PART 5Auction Recognition Requirements
Suitability15
1
The auction platform must be a fit and proper person to perform the functions of a recognised auction platform.
2
In considering whether this requirement is satisfied, the Authority may (without prejudice to the generality of regulation 13(1)) take into account all the circumstances, including the auction platform's connection with any person.
3
The persons who effectively direct the business and operations of the auction platform must be of sufficiently good repute and sufficiently experienced to ensure the sound and prudent management and operation of the auction platform.
4
The persons who are in a position to exercise significant influence over the management of the auction platform, whether directly or indirectly, must be suitable.