Regulatory Alerts2013-10-16
Documentation of Bidding Rounds and Related Matters in Real Estate Brokerage
The Norwegian Financial Supervisory Authority issued Circular 9/2013 to implement mandatory written documentation and identity verification for all real estate bidding rounds starting January 1, 2014. The regulation requires brokers to manage the bidding process carefully, ensure all bids and acceptances are recorded in writing, and verify bidder identities through signatures or approved electronic methods. Additionally, brokers must provide clear information about bidding procedures and rights in sales brochures and communicate bid status updates in writing to participants.
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