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Commission Delegated Regulation (EU) 2017/591Show full title

Commission Delegated Regulation (EU) 2017/591 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits to commodity derivatives (Text with EEA relevance)

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Commission Delegated Regulation (EU) 2017/591 is up to date with all changes known to be in force on or before 30 November 2024. There are changes that may be brought into force at a future date. Help about Changes to Legislation

EUR 2017 No. 591 may be subject to amendment by EU Exit Instruments made by the Financial Conduct Authority under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 1. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.

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  1. Introductory Text

  2. CHAPTER I GENERAL PROVISIONS

    1. Article 1.Subject matter

    2. Article 2.Definitions

  3. CHAPTER II METHOD FOR CALCULATING THE SIZE OF THE NET POSITION OF A PERSON

    1. Article 3.Aggregation and netting of positions in a commodity derivative(Article 57(1) of Directive 2014/65/EU)

    2. Article 4.Method of calculating positions for legal entities within a group(Article 57(1) of Directive 2014/65/EU)

    3. Article 5.Same commodity derivatives and significant volumes(Article 57(6) of Directive 2014/65/EU)

    4. Article 6.OTC contracts economically equivalent to commodity derivatives traded on trading venues(Article 57(1) of Directive 2014/65/EU)

    5. Article 7.Positions qualifying as reducing risks directly related to commercial activities(Article 57(1) of Directive 2014/65/EU)

    6. Article 8.Application for the exemption from position limits(Article 57(1) of Directive 2014/65/EU)

  4. CHAPTER III METHODOLOGY FOR COMPETENT AUTHORITIES TO CALCULATE POSITION LIMITS

    1. SECTION 1 Determination of baseline figures

      1. Article 9.Methodology for determining the baseline figure for spot month limits(Article 57(4) of Directive 2014/65/EU)

      2. Article 10.Deliverable supply(Article 57(3) of Directive 2014/65/EU)

      3. Article 11.Methodology for determining the baseline figure for other months' limits(Article 57(4) of Directive 2014/65/EU)

      4. Article 12.Open interest(Article 57(3) of Directive 2014/65/EU)

      5. Article 13.Methodology for determining the baseline figure in respect of certain contracts(Article 57(4) of Directive 2014/65/EU)

    2. SECTION II Factors relevant for the calculation of position limits

      1. Article 14.Assessment of factors(Article 57(3) of Directive 2014/65/EU)

      2. Article 15.New and illiquid contracts(Article 57(3)(g) of Directive 2014/65/EU)

      3. Article 16.The maturity of the commodity derivatives contracts(Article 57(3)(a) of Directive 2014/65/EU)

      4. Article 17.Deliverable supply in the underlying commodity(Article 57(3)(b) of Directive 2014/65/EU)

      5. Article 18.The overall open interest(Article 57(3)(c) of Directive 2014/65/EU)

      6. Article 19.The number of market participants(Article 57(3)(e) of Directive 2014/65/EU)

      7. Article 20.Characteristics of the underlying commodity market(Article 57(3)(f) of Directive 2014/65/EU)

      8. Article 21.Volatility of the relevant markets(Article 57(3)(d)) of Directive 2014/65/EU)

      9. Article 22.Entry into force and application

  5. Signature

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