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

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