What are details of the Circular 19/2024/TT-BTP guiding the Law on Asset Auction by the Law on Asset Auction 2024 in Vietnam?
What are details of the Circular 19/2024/TT-BTP guiding the Law on Asset Auction by the Law on Asset Auction 2024 in Vietnam?
On December 31, 2024, the Minister of Justice of Vietnam issued Circular 19/2024/TT-BTP which stipulates the following issues:
- Training facilities for auctioneers, framework programs for auctioneering training courses
- Apprenticeship and examination of auctioneering apprenticeship results
- Programs, content, and organization of professional skill enhancement for auctioneers
- Guidance on selecting asset auctioneering professional organizations as regulated
- Forms applicable in the field of asset auctions.
Circular 19/2024/TT-BTP is applicable to auctioneering training facilities, auctioneering apprentices, individuals participating in examinations for auctioneering apprenticeship results, auctioneers, asset auctioneering professional organizations, organizations wholly owned by the State established by the State Bank of Vietnam to handle bad debts of credit institutions, individuals with assets for auction, state management agencies in asset auctioning, and other related agencies, organizations, and individuals.
Circular 19/2024/TT-BTP is effective from January 1, 2025.
What are details of the Circular 19/2024/TT-BTP guiding the Law on Asset Auction by the Law on Asset Auction 2024 in Vietnam? (Image from the Internet)
What are cases of the termination of the auction practice internship in Vietnam?
Based on Article 7 of Circular 19/2024/TT-BTP on the temporary suspension and termination of auctioneering apprenticeship:
Article 7. Temporary suspension and termination of auctioneering apprenticeship
- In cases with justified reasons, an apprentice may temporarily suspend their apprenticeship but must notify in writing the asset auctioneering professional organization where they are apprenticing. The suspension period shall not exceed 2 months and shall not be counted toward the apprenticeship duration.
- An apprentice shall terminate their auctioneering apprenticeship when they fall under one of the following cases:
a) Voluntarily terminating the apprenticeship;
b) The suspension period prescribed in clause 1 of this Article expires, and the apprentice does not continue the apprenticeship;
c) Falling under one of the cases provided for in Article 15 of the Law on Asset Auction as amended and supplemented in clause 10 Article 1 of the Law amending and supplementing a number of articles of the Law on Asset Auction;
d) Removed from the list of apprentices according to clause 1 Article 22 of this Circular.
[...]
According to the above regulation, an apprentice shall terminate their auctioneering apprenticeship when they fall under one of the following cases:
[1] Voluntarily terminating the apprenticeship
[2] The suspension period expires, and the apprentice does not continue the apprenticeship
[3] Falling under one of the following cases:
- Not meeting auctioneer standards:
+ Vietnamese citizen residing in Vietnam, complying with the Constitution and laws, with good moral character
+ Having a university degree or higher in law, economics, business administration, accounting, auditing, finance, or banking
+ Graduating from an auctioneering training course
+ Meeting the requirements in the examination of auctioneering apprenticeship results.
- Being an officer, professional soldier, worker, or public employee in national defense agencies, units of the People’s Army; officer, non-commissioned officer in professional or technical units of the Public Security institutions; officials and public employees, except for cases where officials and public employees are proposed for Auctioneering Practice Certificates to work at Asset Auction Service Centers.
- Losing or being restricted in civil act capacity; having difficulty in cognition or controlling behavior.
- Under criminal investigation; convicted and the judgment is legally effective; convicted without expungement; convicted of offenses relating to asset auction activities, deception to appropriate assets, or corruption, even if expunged.
- Undergoing administrative sanctions including mandatory addiction treatment, mandatory education centers as per legal regulations on handling administrative violations.
[4] Removed from the list of apprentices
What are the rights and obligations of an auctioneer in Vietnam?
Based on Article 19 of the Law on Asset Auction 2016 (amended and supplemented by clause a, clause 13 Article 1 of the Law on Asset Auction Amendment 2024), auctioneers have the following rights and obligations:
[1] Auctioneers have the following rights:
- Practice throughout the territory of Vietnam
- Directly conduct auction sessions; handle arising situations at auction sessions ensuring principles as regulated
- Disqualify attendees who violate during auction sessions
- Suspend auction sessions upon detecting collusion, price suppression, or causing disorder and notify the asset auctioning professional organization
- Conduct auction sessions under contracts between the Asset Auction Council and the asset auctioning professional organization where the auctioneer practices in case the auction is performed by the Council or an organization wholly owned by the State established by the State Bank of Vietnam to handle bad debts of credit institutions in cases of self-auction
- Guide and supervise the apprenticeship of auctioneering apprentices
- Other rights as regulated by law
[2] Auctioneers have the following obligations:
- Comply with asset auction principles, procedures, and regulations
- Follow the Code of Professional Ethics for Auctioneers
- Be responsible before the law and the asset auctioning professional organization for the auction sessions they conduct
- Be responsible for tasks performed by the auctioneering apprentices they guide
- Participate in professional liability insurance as regulated
- Other obligations as regulated by law.
