Document ID: chunk:federal_register_of_legislation:F2015L01373:body:0:p29
Version: federal_register_of_legislation:F2015L01373
Segment Type: other
Provision Reference: 
Character Range: 69628–72104

round of the day. However, the auction manager may, at any time, modify the schedule of rounds. If this occurs, the auction manager must inform all bidders of the change as soon as practicable.

 (6) Before the start time of each round, the auction manager must indicate to each bidder using the auction system:
 (a) the start time of the bidding period; and
 (b) the end time of the bidding period; and
 (c) the start time of the results period; and
 (d) the end time of the results period.

3 Recess days

 (1) The auction manager may declare a day to be a recess day (whether or not the day is a working day).

 (2) Before declaring a recess day, the auction manager must give bidders an opportunity to comment on the proposed declaration and take into account any comments received.

 (3) If the auction manager decides to declare a day to be a recess day, the auction manager must tell all bidders of this.

4 Movement to next stage of the auction

 (1) The auction manager may move the auction to the next stage.

 (2) Before moving the auction to the next stage, the auction manager must:
 (a) tell bidders of the proposal; and
 (b) ask bidders for their comments on the proposal within the time (being not less that 1 hour) set by the auction manager; and
 (c) take into account any comments received on the proposal.

 (3) If the auction manager decides to move to the next stage, he or she must tell all bidders of this and specify the round when the change will take effect.

Part 2 Bidding in the auction

      5 Definitions

      (1)                    In this Part:
activity target, for a bidder during a round in a stage, means the figure obtained by multiplying the amount of the bidder's eligibility points for that round by the eligibility percentage fixed by the auction manager for that stage, rounded down to an integer.

 (2) A bidder is active on a lot in a round if:
 (a) for a round to which the starting price applies — the bidder makes a bid that equals or exceeds the starting price; and
 (b) for any other round:
 (i) the bidder makes a bid that equals or exceeds the minimum bid on the lot worked out in accordance with clause 6; or
 (ii) the bidder holds the high bid on the lot from the previous round and does not withdraw that high bid in the current round.

6 Starting price and minimum bid

 (1) A bid on a lot below the amount of the starting price for that lot will not be accepted.

Note   For starting prices, see section 4.6 and