, established requirements of this Federal Valuation Standard; other calculated values, conclusions and recommendations prepared by the appraiser in accordance with the assessment task. Conclusions about the liquidity of the object of assessment are mandatory indicated in the report, but are not considered as the result of the assessment. 9. As a characteristic of the liquidity of the appraised object, the report shall indicate the typical (estimated) period of its market exposure on the open market, during which it can be sold at market value. In case of valuation of specialized property as part of

5 4 of the complex of property, the liquidity of such property can be defined as the liquidity of the complex of property, of which it is an integral part. This assumption is indicated in the valuation brief and the valuation report. When determining the liquidity of the object of appraisal, the appraiser must substantiate the conclusions drawn by presenting the results of an analysis of significant factors affecting the liquidity of the object and the timing of its market exposure. 10. The appraisal task must contain the following information, additional to that specified in FSO 1, as well as in other federal appraisal standards governing the appraisal of certain types of appraisal objects and approved by the Ministry of Economic Development of Russia, information: features of the inspection of the appraisal object or grounds that objectively prevent the inspection of the object , if any exist; the procedure and terms for the provision by the customer of the materials and information necessary for the assessment; the need to involve industry experts (specialists with the necessary professional competencies in matters requiring analysis during the assessment). If at the stage of preparing the assignment for the assessment of any of the parties to the contract, the need to involve industry experts is determined (revealed), then such a condition should be included in the assessment assignment. 11. In the valuation task, the customer or the pledgee, in agreement with the appraiser, may indicate other additional calculated values ​​to the valuation results mentioned in this Federal Standard, including: forecast of changes in the value of the object in the future; the amount of costs required when foreclosing the object of assessment.

6 5 At the same time, calculated values ​​and conclusions based on the results of additional studies are included in the report, but are not the result of an assessment. IV. Valuation Assumptions for Collateral Purposes 12. The assumptions used in the valuation should be agreed upon by all parties to the contract and reported by the appraiser. 13. The assumptions used in the valuation regarding the development prospects of the valuation subject must be justified by market data and trends. The use of forecast data of the customer or the owner of the appraisal object without checking their feasibility and compliance with market data independent of the customer is not allowed. 14. When constructing forecasts based on several scenarios or analytical data, the appraiser is advised to refrain from using the most optimistic forecasts that lead to the maximization of the value of the subject property. 15. All the advantages that the owner has in relation to the object of assessment and the conditions of possession and use of the object, which differ from market conditions, cannot be taken into account in the assessment for the purposes of collateral, if they do not remain indisputably when the ownership of the object of assessment is transferred to another person. 16. All encumbrances and obligations, information about which is publicly available and (or) presented to the appraiser by the parties to the contract, affecting the value of the appraised object, should be taken into account when conducting the appraisal. The requirements for taking into account the influence of these factors on the value of the appraisal object are specified in the assignment for appraisal. In the event that encumbrances are identified before the signing of the contract for the assessment, the appraiser is obliged to inform the parties to the contract and

7 6 indicate the fact of the presence of encumbrances in the assessment task. If encumbrances are identified during the valuation process, the appraiser is obliged to indicate the presence of encumbrances in the report unconditionally and take them into account in the calculations, unless otherwise specified in the valuation task. 17. The assessment of an object on the assumption of its use not for its current purpose is subject to mandatory agreement with the parties to the contract and is included in the assignment for the assessment. When evaluating an object on the assumption of a change in its current use, all costs necessary for the implementation of alternative use are subject to mandatory accounting. 18. If it is necessary to carry out research for the purposes of collateral that requires special knowledge, it is mandatory to involve industry experts with such knowledge. The appraiser is obliged to inform the customer about the impossibility of conducting an appraisal without the involvement of industry experts, the need to involve which is indicated in the assignment for appraisal. VI. Special requirements for valuation for the purposes of collateral 19. When determining the liquidation value as a factor in the forced sale of an object and when choosing the exposition period, one should consider the conditions for the sale of the object that correspond to the procedures for foreclosing the collateral established by the legislation in force on the date of the valuation or provided for by the contract. On the basis of the available information about the object of appraisal, other factors of forced sale and assumed assumptions in the period of exposure of the object to the open market can be selected. Such factors and assumptions are subject to justification and must be indicated in the valuation report.

