From January 1, 2025, what are the prohibited actions when participating in property auctions in Vietnam under the Law providing amendments to the Law on Property Auction 2024?
From January 1, 2025, what are the prohibited actions when participating in property auctions in Vietnam under the Law providing amendments to the Law on Property Auction 2024?
Based on Article 9 of the Law on Property Auction 2016, as amended and supplemented by Clause 5, Article 1 of the Law providing amendments to the Law on Property Auction 2024, and containing phrases replaced by Points b, k, Clause 45, Article 1 of the Law providing amendments to the Law on Property Auction 2024, the following actions are prohibited when participating in property auctions:
* Auctioneers are prohibited from performing the following acts:
(1) Allowing other individuals or organizations to use their Auctioneer Certificate;
(2) Exploiting the reputation of an auctioneer for personal gain;
(3) Creating fictitious lists of registered auction participants; creating fake or fraudulent auction participation dossiers; colluding, conspiring with asset owners, auction participants, appraisal organizations, asset inspection organizations, individuals, and other organizations to distort auction asset information, auction invitations, auction participation dossiers, lowering prices, raising prices, and distorting auction results;
(4) Restricting individuals or organizations from participating in auctions contrary to the law;
(5) Violating the Auctioneer's Code of Ethics;
(6) Disclosing information about the registered auction participants;
(7) Other prohibited acts as regulated by relevant laws.
** property auction Practicing Organizations are prohibited from performing the following acts:
(1) Allowing other organizations to use their name or operational registration certificate to practice property auctions;
(2) Creating fictitious lists of registered auction participants; creating fake or fraudulent auction participation dossiers; colluding, conspiring with asset owners, auction participants, appraisal organizations, asset inspection organizations, individuals, and other organizations to distort auction asset information, auction invitations, auction participation dossiers, lowering prices, raising prices, and distorting auction results;
(3) Obstructing or causing difficulties for auction participants in registering for auctions or attending auction sessions;
(4) Disclosing information about the registered auction participants;
(5) Receiving any money, assets, or benefits from asset owners beyond the auction service fees, property auction costs as regulated by law, and other service costs related to the auction asset as agreed;
(6) Other prohibited acts as regulated by relevant laws.
*** The property auction Council is prohibited from performing the acts specified in Points (2, 3, 4, 6 **).
**** Asset owners are prohibited from performing the following acts:
(1) Colluding, conspiring with auctioneers, property auction practicing organizations, individuals, and other organizations to distort auction asset information, auction invitations, auction participation dossiers, lowering prices, raising prices, and distorting auction results;
(2) Receiving any money, assets, or benefits from auctioneers, property auction practicing organizations, or auction participants to distort the auction organization's selection results or auction results;
(3) Restricting individuals or organizations from participating in auctions contrary to the law;
(4) Other prohibited acts as regulated by relevant laws.
***** Auction participants, successful bidders, and other individuals or organizations are prohibited from performing the following acts:
(1) Providing false information or documents; using forged papers to register for auctions or attend auction sessions;
(2) Colluding, conspiring with auctioneers, property auction practicing organizations, asset owners, other auction participants, individuals, and other organizations to lower prices, raise prices, or distort auction results;
(3) Obstructing property auction activities; causing disturbances or disorder at auction sessions;
(4) Threatening or coercing auctioneers or other auction participants to distort auction results;
(5) Accepting authorization to participate in auctions from another auction participant for an asset they are also bidding on; accepting authorization from two or more auction participants for the same asset;
(6) Attending auction sessions when their spouse, siblings also participate in the auction for the same asset;
(7) Attending auction sessions when it involves a parent company, subsidiary, or enterprises in which individuals, organizations, or groups can control the operations of the enterprise, as regulated by the law on enterprises;
(8) Other prohibited acts as regulated by relevant laws.
From January 1, 2025, what are the prohibited actions when participating in property auctions in Vietnam under the Law providing amendments to the Law on Property Auction 2024? (Internet image)
What are the regulations for transfer of auction dossiers?
Based on Article 45 of the Law on Property Auction 2016, replaced by Point b, Clause 45, Article 1 of the Law providing amendments to the Law on Property Auction 2024, the regulations for transfer of auction dossiers in Vietnam are as follows:
- Within 01 working day from the end of the auction, the property auction practicing organization must record the auction results into the property auction Registration Book and notify the asset owner in writing.
In the case of the auction conducted by the property auction Council, within 01 working day from the end of the auction, the Council must notify the auction results in writing to the authority who established the Council.
- Within 03 working days from the end of the auction, the property auction practicing organization or property auction Council must transfer the auction results, auction minutes, and the list of successful bidders to the asset owner to sign the asset sale contract or to the competent authority for approval of auction results, completing the related procedures, except as otherwise provided by law.
What are the regulations on retention of auction dossiers in Vietnam?
Based on Article 54 of the Law on Property Auction 2016, amended by Clause 35, Article 1 of the Law providing amendments to the Law on Property Auction 2024, the regulations on retention of auction dossiers in Vietnam are as follows:
(1) Asset owners, property auction practicing organizations, and the authority responsible for establishing the property auction Council must store auction records and documents according to the legal storage regulations for at least 05 years from the end of the auction, except in cases specified in (2).
(2) Individuals or organizations that voluntarily choose to auction as stipulated in Clause 2, Article 4 of the Law on Property Auction 2016, amended by Clause 2, Article 1 of the Law providing amendments to the Law on Property Auction 2024, decide the storage of auction records and documents according to the legal storage regulations.
>> The Law providing amendments to the Law on Property Auction 2024 takes effect in Vietnam from January 01, 2025, except as specified in Article 3 of the Law providing amendments to the Law on Property Auction 2024.
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