When the obligation applies
- Public auctioneer carrying out activities connected with an auction of real estate.
Exceptions and important distinctions
- For other auctioned assets assess in particular art, used goods and cash; this point does not automatically cover them.
- Read the category with section 2(3): the activity must form part of the business, subject to statutory exceptions for non-business legal entities, lawyer partners and the specified trust activity.
From first engagement to retention
Read this workflow with the scope and exceptions for this profession. Evidence of a measure follows its actual performance.
1. Before starting: verify scope
Record the actual service, parties and why it falls within the scope above. Assess exceptions for each measure, rather than applying them to the entire client relationship.
2. While providing the service: apply sector steps
- Determine the asset auctioned and participant roles.
- Check representation of the owner and acquirer.
- Configure due diligence and payment before settlement.
When the service, party or relevant circumstances change, revisit the affected step. This profession’s special regime takes precedence over a generic checklist.
3. Closure: document the outcome under the applicable regime
- Auction documents
- Identification and representation
- Price settlement records
Determine which records to retain and under what legal basis. For a customer of an obliged entity this concerns cooperation, not taking over the provider’s duties.
§ 2 odst. 1 písm. d) bod 3Supervision and legal basis
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