The financial administrative services of auctions and reserve sales include the management of financial bid guarantees and the distribution of proceeds to Participating Jurisdictions and consigning entities.
Before each auction, the financial services administrator establishes and verifies bank accounts for all auction applicants. It also receives, reviews and manages all financial bid guarantees on behalf of each auction participant.
Upon certification of the auction by the jurisdiction(s), the financial services administrator processes payments from successful bidders and returns bid guarantees to unsuccessful bidders. If necessary, the financial services administrator facilitates a currency exchange to ensure that each Participating Jurisdiction receives proceeds in its own currency and that Canadian entities pay in the currency they selected during bid guarantee submission.
Finally, the financial services administrator sends the auction proceeds to the Participating Jurisdictions and consigning entities.
