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3. FURTHER OBLIGATIONS
The Auctioning Regulation in Article 19(3) further requires of financials submitting bids on behalf of their clients to be responsible for ensuring that all of the following conditions are fulfilled:
(a) their clients are eligible persons pursuant to Article 18(1) or (2);
(b) they have or will have in good time before the opening of the bidding window adequate internal processes, procedures and contractual agreements necessary to:
(i) enable them to process bids from their clients including the submission of bids, collection of payment and transfer of allowances;
(ii) prevent the disclosure of confidential information from that part of their business responsible for receiving, preparing and submitting bids on behalf of their clients to that part of their business responsible for preparing and submitting bids on their own account;
4. OBLIGATION TO ENSURE THAT CLIENTS COMPLY WITH THE REQUESTS MADE BY THE AUCTION PLATFORM
Article 20(7) An auction platform require an applicant for admission to bid in its auctions to ensure that clients of the applicant comply with any request made by the auction platform and that any client of the applicant’s clients does the same. The implementation of above point will require appropriate provisions in agreements between financials and their clients and, further, between clients and their clients.
The said requests from an auction platform refer to the provision that an auction platform may refuse admission to bid in its auctions if the applicant refuses any of the following:
(a) to comply with requests made by the auction platform for additional information or clarification or substantiation of information provided;
(b) to attend an invitation made by the auction platform to interview any officers of the applicant including at its business premises or elsewhere;
(c) to allow investigations or verifications, requested by the auction platform including on-site visits or spot-checks at the applicant’s business premises;
(d) to comply with requests made by the auction platform for any information required from an applicant, the clients of an applicant or the clients of their clients to check compliance with the above cited requirements for eligibility.
This short review refers only to some provisions of the Auctioning Regulation and does not encompass other requirements which may potentially be relevant and that may follow from other legal instruments.