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Commission Delegated Regulation (EU) 2017/591Show full title
Commission Delegated Regulation (EU) 2017/591 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits to commodity derivatives (Text with EEA relevance)
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Changes over time for: Article 20
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Commission Delegated Regulation (EU) 2017/591, Article 20 is up to date with all changes known to be in force on or before 28 January 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
EUR 2017 No. 591 may be subject to amendment by EU Exit Instruments made by the Financial Conduct Authority under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 1. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.
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Changes and effects yet to be applied to Article 20:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 3
- Regulation revoked by 2023 c. 29 Sch. 2 para. 50(d)
Article 20U.K.Characteristics of the underlying commodity market(Article 57(3)(f) of Directive 2014/65/EU)
1.Competent authorities shall take into account how the characteristics of the underlying market impact on the functioning and trading of the commodity derivative and on the size of the positions held by market participants, including having regard to the ease and speed of access which market participants have to the underlying commodity.
2.The assessment of the underlying commodity market referred to in paragraph 1 shall take into account:
(a)whether there are restrictions on the supply of the commodity, including the perishability of the deliverable commodity;
(b)the method of transportation and delivery of the physical commodity, including the following:
(i)
whether the commodity can be delivered to specified delivery points only;
(ii)
the capacity constraints of specified delivery points.
(c)the structure, organisation and the operation of the market, including the seasonality present in extractive and agricultural commodity markets whereby physical supply fluctuates over the calendar year;
(d)the composition and role of market participants in the underlying commodity market, including consideration of the number of market participants which provide specific services that enable the functioning of the underlying commodity market such as risk management, delivery, storage, or settlement services;
(e)macroeconomic or other related factors that influence the operation of the underlying commodity market including the delivery, storage, and settlement of the commodity;
(f)the characteristics, physical properties and lifecycles of the underlying commodity.
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