Schedule 2: Transitional amendments Part 4 – Amendments to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 Paragraph 48: FCA power to intervene in setting position limits
Paragraph 48 updates the FCA’s power to intervene in respect of position in commodity derivatives to account for the changes made to other parts of the position limits regime.
	To achieve this, sub-paragraph (2) updates the criteria under which the FCA can intervene directly, by limiting its use of this power to situations where the FCA considers intervention is necessary for advancing at least one of its operational objectives.
	Sub-paragraph (3) clarifies that the FCA may intervene and set restrictions on positions in commodity derivatives, even when doing so means imposing a more stringent requirement that those which are being imposed by trading venues in accordance with the FCA’s overarching framework governing the setting of position limits.
	Sub-paragraph (4) removes ‘economically equivalent over the counter contracts’ from the scope of the power.