Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:15:p1
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 15 (pt 1/3)
Character Range: 197891–200202

15  Validity of bids
 (1) A bid in a clock round is valid if all of the following apply in relation to the bid:
 (a) except where subsection 64(2) applies, the bid is received by the auction system between the start time and the end time of the clock round;
 (b) for an increase bid or a decrease bid for lots of a product – the bid price is:
 (i) not less than the opening price; and
 (ii) not greater than the clock price;
  for the lots of the product for the clock round;
 (c) for an increase bid or a decrease bid – the bid price is a multiple of 1,000;
 (d) for an increase bid for lots of a major population product – the result (when expressed in MHz) of:
 (i) the sum of the total size of the lots of each major population product for the start demand of the bidder; plus
 (ii) the total size of the lots of the product for that increase bid; plus
 (iii) if, in the same clock round, the bidder made an increase bid for lots of one or both of the other major population products – the sum of the total size of the lots of each such major population product for those increase bids; plus
 (iv) for a set-aside participant – the size of 1 set-aside lot of the 900 upper major population product; minus
 (v) if, in the same clock round, the bidder made a decrease bid for the lots of one or both of the other major population products – the sum of the total size of the lots of each such product for those decrease bids;
  in the clock round does not exceed the bidder's allocation limits (when expressed in MHz) applicable to the major population products;
 (e) for an increase bid for lots of a regional product – the result (when expressed in MHz) of:
 (i) the sum of the total size of the lots of each regional product for the start demand of the bidder; plus
 (ii) the total size of the lots of the product for that increase bid; plus
 (iii) if, in the same clock round, the bidder made an increase bid for lots of one or both of the other regional products – the sum of the total size of the lots of each such product for those increase bids; plus
 (iv) for a set-aside participant – the size of 1 set-aside lot of the 900 upper regional product; minus
 (v) if, in the same clock round, the bidder made a decrease bid for the lots of one or both of the other regional products – the sum of the total