Updated Framework on the Implementation of Auctions: Scope of Auction Categories Broadened

In 2020, the Minister of Finance (“Minister”) issued Regulation No. 213/PMK.06/2020 (“Regulation 213/2020”) on Guidelines for the Implementation of Auctions, which, as its title suggests, addresses the applicable mechanism and requirements for the implementation of auctions. However, in an effort to improve effective and accountable auction services, the Minister has now decided to update these guidelines through the issuance of Regulation  No. 122 of 2023 (“Regulation 122/2023”), which is set to come into force on 1 January 2024.[1]