8 7 20. When evaluating objects that are supposed to be created or are in the process of being created, when determining the market value of objects in the state on the date of assessment, in the absence of an assumption about a change in the use of the object in accordance with the terms of the contract, the market value may be additionally determined, taking into account the assumption of the completion of the object on the date of the assessment. VI. Final Provisions 21. In the event of discrepancies between the requirements of this Federal Valuation Standard and the requirements of FSO 1, FSO 2, FSO 3 and other federal valuation standards governing the valuation of certain types of valuation objects and approved by the Ministry of Economic Development of Russia, this Federal Standard shall take precedence.

FEDERAL STANDARD
ASSESSMENTS "ASSESSMENT FOR THE PURPOSE OF COLOR (FSO No. 9)"

I. General provisions

1. This Federal Appraisal Standard has been developed taking into account international appraisal standards and federal appraisal standards "General concepts of appraisal, approaches and requirements for appraisal (FSO N 1)", "Purpose of appraisal and types of value (FSO N 2)", "Requirements for valuation report (FSO N 3) "(hereinafter respectively - FSO N 1, FSO N 2, FSO N 3), other federal valuation standards governing the valuation of certain types of objects of assessment approved by the Ministry of Economic Development of Russia, and determines the requirements for the assessment of an object ( hereinafter also referred to as property) that is the subject of a pledge or is planned to be transferred as security in the form of a pledge for alleged or existing monetary obligations (hereinafter referred to as the purpose of the pledge).

2. This Federal Valuation Standard is mandatory for use when appraising objects of appraisal for collateral purposes, including appraisal for mortgage lending purposes. This Federal Valuation Standard develops, supplements and concretizes, when assessing for the purposes of collateral, the requirements established by FSO N 1, FSO N 2, FSO N 3, other federal valuation standards governing the valuation of certain types of appraisal objects approved by the Ministry of Economic Development of Russia.

II. Object of assessment

3. For the purposes of this Federal Valuation Standard, the object of valuation means objects of civil rights, in respect of which the legislation of the Russian Federation establishes the possibility of their participation in civil circulation and the pledge of which is not prohibited by the current legislation of the Russian Federation.

III. General requirements for valuation for collateral purposes

4. When concluding an agreement to conduct an appraisal for the purposes of a pledge (hereinafter referred to as the agreement), the customer may inform the appraiser about the existing or potential pledgee. If the pledgee has publicly available special requirements for valuation for the purposes of collateral that do not contradict the legislation of the Russian Federation and the requirements of federal valuation standards, the appraiser must inform the customer of the existence of such special requirements.

The appraiser takes into account these special requirements of the pledgee, if it is stipulated in the appraisal task.

5. For the purposes of this Federal Valuation Standard, when determining the value for the purposes of collateral, the market value is determined. If there are relevant requirements in the valuation assignment, in addition to the market value, investment and (or) salvage value may be determined.

6. When assessing property related to a general functional purpose (hereinafter referred to as a property complex), it is necessary to analyze the possibility of independent functioning and sale of property separately from other assets included in the property complex.

7. When evaluating property that is part of a property complex, based on the assumption that the sale of this property will be carried out as part of a property complex, the value of the appraisal object is determined as a part in the value of the property complex attributable to the property being valued when selling the entire property complex. This assumption is indicated in the assessment task. The cost of specialized property, which for the purposes of this Federal Valuation Standard means property that cannot be sold separately from the entire complex of property of which it is a part, due to its uniqueness due to its specialized nature, purpose, design, configuration, composition, size, location or other properties (hereinafter referred to as specialized property), is determined as a part in the value of the property complex.

8. The assessment report must contain the following additional results to those specified in FSO N 3:

• the value (values) of the appraisal object in accordance with the types of value provided for in paragraph 5 of this Federal Valuation Standard;
• other calculated values, conclusions and recommendations prepared by the appraiser in accordance with the assessment task.

Conclusions about the liquidity of the object of assessment are mandatory indicated in the report, but are not considered as the result of the assessment.

9. As a characteristic of the liquidity of the appraised object, the report shall indicate the typical (estimated) period of its market exposure on the open market, during which it can be sold at market value. In the case of valuation of specialized property as part of a complex of property, the liquidity of such property may be determined as the liquidity of the complex of property of which it is an integral part. This assumption is indicated in the valuation brief and the valuation report.

