Prohibited Acts in Asset Auction Activities

Prohibited Acts in Asset Auction Activities

Article 9. Prohibited Acts in Asset Auction
(Law on Asset Auction 2016; as amended by Clause 5, Article 1 of the Law Amending the Law on Asset Auction 2024)

1. Auctioneers are strictly prohibited from committing the following acts:
   a) Allowing other individuals or organizations to use their Auctioneer’s Practicing Certificate;
   b) Exploiting the title of auctioneer for personal gain;
   c) Creating fictitious lists of registered auction participants; fabricating or falsifying dossiers to participate in asset auction activities; colluding with asset owners, bidders, price appraisal organizations, asset valuation organizations, or other individuals and organizations to falsify information on auctioned assets, auction invitations, or auction dossiers, to suppress or inflate prices, or to distort auction results;
   d) Illegally restricting individuals or organizations from participating in auctions;
   d1) Disclosing information about registered auction participants;
   đ) Violating the Code of Ethics for Auctioneers;
   e) Other prohibited acts as prescribed by relevant laws.

2. Asset auction organizations are strictly prohibited from committing the following acts:
   a) Allowing other organizations to use their name or Certificate of Operation Registration to conduct asset auction activities;
   b) Creating fictitious lists of registered auction participants; fabricating or falsifying dossiers to participate in asset auction activities; colluding with asset owners, bidders, price appraisal organizations, asset valuation organizations, or other individuals and organizations to falsify information on auctioned assets, auction invitations, or auction dossiers, to suppress or inflate prices, or to distort auction results;
   c) Obstructing or creating difficulties for bidders in registering for or attending auctions;
   d) Disclosing information about registered auction participants;
   d1) Forging dossiers or intentionally providing false information to distort dossiers for the selection of asset auction organizations;
   d2) Using bidders’ deposits for purposes other than those prescribed;
   đ) Receiving any money, property, or benefit from asset owners other than service fees, asset auction expenses in accordance with law, and other service fees related to the auctioned asset as agreed;
   e) Other prohibited acts as prescribed by relevant laws.

3. Asset auction councils are prohibited from performing the acts specified at Points b, c, d, and e, Clause 2 of this Article.

4. Asset owners are strictly prohibited from committing the following acts:
   a) Colluding with auctioneers, auction organizations, or other individuals and organizations to falsify information on auctioned assets, auction invitations, or auction dossiers, to suppress or inflate prices, or to distort auction results;
   b) Receiving any money, property, or benefit from auctioneers, auction organizations, or bidders in order to falsify the results of selecting an auction organization or the results of an asset auction;
   b1) Illegally restricting individuals or organizations from participating in auctions;
   c) Other prohibited acts as prescribed by relevant laws.

5. Bidders, winning bidders, and other individuals and organizations are strictly prohibited from committing the following acts:
   a) Providing false information or documents; using forged papers to register for or participate in auctions;
   b) Colluding with auctioneers, auction organizations, asset owners, other bidders, or other individuals and organizations to suppress or inflate prices, or to distort auction results;
   c) Obstructing asset auction activities; causing disorder at auction sessions;
   d) Threatening or coercing auctioneers or other bidders to distort auction results;
   d1) Accepting authorization to participate in an auction from another bidder for the same asset in which they themselves are also participating; or accepting authorization from two or more bidders for the same asset;
   d2) Participating in an auction where their spouse, biological siblings, are also bidders for that asset;
   d3) Participating in an auction where a parent company, subsidiary, or other enterprises under common control in accordance with the Law on Enterprises are also bidders for that asset;
   đ) Other prohibited acts as prescribed by relevant laws.

Legal Basis:

• Article 9, Law on Asset Auction 2016

• Points a, b, c, d, g, k, Clause 5, Article 1, Law Amending the Law on Asset Auction 2024

• Code of Ethics for Auctioneers, promulgated under Circular No. 14/2018/TT-BTP (effective as of 12 December 2018)

• Point b, Clause 10, Article 73, Law on Prices 2023