Article 55–Article 58 · 4 articles
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Right of appeal
1. An auction platform shall ensure that it has in place an extra-judicial mechanism to deal with complaints from:
(a)
applicants for admission to bid, in particular persons whose application for admission to bid has been refused;
(b)
persons whose admission to bid has been revoked or suspended;
(c)
persons admitted to bid.
2. Member States where a regulated market appointed as a common auction platform or an opt-out auction platform, or its market operator, are supervised, shall ensure that any decisions made by the extra-judicial mechanism referred to in paragraph 1 are properly reasoned and are subject to the right to apply to the courts referred to in Article 74(1) of Directive 2014/65/EU. That right shall be without prejudice to any rights of appeal directly to the courts or competent administrative bodies provided for in the national measures transposing Article 74(2) of Directive 2014/65/EU.
Correction of errors
1. Any errors in the transfer of payment or allowances or in any collateral or deposit given or released under this Regulation shall be notified to the clearing system or settlement system as soon as it comes to the notice of any person.
2. The clearing system or settlement system shall take all measures necessary to rectify any errors referred to in paragraph 1 that are notified to it or that come to its attention by any other means.
3. Any person that benefits from an error referred to in paragraph 1 which cannot be rectified under paragraph 2 due to the intervening rights of a third-party purchaser in good faith, and that knew of or ought to have known of the error but failed to notify it to the clearing system or settlement system, shall be liable to make good any damage caused.
Repeal
1. Regulation (EU) No 1031/2010 is repealed.
2. References to the repealed Regulation shall be construed as references to this Regulation and shall be read in accordance with the correlation table in Annex IV.
Entry into force
This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union .
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
