Auction Industry: Parliamentary Committee Calls for Submissions on Legislative Gaps

Posted 21 September 2026 Written by Acts Online
Category Trade & Industry

Brought to you by SA Legal Academy: The Portfolio Committee on Trade, Industry and Competition has issued a call for public submissions regarding perceived shortcomings and legislative gaps in the regulation of the auction industry.

In terms of parliamentary oversight over trade and commercial practices — currently governed primarily under section 45 of the Consumer Protection Act, No. 68 of 2008 and the Property Practitioners Act, No. 22 of 2019 — the National Assembly’s Portfolio Committee on Trade, Industry and Competition has called for written submissions by 30 September 2026. The committee aims to determine whether existing legislation adequately regulates auction practices or if dedicated statutory reforms are necessary.

The inquiry has been initiated in response to concerns regarding:

  • Unscrupulous conduct and questionable practices occurring within the auction sector;
  • The slow pace of demographic transformation and compliance with the Broad-Based Black Economic Empowerment Act, No. 53 of 2003; and
  • Regulatory loopholes in the current framework governing asset disposals and auctioneering conduct.

The committee is scheduled to hold structured engagements with industry stakeholders and relevant regulatory authorities on 6 October 2026. The official notice, backdated to 18 September 2026, followed publication delays attributed to parliamentary website downtime.

What this means for you, your business, or your clients

  • For yourself: Legal practitioners and advisors should evaluate existing disputes and contractual vulnerabilities under section 45 of the Consumer Protection Act to prepare representations or client advisories ahead of the 30 September 2026 deadline.
  • For your business: Auction houses and asset disposal firms should audit their B-BBEE verification levels, terms of auction, and consumer disclosure protocols in anticipation of stricter sector-specific regulatory interventions following the 6 October 2026 hearings.
  • For your clients: Corporate and individual clients who regularly buy or liquidate distressed assets via auction should prepare for potential amendments regarding reserve price rules, bidder deposit handling, and vendor transparency.

Originally published at https://legalacademy.co.za/news/read/auction-industry-parliamentary-committee-calls-for-submissions-on-possible-legislative-gaps

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