Regulation 16 Systems and controls
The auction platform must ensure that the systems and controls used in the performance of its functions are adequate, and appropriate for the scale and nature of its business.
Paragraph (1) applies in particular to systems and controls concerning—
the transmission of information;
the assessment, mitigation and management of risks to the performance of the auction platform's functions;
the monitoring of bids made by, and transactions effected by, bidders at auctions conducted by the auction platform;
the technical operation of the auction platform, including contingency arrangements for disruption to its facilities;
the operation of the arrangements mentioned in regulation 17(2)(d) below; and
(where relevant) the safeguarding and administration of assets belonging to users of the auction platform's facilities.