What are violations against regulations on operation of asset auction organizations and sanctions in Vietnam?

What are violations against regulations on operation of asset auction organizations and sanctions in Vietnam?

Pursuant to Article 24 of Decree 82/2020/ND-CP stipulating the above contents as follows:

1. A fine of between VND 3,000,000 and 7,000,000 shall be imposed for one of the following acts:

a) Improperly or incompletely complying with the reporting regime as prescribed;

b) Making, managing and using books and forms in contravention of regulations;

c) Sending an application on time when there is a change in the name, address of the head office, branch, representative office or legal representative of the enterprise;

d) To prescribe the form of auction in the auction regulations without agreement with the property owner;

dd) Failing to transfer or transferring on time or incompletely the auction documents as prescribed;

e) Failing to sign a labor contract with an auctioneer working at their enterprise, unless the auctioneer is a founding member or a founding member;

g) Failing to list or publicize remuneration for asset auction services;

h) Refusing to accept apprentices without plausible reasons; notify and report on improper acceptance of probationary period;

i) Inadequate professional liability insurance for auctioneers belonging to their organization;

k) Incorrectly announcing the number, duration, contents of operation registration, changes in operation registration contents of the asset auction enterprise;

l) Failure to notify on time or in form of operation registration of the branch or the address of the representative office of the asset auction enterprise as prescribed.

2. A fine of between VND 7,000,000 and 10,000,000 shall be imposed for one of the following acts:

a) Failing to make a voucher or failing to write information on the receipt of payment for the purchase of auction participation documents;

b) Collecting the deposit or returning the deposit in contravention of regulations;

c) Failing to preserve or improperly preserve auctioned assets when delivered;

d) Auction of assets that have not yet been appraised, which, according to the provisions of law, must be appraised;

dd) Failing to comply with the reporting regime on organization and operation;

e) Failing to make, manage and use the books as prescribed;

g) Failing to report the list of auctioneers and auctioneer trainees at their organization to the Department of Justice;

h) Failing to apply for an auctioneer card to the auctioneer of his/her organization;

i) Failure to purchase professional liability insurance for auctioneers of their organization;

k) Failing to disclose contents of operation registration or changes to operation registration of the asset auction enterprise;

l) Failure to notify the operation registration of the branch or the address of the representative office of the asset auction enterprise;

m) Operating contrary to the contents of the operation registration certificate of the asset auction enterprise;

n) Failing to request changes to the operation registration information in terms of the name, address of the head office, branch, representative office or legal representative of the enterprise;

o) Erasing, correcting, falsifying contents of operation registration papers of enterprises or branches of asset auction enterprises;

p) Request the Department of Justice to issue auctioneer cards to auctioneers who do not work at their organizations;

q) Failing to make an auction record at the auction; make a record but do not detail or accurately the progress of the auction or lack the signature of one of the components as prescribed or do not have the stamp of the auction organization or let the person not attending sign auction minutes;

r) Collecting improperly the selling price of auction participation dossiers;

s) Conducting the auction without a written notice from the person having the auctioned asset about the price step, unless the person having the property does not decide the price step;

t) Illegally making agreements with relevant individuals and organizations during the auction process, affecting the lawful rights and interests of a third party, except for the case specified at Points i and k, Clause 3, Points b and d Clause 4, Points c, e and g Clause 5 of this Article.

3. A fine of between VND 10,000,000 and 20,000,000 shall be imposed for one of the following acts:

a) Illegally posting or publicly announcing the auction;

b) Selling or receiving auction participation dossiers in contravention of regulations;

c) Posting, publicly notifying when changing the listed auction contents or making public announcements is not in accordance with regulations;

d) Promulgating the auction regulations incorrectly or incompletely with the main contents as prescribed or failing to publicly announce the auction regulations;

dd) Set additional requirements and conditions for auction participants in addition to the conditions for registration to participate in the auction as prescribed;

e) Failing to check information about the right to sell property provided by the property owner, leading to the auction of the property that is not allowed to be sold or the property is not eligible for auction as prescribed;

g) Failing to fully and accurately notify auction participants of necessary information related to the value and quality of auctioned assets under the asset auction service contract;

h) Organizing the auction at the wrong time, place or not continuously according to the time and place announced, except for force majeure cases;

i) Allow persons ineligible to participate in the auction to participate in the auction;

k) Receiving money, property or other benefits other than the remuneration for auction services, prescribed auction costs or other agreed service costs;

l) Failure to comply with regulations on viewing auctioned assets.

4. A fine ranging from VND 20,000,000 to VND 30,000,000 shall be imposed for one of the following acts:

a) Failing to make an auction record;

b) For persons who are not registered to participate in asset auctions but participate in auctions;

c) Organizing the auction in contravention of the auction form and method according to the auction regulations;

d) Colluding, hooking up with auctioneers, auction participants, price appraisal organizations, auctioned asset assessment organizations, other individuals and organizations to falsify asset information auction, lower prices, falsify auction documents or asset auction results, but not to the extent of criminal prosecution;

dd) Restricting viewing of auctioned assets or samples or documents on ownership, right to use assets and documents related to auctioned assets.

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 auction registrants for the purpose of profiteering;

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) Appoint a person other than an auctioneer to run the auction;

g) Allow 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) Conduct 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) Auction according to summary procedure is not in accordance with regulations;

l) Make 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.

6. Additional sanctioning forms:

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 asset 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) For c , d, g, h and i clause 5 of this Article.

What are violations against regulations on establishment and registration of operation of arbitration centers, branches of arbitration centers, branches and representative offices of foreign arbitration institutions in Vietnam?

Pursuant to Article 25 of Decree 82/2020/ND-CP stipulating the above contents as follows:

1. A fine ranging from VND 3,000,000 to VND 7,000,000 shall be imposed for erasing, correcting and falsifying the contents of papers issued by competent agencies, organizations or persons in the application for establishment; register the operation of arbitration centers and branches of arbitration centers; change the name and field of operation of the arbitration center, change the operation registration of the branch of the arbitration center; establishment, operation registration, change of name and field of operation of branches of foreign arbitration institutions; establish a representative office of a foreign arbitration institution; change the head of the representative office, the location of the representative office of the foreign arbitration institution.

2. Additional sanctioning forms:

Confiscate material evidences which are papers and documents that have been erased or modified to falsify their contents, for violations specified in Clause 1 of this Article.

3. Remedial measures:

a) Proposing competent agencies, organizations or persons to consider and handle the issued papers and documents due to violations specified in Clause 1 of this Article; papers and documents that have been erased or corrected to falsify the contents specified in Clause 1 of this Article;

b) Forcible return of illegal profits obtained from committing violations specified in Clause 1 of this Article.

Best Regards!