Document ID: chunk:federal_register_of_legislation:F2015L01373:body:0:p28
Version: federal_register_of_legislation:F2015L01373
Segment Type: other
Provision Reference: 
Character Range: 67411–69852

(b) the results period — during which the auction manager works out the high bid on each lot offered, using the auction system, and then provides the results for the round to bidders, using the auction system.

Note   For paragraph 1 (1) (a), in the case of withdrawing bids, withdrawal may be subject to withdrawal penalties — see clause 18.

 (2) In this clause:
results, for a round, means the following results and information:
 (a) the amount of the high bid on each lot for the round;
 (b) if the bidder with the high bid on a lot for the round is the same bidder with the high bid on that lot from the previous round, an indicator to that effect;
 (c) the number of bids made on a lot for the round;
 (d) the minimum bid on each lot for the next round;
 (e) a list of specified bids that may be made on each lot for the next round; and
 (f) any other information necessary for the smooth running of the auction.

 (3) During the results period for a round, a bidder will receive, using the auction system, the following information:
 (a) the bidding instructions made by the bidder during the bidding period for the round;
 (b) the amount of any high bid held on a lot by the bidder for the round;
 (c) the total amount of high bids held by the bidder for the round;
 (d) the bid withdrawal penalty for each lot that a bidder is liable for under clause 18 for the round;
 (e) the bidder's eligibility points at the beginning of the next round;
 (f) the number of waivers remaining for the bidder at the beginning of the next round; and
 (g) any other details necessary for the smooth running of the auction.

2 Schedule for rounds of the auction

 (1) Rounds of the auction must start and end between 9.00 am and 5.00 pm on working days.

 (2) The scheduling of rounds between those times is at the auction manager's discretion.

 (3) There is no minimum or maximum length for the bidding period or the results period of a round, and no minimum or maximum length for the interval between rounds.

 (4) There is no upper or lower limit on the number of rounds per day.

 (5) The auction system will indicate the anticipated schedule of rounds for a given day at least 1 hour before the start time of the first 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