What is the administrative penalty imposed on property auction organizations in Vietnam for disclosing information about registered bidders for the self-seeking purpose?
- Prohibiting property auction organizations in Vietnam from disclosing information about registered bidders for the self-seeking purpose?
- What is the administrative penalty imposed on property auction organizations in Vietnam for disclosing information about registered bidders for the self-seeking purpose?
- Will a property auction organization disclosing information about registered bidders for the self-seeking purpose be suspended from operation?
Prohibiting property auction organizations in Vietnam from disclosing information about registered bidders for the self-seeking purpose?
According to the provisions of Clause 2, Article 9 of the 2016 Law on Property Auction of Vietnam, property auction organizations are prohibited to commit the following acts:
- Letting other organizations use their names or operation registration certificates for auction practice;
- Colluding or being in cahoots with auctioned property sellers, bidders, price assessment organizations, auctioned property appraisal organizations and other individuals or organizations to falsify information about auctioned property, suppress prices, falsify auction dossiers or property auction results;
- Obstructing or causing difficulties to bidders in registering their participation in an auction or participating in an auction;
- Disclosing information about registered bidders for the self-seeking purpose;
- Receiving from auctioned property sellers any money amount, property or benefit other than auction service remuneration or property auction expenses as prescribed by law or other service charges related to auctioned property as agreed upon;
- Committing other prohibited acts as prescribed by relevant laws.
Thus, according to regulations, it is prohibited for property auction organizations to disclose information about registered bidders for the self-seeking purpose.
What is the administrative penalty imposed on property auction organizations in Vietnam for disclosing information about registered bidders for the self-seeking purpose? (Image from the Internet)
What is the administrative penalty imposed on property auction organizations in Vietnam for disclosing information about registered bidders for the self-seeking purpose?
Pursuant to the provisions of Clause 5, Article 24 of Decree No. 82/2020/ND-CP, violations against regulations on operation of property auction organizations are prescribed as follows:
Violations against regulations on operation of property auction organizations
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5. A fine ranging from VND 30,000,000 to VND 40,000,000 shall be imposed for one of the following acts:
a) Failing to list or publicly notify the asset auction, the change of auction contents that have been posted or publicly announced;
b) Failing to organize for auction participants to see auctioned assets or samples or documents on ownership, right to use assets and documents related to auctioned assets;
c) Disclosing information about registered bidders for the self-seeking purpose;
d) Obstructing or causing difficulties for auction participants in registering to participate in the auction or participating in the auction;
dd) Failing to issue auction regulations for each auction;
e) Appointing a person other than an auctioneer to run the auction;
g) Allowing other individuals or organizations to conduct auction activities in the name of their organization;
h) Using the auction participant's deposit and other related money in contravention of regulations;
i) Conducting the auction in case there is only one person registering to participate in the auction, one person participating in the auction, and one person paying the wrong price;
k) Auctioning according to summary procedure is not in accordance with regulations;
l) Making a record noting that the auction winner is not the highest bidder in the case of an up-bid auction or the price acceptor in the case of a down-bid auction.
Thus, property auction organizations disclosing information about registered bidders for the self-seeking purpose may be subject to an administrative fine of up to VND 40,000,000.
This fine is imposed upon organizations, the fine imposed upon individuals will be 1/2 of the fine imposed upon organizations for the same violation.
Will a property auction organization disclosing information about registered bidders for the self-seeking purpose be suspended from operation?
According to the provisions of Clauses 6 and 7, Article 24 of Decree No. 82/2020/ND-CP stipulating as follows:
Violation against regulations on operation of property auction organizations
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6. Additional penalties:
a) Suspend operation from 01 to 03 months, for violations specified at Point m Clause 2, Point b Clause 4, Points e, h and i Clause 5 of this Article;
b) Suspend operation for 3 to 6 months, for violations specified at Point k Clause 3, Points a, c, d and dd Clause 4, Points a, b, c, d, dd, g, k and l clause 5 of this Article;
c) Confiscation of material evidences being the operation registration papers of enterprises or branches which have been erased or modified to falsify contents, for the violations specified at Point o, Clause 2 of this Article.
7. Remedial measures:
a) Cancel the asset auction result if the auctioned asset is a public property, for the violations specified at Point b, Clause 3 and Point c, Clause 4 of this Article, leading to falsifying the auction results; Point i Clause 3 and Point b Clause 4 of this Article in case the person who is not eligible to participate in the auction or is not registered to participate in the auction is the auction winner; Point d Clause 4, Points a, d, e and l Clause 5 of this Article;
b) Forcing the property auction organization to carry out the procedures for requesting cancellation of auction results as prescribed in the case of asset auction which are not public property when committing violations specified at Point d, Clause 2; Points b, e and h, Clause 3, in case of falsifying auction results; Point i Clause 3, Clause 4, Points a, b, d, dd, e, g, i, k and l, Clause 5 of this Article;
c) Proposing competent agencies, organizations and persons to consider and handle the operation registration papers of enterprises or branches which have been erased or corrected to falsify the contents specified at Point o, Clause 2 of this Article;
d) Mandated return of revenues generated by violations specified at Points b, d, m, r and t Clause 2, Points i and k Clause 3, Clause 4, Points c, d, g, h and i Clause 5 of this Article.
Thus, a property auction organization disclosing information about registered bidders for the self-seeking purpose may be suspended for up to 6 months. In addition, the violating organization is also mandated to return revenues generated by violations.
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