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  2. Point in time
    2012-07-27

REC 3.22 Restriction of, or instruction to close out, open positions

REC 3.22.1RRP

Where a UK RIE decides to:

  1. (1)

    restrict the open position on any of the contracts of a member; or

  2. (2)

    issue instructions to a member to close out its positions on any contracts;

that UK RIE must immediately give the FSA notice of that event, and the member's name, the nature and size of any position to be restricted or closed out and the reasons for the UK RIE's decision.

REC 3.22.2RRP

1Where an RAP proposes to impose a maximum bid size or take other remedial measures to mitigate risks of market abuse, financial crime or anti-competitive behaviour in accordance with article 57 of the auction regulation, the RAP must give the FSA notice of that event and details of the remedial measures proposed.