ORDER OF THE MINISTRY OF FINANCE OF UKRAINE

of June 1, 2006 No. 517

About approval of the Procedure for sale at auctions of products from precious metals and gemstones, gemstones of organogenic education and semiprecious stones from the State fund of precious metals and gemstones of Ukraine

According to Item 3-1 of the Procedure for sale to subjects of business activity of precious metals and gemstones, gemstones of organogenic education and semiprecious stones from the State fund of precious metals and gemstones approved by the resolution of the Cabinet of Ministers of Ukraine of May 7, 1998 N 653, I ORDER:

1. Approve the Procedure for sale at auctions of products from precious metals and gemstones, gemstones of organogenic education and semiprecious stones from the State fund of precious metals and gemstones of Ukraine which is applied.

2. (Melnik V. P.) to provide to management concerning state regulation of transactions with precious metals and gemstones provision of this order in accordance with the established procedure on state registration in the Ministry of Justice of Ukraine.

3. To impose control over the implementation of this order on the deputy minister of Reguretsky V. V.

No. 517 is approved by the Order of the Ministry of Finance of Ukraine on June 1, 2006

Procedure for sale at auctions of products from precious metals and gemstones, gemstones of organogenic education and semiprecious stones from the State fund of precious metals and gemstones of Ukraine

General provisions

1. This Procedure regulates the main requirements concerning the organization and holding auctions by public institution "State storage of precious metals and gemstones of Ukraine" (further - State storage), creations of proper conditions for demonstration and sale by it at auctions of products from precious metals and gemstones, gemstones of organogenic education and semiprecious stones (further - values) from the State fund of precious metals and gemstones of Ukraine.

2. In this Procedure terms are used in such value:

auction - method of sale of values on which the buyer who offered during trading for them the highest price becomes their owner;

auction values - values which are offered for sale at auctions;

the guarantee fee - deposit which is paid by the participant of auction which size cannot exceed 10 percent of the starting price of lot which is offered for sale;

information card - card in which specified number of lot, the name and characteristics of values of lot, the starting price of lot and other data which will consider necessary to specify the organizer of auction;

bid increment - the minimum allowance by which the starting and each subsequent price of lot announced by litsitator raises during trading. The size of bid increment is established by the auction commission on each lot, but it is no more than 10 percent of starting price;

litsitator - the leader of auction who knows procedure and owns technology of tendering;

lot - unit of values which is exposed for sale at auction, or batch of auction values which are offered for sale as single whole;

the winner of auction - the participant of auction who offered during trading the highest price for lot;

the buyer - the winner of auction which shall accept values and pays their cost;

selling price of lot - the actual sales price of lot at auction;

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