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Increasing the Role of Self-Regulatory Organizations in the Development of the Valuation Services Market through the Activities of Appraisers
Corresponding Author(s) : Giyos Tashpulatov
American Journal of Economics and Business Management,
Vol. 8 No. 4 (2025): April
Abstract
This article explores the role and significance of self-regulatory organizations (SROs) in enhancing the activities of appraisers and developing the valuation services market in the context of New Uzbekistan. Amid the country’s ongoing economic reforms, increasing demand for property valuation services, and the need for an investor-friendly climate, the regulation of appraisers through an SRO framework is becoming increasingly relevant. The article emphasizes the necessity of implementing professional standards, ensuring the competence and integrity of appraisers, and fostering a transparent and competitive valuation industry. The article analyzes the legal framework surrounding SROs, their main tasks and responsibilities, such as appraiser certification, professional ethics enforcement, standardization of valuation methodologies, and ongoing professional development. Furthermore, it examines how SROs can serve as an intermediary between appraisers and the state, improving accountability and creating a unified, trustworthy professional community. Comparative analysis with international best practices, particularly in developed countries, illustrates how strong SRO systems contribute to investor confidence, fair property transactions, and a robust market infrastructure. The article also outlines current challenges in Uzbekistan, such as inconsistencies in appraiser qualifications, lack of standardized valuation approaches, and limited collaboration with public institutions.Based on this analysis, several practical recommendations are presented to strengthen the role of SROs in Uzbekistan. These include introducing mandatory SRO membership for appraisers, creating a national electronic registry of certified appraisers, enhancing ethics and competence exams, and fostering greater integration with public and financial institutions. Ultimately, the development of a strong self-regulatory ecosystem is proposed as a key component in supporting the broader economic transformation of New Uzbekistan.
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- S. Gow and P. Galloway, The Importance of Valuation Services in Economic Transactions, Financial Press, 2018, p. 45.
- International Valuation Standards Council (IVSC), International Valuation Standards 2020 Edition, IVSC Publications, 2020, p. 35.
- L. Thompson and R. Williams, Valuation and Investment Decisions: Impact on Business Growth, Business Insights, 2016, p. 112.
- C. Crockett and N. Vardavas, Self-Regulation in Professional Services: A Case Study of the Appraisal Industry, Legal and Financial Press, 2017, p. 78.
- M. Stewart, et al., The Role of SROs in the Appraisal Industry: Challenges and Benefits, Regulatory Studies Journal, 2019, p. 55.
- D. Bishop and R. Stevens, Appraisal Standards and Practices: The Role of Self-Regulatory Bodies, Appraisal Institute Press, 2015, p. 21.
- R. Jones and F. Morgan, Professional Valuation Practices: The Role of RICS, Royal Publishing, 2018, p. 110.
- M. Aliyev, Legal Framework for Self-Regulation in Valuation Services: A Case Study of Uzbekistan, Uzbekistan Legal Review, 2019, p. 35.
- J. Peterson and T. Walker, Challenges and Opportunities in the Development of Self-Regulatory Organizations in Emerging Economies, Economic Policy Studies, 2021, p. 90.
- A. Gulov and S. Rakhmatov, Valuation Services in Uzbekistan: Expanding the Role of SROs, Economic Growth Publications, 2022, p. 120.
- G.T. Tashpulatov, "The necessity and importance of the self-regulatory institution in the development of the valuation services market in Uzbekistan," Scientific Electronic Journal ‘Financial Technologies’, no. 4, pp. 284-296, 2024.
References
S. Gow and P. Galloway, The Importance of Valuation Services in Economic Transactions, Financial Press, 2018, p. 45.
International Valuation Standards Council (IVSC), International Valuation Standards 2020 Edition, IVSC Publications, 2020, p. 35.
L. Thompson and R. Williams, Valuation and Investment Decisions: Impact on Business Growth, Business Insights, 2016, p. 112.
C. Crockett and N. Vardavas, Self-Regulation in Professional Services: A Case Study of the Appraisal Industry, Legal and Financial Press, 2017, p. 78.
M. Stewart, et al., The Role of SROs in the Appraisal Industry: Challenges and Benefits, Regulatory Studies Journal, 2019, p. 55.
D. Bishop and R. Stevens, Appraisal Standards and Practices: The Role of Self-Regulatory Bodies, Appraisal Institute Press, 2015, p. 21.
R. Jones and F. Morgan, Professional Valuation Practices: The Role of RICS, Royal Publishing, 2018, p. 110.
M. Aliyev, Legal Framework for Self-Regulation in Valuation Services: A Case Study of Uzbekistan, Uzbekistan Legal Review, 2019, p. 35.
J. Peterson and T. Walker, Challenges and Opportunities in the Development of Self-Regulatory Organizations in Emerging Economies, Economic Policy Studies, 2021, p. 90.
A. Gulov and S. Rakhmatov, Valuation Services in Uzbekistan: Expanding the Role of SROs, Economic Growth Publications, 2022, p. 120.
G.T. Tashpulatov, "The necessity and importance of the self-regulatory institution in the development of the valuation services market in Uzbekistan," Scientific Electronic Journal ‘Financial Technologies’, no. 4, pp. 284-296, 2024.