The Recognised Auction Platforms Regulations 2011

Access to auctionsU.K.

This section has no associated Explanatory Memorandum

20.—(1) The auction platform must make transparent and non-discriminatory rules, based on objective criteria, governing access to auctions conducted by it or other facilities offered by it.

(2) In particular those rules must specify the obligations for bidders, investors and other persons who make use of its facilities arising from—

(a)the constitution and administration of the auction platform;

(b)rules relating to bids made at auctions conducted by the auction platform, or other transactions executed under systems operated by the auction platform;

(c)its professional standards for staff of any bidders; and

(d)the rules and procedures for clearing and settlement of transactions executed by bidders.

(3) Rules of the auction platform about access to bid at auctions conducted by it must permit the auction platform to give access only to those persons who are eligible to be given access to bid directly in auctions under [F1regulation 16 of the UK auctioning regulations].

(4) Rules under this regulation must enable—

[F2(a)investment firms F3..., which—

(i)have permission under Part 4A of the Financial Services and Markets Act 2000 to carry on regulated activities relating to investment services and activities, bidding on their own account or on behalf of their clients; and

(ii)would require authorisation under Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments if they had their head office in an EEA state;

[F4(aa)investment firms which—

(i)satisfy the condition in sub-paragraph (a)(i); and

(ii)are authorised under Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments as amended from time to time;]

(b)credit institutions F5..., which—

(i)have permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of accepting deposits, bidding on their own account or on behalf of their clients; and

(ii)would require authorisation under Directive 2013/36/EU of the European Parliament and of the Council on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms if they had their head office in an EEA state,]

[F6(ba)credit institutions which—

(i)satisfy the condition in sub-paragraph (b)(i); and

(ii)are authorised under Directive 2013/36/EU of the European Parliament and of the Council on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms as amended from time to time;]

F7... to apply for access to bid in auctions conducted by the auction platform F8....

(5) The auction platform must make arrangements regularly to provide the Authority with a list of bidders.

(6) The auction platform may refuse access to its facilities on legitimate commercial grounds.

(7) This regulation is without prejudice to the generality of regulation 17.

Textual Amendments