The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 No. 701

PART 3 U.K. Position limits and position management controls in commodity derivatives

FCA duty to use [F1 Regulation (EU) 2017/591] to establish position limits and to review if market changes U.K.

19.—(1) The FCA must, unless regulation 25 applies, establish position limits under regulation 16 in accordance with [F2 Regulation (EU) 2017/591].

(2) The FCA must review a position limit it has established under regulation 16 where there is—

(a) a significant change in deliverable supply or open interest; or

(b) any other significant change on the market, based on the FCA's determination of deliverable supply or open interest.

(3) Where following a review the FCA believes that the position limit should be reset it must establish a new position limit under regulation 16.

Textual Amendments

F1 Words in reg. 19 heading substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(11)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in reg. 19(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(11)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)