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The Recognised Auction Platforms Regulations 2011
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- UK Statutory Instruments
- 2011 No. 2699
- PART 2
- Regulation 4
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The Recognised Auction Platforms Regulations 2011, Section 4 is up to date with all changes known to be in force on or before 07 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Revoking recognitionU.K.
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4.—(1) A recognition order may be revoked by an order made by the Authority at the request, or with the consent, of the recognised auction platform.
(2) If it appears to the Authority that a recognised auction platform—
(a)is failing, or has failed, to satisfy the auction recognition requirements;
(b)has not carried on the business of an auction platform during the period of twelve months beginning with the day on which the recognition order declaring it to be a recognised auction platform took effect in relation to it;
(c)has not carried on the business of an auction platform at any time during the period of six months ending with the relevant day; or
(d)has failed, or is likely to fail, to comply with any obligation imposed on it by these Regulations, or by the emission allowance auctioning regulation,
it may make an order revoking the recognition order which declared that body to be a recognised auction platform, even though that body does not wish the order to be made.
(3) Where the Authority makes a revocation order under section 297 in relation to a recognised investment exchange which is also a recognised auction platform, the Authority shall also make an order revoking the recognition order which declared that body to be a recognised auction platform.
(4) The “relevant day”, for the purposes of paragraph (2)(c), is the day on which the power to make an order under paragraph (1) is exercised.
(5) An order under this regulation (“a revocation order”) must specify the date on which it is to take effect.
(6) In the case of a revocation order made under paragraph (2) or (3), the specified date must not be earlier than the end of the period of three months beginning with the day on which the order is made.
(7) An order under paragraph (1) or (2) does not affect that body's recognition as a recognised investment exchange.
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