Document ID: chunk:federal_register_of_legislation:F2018L01065:clause:2_5:p8
Version: federal_register_of_legislation:F2018L01065
Segment Type: clause
Provision Reference: sch 2 cl 5 (pt 8/9)
Character Range: 174837–177470

– the final round of the secondary stage.
      (2) After the rounds of the secondary stage end, the auction manager must tell each bidder, using the auction system, that the rounds of the secondary stage have ended and that the auction will progress to the assignment stage.

17 Determination of secondary winners and secondary prices
(1) Subject to subclause 15(2), a bidder who has the final high bid for a lot (the allocated lot), in accordance with subclause 14(4), as a result of the final round for bids on a lot in the secondary stage is a secondary winner in the secondary stage for the lot of the product.
(2) For the purposes of subclause (3), the residual price for an allocated lot of a product in the secondary stage is an amount equal to:
         (a)      if there is only one bid on the lot – the starting price for the lot; or
         (b)      if there is more than one bid on the lot – the highest bid made for the lot by any bidder, during any round of the secondary stage, other than the final high bid.
(3) The secondary price to be paid by a secondary winner for all the allocated lots of each product of the secondary winner is the sum of all the secondary winner's residual prices.
(4) The secondary price calculated under subclause (3) must be rounded up to the next hundred.
          Note: This clause relates to Division 2 of Part 6 of this instrument for the purposes of section 294 of the Act and is disallowable under section 42 of the Legislation Act 2003.
18 Results of the secondary stage
(1) After the secondary winners and secondary prices are determined, the auction manager must tell each secondary winner, using the auction system:
(a)      the lots of each product allocated to the secondary winner; and
(b)      the residual price for the allocated lot of each product and the secondary price to be paid by the secondary winner for all allocated lots.
(2) After the secondary winners and secondary prices are determined, the auction manager must tell all bidders (in the primary stage and secondary stage):
(a)      the total number of secondary winners; and
(b)      whether a lot of a product has been allocated to secondary winners.

      19 End of the secondary stage

      (1) The auction manager must tell each primary winner and each secondary winner, the sum of:
(a)      the primary price; and
(b)      the secondary price;
         (c)      for all the allocated lots, in the primary stage or secondary stage, of each product of that winner.
      (2) Immediately after the auction manager provides the results in accordance with subclauses 18(1) and 18(2), the auction manager