(1) When appointing auctioneers, the Treasury must take into account the extent to which candidates -

(a) exhibit the least risk of conflict of interest or market abuse having regard to the following -

(i) any activities on the secondary market;

(ii) any internal processes and procedures to mitigate the risk of conflict of interest or market abuse;

(b) are able to fulfil the auctioneer’s functions, in a timely manner, in accordance with the highest professional and quality standards.

(2) The auctioneer’s appointment is subject to the conclusion of the arrangements referred to in regulation 20(3) between the auctioneer and the appointed auction platform.