State Administration for Industry and Commerce, Supervision and Administration of Auctions Tentative Measures

Promulgated: February 15 2001
Effective: March 1 2001

Main contents: Pursuant to the Measures, a county or higher level administration for industry and commerce exercises supervisory and administrative power over auction houses and auction activities within its jurisdiction (Article 2). An auction house shall file with a local administration for industry and commerce the particulars of its upcoming auction seven days before the auction and the particulars of the buyers within seven days after the auction (Article 4). In addition, the auction house shall publish an auction announcement seven days before the auction (Article 5). The administration for industry and commerce may exercise its supervisory power on site during an auction (Article 6). The Measures prohibit certain acts by auction houses, including auction of its own possessions and collusion with bidders (Articles 7 and 10). Penalties for breach of the Measures are also provided in the Measures (Articles 14 to19).
Related legislation: PRC, Auction Law, Jul 5 1996, CLP 1996 No.7 p10