Financial Services and Markets Act 2023

Position limits for commodity derivatives U.K.

46 (1) Regulation 16 (FCA duty to establish position limits) is amended as follows.

(2) In the title, for “duty” substitute “power”.

(3) In paragraph (1)—

(a) for “must” substitute “may”;

(b) for the words from “traded” to the end substitute “to which requirements imposed by rules under regulation 15A apply”.

(4) After that paragraph insert—

“(1A) The power to give a direction under paragraph (1) is exercisable only if the FCA considers that it is necessary to give the direction for the purpose of advancing one or more of its operational objectives referred to in section 1B(3) of the Act.

(1B) Position limits established by virtue of regulation 15A do not apply to the extent that position limits established by virtue of this regulation apply instead.”

(5) Omit paragraphs (2), (3) and (5).

Commencement Information

I1 Sch. 2 para. 46 not in force at Royal Assent, see s. 86(3)