The "Management measure to auction" announced by the Ministry of Commerce to be entered into force on January 2005

The Ministry of Commerce (MOC) has announced the "Management measure to auction" that implement China's commitment of WTO accession and regulate the management order of auction industry in China. The measure shall enter into force on 1 January 2005.

The "Management measure to auction" contains 7 Chapters and 62 articles. Excepts the General Provisions and the Supplementary Articles, the measure has stipulated clearly the establishment, changes and dissolution of auction enterprises; foreign-invested auction enterprises; the auctioneer and auction activities; the supervision management and also the legal liabilities.
The measure encourages foreign investors who have stronger financial strength, advanced auction skill and experienced management and also the strong worldwide auction sales network to set-up a foreign-invested auction enterprise. The application requirements include:

1. Registered capital of at least RMB1 million, owned business name, organization structure, Memorandum & Article and the permanent office;

2. With 3 or more qualified auctioning staff that of one should be an auctioneer, besides there should be other full-time or part-time staff that must have experience and qualification in the auction business;

3. Compliance with the MOC provisions regarding the development of the auction industry, the relevant law, the stipulations and the regulations have been formulated in this measure;

4. Compliance with the stipulations of foreign-invested enterprise registered capital and the total amount of investment;

為了履行我國加入世界貿易組織的有關承諾和規範我國拍賣業經營秩序，商務部日前以部令形式正式發佈了《拍賣管理辦法》，並於2005年1月1日起施行。

《拍賣管理辦法》共7章62條，除總則和附則外，分別對拍賣企業的設立、變更和終止，外商投資拍賣企業，拍賣從業人員及拍賣活動，監督管理，法律責任等作了明確規定。其中《拍賣管理辦法》鼓勵具有較強的經濟實力、先進的拍賣技術和經營管理經驗、廣泛的國際拍賣營銷網路的外國投資者設立外商投資拍賣企業，申請條件包括：

1、 一百萬元人民幣以上的註冊資本, 名稱, 組織機構章程及固定的辦公場所；
2、 有三名以上取得拍賣業從業資格的人員，其中至少有一名是拍賣師；並有與主營業務密切聯繫的行業從業資格的專職或兼職人員；
3、 符合商務主管部門有關拍賣行業發展規劃, 法律, 行政法規及本辦法規定的拍賣業務規則；
4、 符合外商投資企業註冊資本和投資總額的有關規定；
5、 經營期限一般不超過三十年，在中西部設立外商投資拍賣企業的經營期限一般不超過四十年。