Commission Regulation (EU) No 1031/2010Dangos y teitl llawn

Article 54 U.K. Monitoring the relationship with bidders

1. An auction platform auctioning two-day spot or five-day futures shall monitor the relationship with bidders admitted to bid in its auctions throughout its subsistence, by doing the following:

(a) scrutinising bids made throughout the course of that relationship to ensure that the bidding behaviour of bidders is consistent with the auction platform’s knowledge of the customer, its business and risk profile, including, where necessary, the source of funds;

(b) maintaining effective arrangements and procedures for the regular monitoring of the compliance by persons admitted to bid pursuant to Article 19(1), (2) and (3) with its market conduct rules;

(c) monitoring transactions undertaken by persons admitted to bid pursuant to Articles 19(1), (2) and (3) and 20(6) using its systems in order to identify breaches of the rules referred to in point (b) of this subparagraph, unfair or disorderly auctioning conditions or conduct that may invoke market abuse.

Where scrutinising bids in accordance with point (a) of the first subparagraph, the auction platform concerned shall pay particular attention to any activity which it regards as particularly likely, by its nature, to be related to money laundering, terrorist financing or criminal activity.

2. An auction platform auctioning two-day spot or five-day futures shall ensure that the documents, data or information it holds on a bidder are kept up-to-date. For this purpose, such an auction platform may:

(a) request any information of the bidder, pursuant to Articles 19(2) and (3) and 20(5), (6) and (7), for the purposes of monitoring the relationship with that bidder following its admission to bid in the auctions, throughout the subsistence of that relationship and for a period of five years following its termination;

(b) require any person admitted to bid to resubmit an application for admission to bid at regular intervals;

(c) require any person admitted to bid to promptly notify the auction platform concerned of any changes to the information submitted to it pursuant to Articles 19(2) and (3) and 20(5), (6) and (7).

3. An auction platform auctioning two-day spot or five-day futures shall keep records of:

(a) the application for admission to bid submitted by an applicant, pursuant to Article 19(2) and (3), including any amendments thereto;

(b) the checks carried out in:

(i)

processing the application for admission to bid submitted, pursuant to Articles 19, 20 and 21;

(ii)

scrutinising and monitoring the relationship, pursuant to points (a) and (c) of paragraph 1, following an applicant’s admission to bid;

(c) all information relating to a given bid submitted by a given bidder in an auction, including any withdrawal or modification of such bids, pursuant to the second subparagraph of Article 6(3) and (4);

(d) all information relating to the conduct of each auction in which a bidder has submitted a bid.

4. An auction platform auctioning two-day spot or five-day futures shall keep the records referred to in paragraph 3 for as long as a bidder is admitted to bid in its auctions and for at least five years following the termination of the relationship with that bidder.