Document ID: chunk:federal_register_of_legislation:F2016L01970:clause:1_2:p1
Version: federal_register_of_legislation:F2016L01970
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 1/2)
Character Range: 105577–107905

2  Rounds of the auction
 (1) A round of the auction will be for bids on a single lot.
 (2) The first round of the auction, and, subject to subclause (3), each subsequent round of the auction, will be for bids on the 10 MHz lot.
 (3) If a round is the final round for bids on the 10 MHz lot:
 (a) there must be at least one recess day between that round and the next round of the auction; and
 (b) the next round of the auction, and each subsequent round of the auction, will be for bids on the 5 MHz lot.
Note: For the final round for bids on the 10 MHz lot, see clause 11.
 (4) During a round, each bidder may make a bid on the relevant lot, if it is one of the bidder's preferred lots.
 (5) Before the start time of each round for bids on the 10 MHz lot, the auction manager must provide the following information to each bidder who nominated the 10 MHz lot as a preferred lot, using the auction system:
 (a) the start time of the round;
 (b) the end time of the round;
 (c) the specified price that will apply to the 10 MHz lot in the round;
 (d) for each round other than the first round, the specified price that applied to the 10 MHz lot in the previous round;
 (e) the total number of bidders that have nominated the 10 MHz lot as a preferred lot;
 (f) the number of bidders remaining in the auction for the 10 MHz lot after the end of the previous round;
 (g) any other information the ACMA considers necessary or convenient to conduct the auction.
 (6) After each round for bids on the 10 MHz lot, the auction manager must provide the following information to each bidder who nominated the 10 MHz lot as a preferred lot, using the auction system:
 (a) the bid made by the bidder during the round (if any);
 (b) for each round other than the final round for the 10 MHz lot– the number of bidders remaining in the auction for the lot after the round;
 (c) if, as a result of the round, the bidder is the winning bidder for the 10 MHz lot – the winning price for that lot;
 (d) any other information the ACMA considers necessary or convenient to conduct the auction.
 (7) Before the start time of each round for bids on the 5 MHz lot, the auction manager must provide the following information to each bidder who nominated the 5 MHz lot as a preferred lot, using the auction system:
 (a) the start time of the round;
 (b)