28.—(1) If the FCA considers it necessary for the purpose of the exercise by the FCA of functions under [F1these Regulations] or the markets in financial instruments regulation the FCA may—
(a)limit the ability of a person to enter into a contract for a commodity derivative;
(b)restrict the size of a position a person may hold; or
(c)require a person to reduce the size of a position held.
(2) The FCA may exercise the power under paragraph (1) notwithstanding that the limitation, restriction, or reduction would be more restrictive than a position limit established by the FCA under regulation 16 F2...
(3) Paragraph (1) applies regardless as to whether the person is in the United Kingdom or not where the position relates to a commodity derivative traded on a trading venue established in the United Kingdom or an economically equivalent over the counter contract.
(4) If the FCA imposes a limitation, restriction, or requirement under paragraph (1) it must issue a notice to the person.
(5) A person on whom a limitation, restriction or reduction has been imposed under paragraph (1) may refer that matter to the Tribunal.
Textual Amendments
F1Words in reg. 28(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(15)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in reg. 28(2) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(15)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)