When determining the liquidity of the object of appraisal, the appraiser must justify the conclusions drawn by presenting the results of the analysis of significant factors affecting the liquidity of the object.

10. The appraisal task must contain the following information, additional to that specified in FSO N 1, as well as in other federal appraisal standards governing the appraisal of certain types of appraisal objects approved by the Ministry of Economic Development of Russia, information:

• features of the inspection of the object of assessment or grounds that objectively prevent the inspection of the object, if any;
• the procedure and terms for the provision by the customer of the materials and information necessary for the assessment;
• the need to involve industry experts (specialists with the necessary professional competencies in matters requiring analysis during the assessment). If at the stage of preparing the assignment for the assessment of any of the parties to the contract, the need to involve industry experts is determined (revealed), then such a condition should be included in the assessment assignment.

11. In the valuation task, by the customer or the pledgee (if he is a party to the agreement), in agreement with the appraiser, other calculated values ​​​​in addition to those specified in clause 8 of this Federal Standard for the valuation of the valuation results, including:

• forecast of changes in the value of the object of assessment in the future;
• the amount of costs required when foreclosing the object of assessment.
• At the same time, the specified calculated values ​​and conclusions based on the results of additional studies are included in the report, but are not the result of an assessment.

IV. Valuation assumptions for collateral purposes

12. The assumptions used in the assessment should be agreed upon by all parties to the contract.

13. The assumptions used in the valuation regarding the development prospects of the valuation subject must be justified by market data and trends. The use of forecast data of the customer or the owner of the appraisal object without checking their feasibility and compliance with market data independent of the customer is not allowed.

14. When building forecasts based on several scenarios or analytical data, it is advisable to refrain from using the most optimistic forecasts that lead to the maximization of the value of the object of assessment.

15. All the advantages that the owner has in relation to the object of assessment and the conditions of possession and use of the object of assessment, which differ from market conditions, cannot be taken into account in the assessment for the purposes of collateral, if they do not remain indisputably when the ownership of the object of assessment is transferred to another person.

16. All encumbrances and obligations, information about which is publicly available and (or) presented to the appraiser by the parties to the contract, affecting the value of the appraised object, should be taken into account when conducting the appraisal. The requirements for taking into account the influence of these factors on the value of the appraisal object are specified in the assignment for appraisal. In the event that encumbrances are identified before the signing of the contract, the appraiser is obliged to inform the parties to the contract being concluded, which are indicated in the task for evaluation, about this. If encumbrances are identified during the appraisal process, the appraiser is obliged to indicate the presence of encumbrances in the report and take them into account in the calculations, unless otherwise specified in the appraisal task.

17. The appraisal of the object of appraisal in the assumption of its use not for the current purpose is subject to mandatory agreement with the parties to the contract and is included in the appraisal task. When evaluating the object of appraisal assuming a change in its current use, all costs necessary for the implementation of alternative use are subject to mandatory accounting.

18. If it is necessary to carry out research for the purposes of collateral that requires special knowledge, it is mandatory to involve industry experts with such knowledge. The appraiser is obliged to inform the customer about the impossibility of conducting an appraisal without the involvement of industry experts. In this case, the need to involve such industry experts is indicated in the valuation brief.

V. Special requirements for valuation for the purposes of collateral

19. When determining the liquidation value as a factor in the forced sale of the appraised object and when choosing the exposition period, the conditions for the sale of the appraised object should be considered, corresponding to the procedures for foreclosing the collateral established by the legislation in force on the date of appraisal or provided for by the contract. On the basis of the available information about the object of appraisal, other factors of forced sale and assumed assumptions in the period of exposure of the object to the open market can be selected. Such factors and assumptions are subject to justification and must be indicated in the valuation report.

20. When evaluating objects that are supposed to be created or are in the process of being created, when determining the market value of objects in the state on the date of assessment, in the absence of an assumption about a change in the use of the object, the market value may be additionally determined in accordance with the terms of the contract, taking into account the assumption that the object is completed as of the date estimates.

VI. Final provisions

21. In case of discrepancies between the requirements of this Federal Valuation Standard and the requirements of FSO N 1, FSO N 2, FSO N 3 and other federal valuation standards governing the valuation of certain types of valuation objects approved by the Ministry of Economic Development of Russia, this Federal Standard has priority.