(1) The FCA may give a direction that a tender is to take place in order to select a person to provide a CTP service (a "direction to tender").

(2) A direction to tender must specify -

(a) the steps to be taken by prospective bidders wishing to participate in the tender, and

(b) the nature of the CTP service to which the tender applies, by reference to the description of financial instrument for which trade reports are to be collected and, where applicable, the relevant class of assets within that financial instrument.

(3) The FCA must make a determination as to whether -

(a) a bidder is to be awarded a contract to provide the CTP service to which the tender applies (a "tender contract"), or

(b) where a bidder is not authorised or verified to provide the CTP service concerned, the bidder is a person to whom the FCA proposes to award a tender contract subject to that person being authorised or verified (a "preferred bidder").