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12.—(1) The Treasury must appoint an independent observer to oversee any allocation or allocations under these Regulations.
(2) The terms of appointment and remuneration (if any) of the independent observer shall be determined by the Treasury.
(3) The independent observer must provide a report to the Treasury on the conduct of an allocation.
(4) The report must be provided to the Treasury as soon as reasonably practicable after an allocation has taken place.
(5) The person conducting an auction or the person conducting an allocation for payment otherwise than by auction must provide access to any information relating to the allocation that is reasonably required by the independent observer for the purpose of carrying out his functions under this regulation.
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