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  1. Point in time
    2017-08-21

MAR 10.2 Position limit requirements

Application of position limits

MAR 10.2.2 D RP
  1. (1)

    1A person must comply at all times with commodity derivative position limits established by the FCA, published at www.fca.org.uk.

  2. (2)

    A direction made under (1) applies where a commodity derivative is traded on a trading venue in the United Kingdom, provided that there is not a central competent authority established in an EEA State other than the United Kingdom.

  3. (3)

    Position limits established under (1) shall apply to the positions held by a person together with those held on its behalf at an aggregate group level (subject to the non-financial entity exemption in regulation 17(1) of the MiFI Regulations).

  4. (4)

    Position limits established under (1) shall apply regardless of the location of the person at the time of entering into the position.

  5. (5)

    Position limits established under (1) prior to 3 January 2018, will apply from 3 January 2018.

[Note: articles 57(1) and 57(14) of MiFID; and MiFID RTS 21 in respect of ESMA’s methodology for competent authorities to calculate position limits]

Non-financial entity exemption application

MAR 10.2.4 D RP

1A non-financial entity must complete the application form in MAR 10 Annex 1D for approval to be exempt from compliance with position limits established by the FCA in accordance with MAR 10.2.2D(1).

MAR 10.4 Position reporting

MAR 10.4.11 G RP
  1. (1)

    2This guidance applies to persons subject to MAR 10.4.8D(2) or MAR 10.4.10D(3).

  2. (2)

    A firm subject to MAR 10.4.8D(2) or MAR 10.4.10D(3) may use a third party technology provider to submit to the FCA the report referred to in MAR 10.4.8 D(2) provided that it does so in a manner consistent with MiFID. It will retain responsibility for the completeness, accuracy and timely submission of the report and should populate field 5 of MiFID ITS 4 Annex II with its own reporting entity identification. It should be the applicant for, and should complete and sign, the FCA MDP on-boarding application form.

  3. (3)

    MAR 10.4.11.G(2) applies to a trading venue subject to MAR 10.4.

  4. (4)

    A firm subject to MAR 10.4.8D(2) or MAR 10.4.10D(3) may arrange for the trading venue where that commodity derivative or emission allowance is traded to provide the FCA with the report provided that it does so in a manner consistent with MiFID. The firm will retain responsibility for the completeness, accuracy and timely submission of the report, submitted on its behalf. The firm should populate field 5 of MiFID ITS 4 Annex II with its own reporting entity identification.

MAR 10 Annex 1 Application form for a non-financial entity for an exemption from compliance with position limits

D

1[Editor’s Note: To follow]