Notice of Entrustment of Assessments and Auctions by the People's Courts
- Document Number：No.30  of the Supreme People's Court
- Area of Law： Civil Law
- Level of Authority： Judicial Interpretation
- Date issued：02-06-2012
- Effective Date：02-06-2012
- Issuing Authority： Supreme People's Court
- Status： Effective
Notice of the Supreme
People's Court on Issues Concerning the Implementation of the Several
Provisions of the Supreme People's Court on the Entrustment of Assessments and
Auctions by the People's Courts
(No.30  of the Supreme People's Court)
The higher people's courts of all provinces, autonomous regions, and municipalities directly under the Central Government, and the Production and Construction Corps Branch of the Higher People's Court of Xinjiang Uygur Autonomous Region:
The Several Provisions of the Supreme People's Court on the Entrustment of Assessments and Auctions by the People's Courts (hereinafter referred to as the “Provisions”), as adopted at the 1492nd session of the Judicial Committee of the Supreme People's Court, have come into force on January 1, 2012. To guarantee the smooth implementation of these Provisions, some relevant issues are hereby notified as follows:
I. The higher people's courts of all provinces, autonomous regions, and municipalities directly under the Central Government may, according to the value of the assets under judicial entrustment of assessments and auctions as well as the actual circumstance of the subject matter of the auction, determine the scope of qualification grade of an assessment or auction institution participating in assessment or auction activities under judicial entrustment. With respect to the assessment industry that hasn't carried out qualification grade rating, the people's court may, in conjunction with local administrative department in charge of the industry or the assessment industry association, determine the qualification grade of the institution that is to participate in assessment activities of a people's court.
II. The qualification grade of an auction institution refers to the qualification grade of an auction institution assessed by the China Association of Auctioneers according to the Grade Assessment and Grade Classification of Auction Enterprises.
The qualification grade of an assessment institution refers to the qualification grade of an assessment institution assessed by the administrative department in charge of assessment industry or the assessment industry association.
III. An assessment or auction institution satisfying the qualification grade standard is to submit an application to the local higher or intermediate people's court at the end of each year for being a selected institution of assessment or auction by the people's court to fulfill the corresponding duties and obligations in the next year.
IV. With respect to the cases of external entrustment of auction by people's courts at all levels, an auction announcement is to be released on the People's Courts Litigation Asset Websites, making public the assessment and auction information and results, unless such public disclosure is unnecessary as otherwise provided in laws and regulations.
V. In case the subject matter of auction under judicial entrustment is the asset of a state-owned enterprise a state controlled enterprise and the equities thereof, a people's court shall entrust an auction institution, and then the auction is to be conducted through the state-owned property right trading platform of a state-owned property right trading institution at or above the provincial level in accordance with relevant laws and regulations and judicial interpretations unless there are otherwise provisions in laws and regulations.
VI. In case the subject matter of auction under judicial entrustment is the securities transacted or transferred at the stock exchanges or other stock exchange venues approved by the State Council, including stocks, treasury bonds, corporate bonds, closed-end funds and other securities assets, the people's court is, through securities companies, to entrust the stock exchanges or other stock exchange venues approved by the State Council to conduct the auction by their established judicial auction institutions in accordance with relevant laws and regulations, and judicial interpretations and rules of transactions.
VII. The costs incurred from auctions under judicial entrustment by property right trading institutions or other stock exchange venues or network platform are to be deducted from the auction commission.
VIII. In case an institution and the liable person engaged in assessment and auction activities under judicial entrustment fail to fulfill the duties and obligations, operate against rules and laws, and incur serious flaws to an extent that the assessment and auction results are affected, the people's court may suspend or cancel their qualifications for judicial assessment and auction according to the circumstances, and according to law, punish those in violation of laws and regulations.
IX. The Supreme People's Court is in charge of supervising and guiding the implementation of these Provisions by local people's courts.
The people's courts at all levels are to report any problem or situation encountered in the implementation of these Provisions to the Supreme People's Court level by level and in a timely manner.
February 6, 2012