DisciplineU.K.
22.—(1) The auction platform must have—
(a)effective arrangements (which include the monitoring of transactions executed under systems operated by the auction platform) for monitoring and enforcing compliance with its rules;
(b)effective arrangements for monitoring and enforcing compliance with the arrangements made by it as mentioned in regulation 17(2)(d); and
(c)effective arrangements for monitoring transactions effected under systems operated by the auction platform in order to identify disorderly trading conditions.
(2) Arrangements made pursuant to paragraph (1) must include procedures for—
(a)investigating complaints made to the auction platform about the conduct of persons in the course of using the auction platform's facilities; and
(b)the fair, independent and impartial resolution of appeals against decisions of the auction platform.
(3) Where arrangements made pursuant to paragraph (1) include provision for requiring the payment of financial penalties, they must include arrangements for ensuring that any amount so paid is applied only in one or more of the following ways—
(a)towards meeting expenses incurred by the auction platform in the course of the investigation of the breach in respect of which the penalty is paid, or in the course of any appeal against the decision of the auction platform in relation to that breach;
(b)for the benefit of users of the auction platform's facilities;
(c)for charitable purposes.