This Regulation lays down rules for the calculation of the net position held by a person in a commodity derivative and the methodology for calculating the position limits on the size of that position.

For the purposes of this Regulation, the following definitions shall apply:

1. (1)

   ‘non-financial entity’ means a natural or legal person other than:

   1. (a)

      an investment firm authorised in accordance with Directive 2014/65/EC,

   2. (b)
      a credit institution authorised in accordance with Directive 2013/36/EU of the European Parliament and of the Council4,
   3. (c)
      an insurance undertaking authorised in accordance with Council Directive 73/239/EEC5,
   4. (d)
      an assurance undertaking authorised in accordance with Directive 2002/83/EC of the European Parliament and of the Council6,
   5. (e)
      a reinsurance undertaking authorised in accordance with Directive 2005/68/EC of the European Parliament and of the Council7,
   6. (f)
      a UCITS and, where relevant, its management company, authorised in accordance with Directive 2009/65/EC of the European Parliament and of the Council8,
   7. (g)
      an institution for occupational retirement provision within the meaning of Article 6(a) of Directive 2003/41/EC of the European Parliament and of the Council9,
   8. (h)
      an alternative investment fund managed by AIFMs authorised or registered in accordance with Directive 2011/61/EU of the European Parliament and of the Council10,
   9. (i)
      a CCP authorised in accordance with Regulation (EU) No 648/2012 of the European Parliament and of the Council11,
   10. (j)
       a central securities depositary authorised in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council12.

   A third-country entity is a non-financial entity if it would not require authorisation under any of the aforementioned legislation if it was based in the Union and subject to Union law.

2. (2)

   ‘spot month contract’ means the commodity derivative contract in relation to a particular underlying commodity whose maturity is the next to expire in accordance with the rules set by the trading venue.

3. (3)

   ‘other months' contract’ means any commodity derivative contract that is not a spot month contract.