CHAPTER IIU.K.THE DESIGN OF THE AUCTIONS

Article 6U.K.Submission and withdrawal of bids

1.The minimum volume bid for shall be one lot.

[F1One lot auctioned by an auction platform appointed pursuant to Article 26(1) or Article 30(1) shall be 500 allowances.]

[ F2. . . . .]

2.Each bid shall state the following:

(a)the identity of the bidder and whether the bidder is bidding on its own account or on behalf of a client;

(b)where the bidder is bidding on behalf of a client, the identity of the client;

[F3(c) the volume bid as a number of allowances in integral multiples of lots of 500 allowances;]

(d)the price bid in euros for each allowance specified to two decimal points.

3.Each bid may only be submitted, modified or withdrawn during a given bidding window.

Bids submitted may be modified or withdrawn by a given deadline before the close of the bidding window. Such deadline shall be set by the auction platform concerned and published on that auction platform’s website at least five trading days prior to the opening of the bidding window.

Only a natural person established in the Union appointed pursuant to Article 19(2)(d) and authorised to bind a bidder for all purposes relating to the auctions including the submission of a bid (the ‘bidder’s representative’) is entitled to submit, modify or withdraw a bid on behalf of a bidder.

Once submitted, each bid shall be binding, unless it is withdrawn or modified pursuant to this paragraph or withdrawn pursuant to paragraph 4.

4.Where the relevant auction platform is satisfied that a genuine mistake has been made in the submission of a bid, it may, upon request of the bidder’s representative, treat the mistakenly submitted bid as withdrawn after the close of the bidding window, but before the auction clearing price has been determined.

[F35. The reception, transmission and submission of a bid by an investment firm or credit institution on any auction platform shall be deemed to constitute an investment service within the meaning of point (2) of Article 4(1) of Directive 2014/65/EU.]

Textual Amendments