(1) Every auction of pawnbrokers' pledges shall be conducted by an auctioneer nominated by the Minister and who is the holder of a licence within the meaning of section 2(1) of the Property Services (Regulation) Act 2011, or a relevant authorisation within the meaning of section 82 of that Act, in respect of a service which falls, or substantially falls, as the case requires, within paragraph (a) of the definition of ‘property service’ in that first-mentioned section.

(2) The Minister may, for the purpose of this section, nominate auctioneers for specified areas and may terminate a nomination at any time.

(3) Every auction of pawnbrokers' pledges shall be conducted in the premises of the auctioneer conducting the auction.

(4) Every auction of pawnbrokers' pledges shall be conducted in accordance with the regulations contained in the Seventh Schedule.