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Frequently Asked Questions - #40

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FAQ-40

Can a Qualified Bidder publicly announce during the Auction Process that it is participating in one or both of the BGS Auctions?  Can a Qualified Bidder discuss its participation in the Auction Process with anyone?


No, once an entity has completed the Part 1 Application for a BGS Auction, this entity cannot announce that it is participating in a BGS Auction.  In its Part 1 Application, the entity certifies that upon becoming a Qualified Bidder, it will not disclose information regarding the list of Qualified Bidders, including the identity of any one Qualified Bidder.  This prohibits the Qualified Bidder from announcing or revealing to anyone that it is itself a Qualified Bidder, since this would reveal the identity of a Qualified Bidder.

In its Part 2 Application, the Qualified Bidder certifies that upon becoming a Registered Bidder, it will not disclose information regarding the list of Registered Bidders, including the identity of any one Registered Bidder.  This prohibits the Registered Bidder from announcing or revealing to anyone that it is itself a Registered Bidder, since this would reveal the identity of a Registered Bidder.

Furthermore, an entity cannot discuss its participation with anyone while the auction is on-going. In its Part 1 Application, the entity also agrees to the Auction Rules.  At that point, the entity agrees that as a Qualified Bidder, it will not disclose any confidential information regarding the Auction Process. Confidential information regarding the Auction Process explicitly includes the status of a bidder’s participation in the auction.  There are only narrow and specific exceptions to this principle; namely, the Qualified Bidder may discuss confidential information regarding the Auction Process with an Advisor, or with bidders with which it is associated (as disclosed in its Part 2 Application).



11/15/2021, in Association and Confidential Information Rules.

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