MAR 10.5 Other reporting, notifications and information requirements

Information requirement

MAR 10.5.1GRP

1Regulation 27 of the MiFI Regulations provides the FCA with the power to:

  1. (1)

    require a person to provide information including all relevant documentation, on, or concerning:

    1. (a)

      a position the person holds in a contract to which a position limit relates; and

    2. (b)

      trades the person has undertaken, or intends to undertake, in a contract to which a position limit relates; and

  2. (2)

    require an operator of a trading venue to provide information including all relevant documentation on, or concerning, trades a person has undertaken, or intends to undertake in a contract to which a position limit relates.

[Note: article 69(2)(j) of MiFID]

Power to intervene

MAR 10.5.2GRP

1The following provisions of the MiFI Regulations regulate the power of the FCA to intervene in respect of position limits:

  1. (1)

    Regulation 28 provides that the FCA may, if it considers necessary, limit the ability of any person to enter into a contract for a commodity derivative, restrict the size of positions a person may hold in such a contract, or require any person to reduce the size of a position held, notwithstanding that the restriction or reduction would be more restrictive than the position limit established by the FCA or another competent authority in accordance with article 57 of MiFID to which the contract relates; and

  2. (2)

    Paragraph 5 of Schedule 1 provides that the FCA must maintain arrangements designed to enable it to determine whether persons on whom the FCA imposes position limit requirements are complying with those requirements, and also maintain arrangements for enforcing the position limits requirements on such persons.

[Note: article 69(2)(o) and 69(2)(p) of MiFID]

Reporting requirements

MAR 10.5.3GRP

1The following provisions of the MiFI Regulations regulate the power of the FCA to impose reporting requirements in respect of positions taken in commodity derivatives and emission allowances:

  1. (1)

    Paragraph 8 of Schedule 1 provides that a person must provide the FCA with information in respect of its compliance or non-compliance with position limit requirements, as the FCA may direct; and

  2. (2)

    Paragraph 5 of Schedule 1 provides that the FCA must maintain arrangements designed to enable it to determine whether persons on whom the FCA imposes position limit requirements are complying with those requirements, and also maintain arrangements for enforcing the position limits requirements on such persons.

[Note: article 69(2)(j) of MiFID]

Breaches of MAR 10 by unauthorised persons

MAR 10.5.4GRP
  1. (1)

    1An unauthorised person to which this chapter applies must notify the FCA of:

    1. (a)

      a breach of a direction in this chapter;

    2. (b)

      a breach of a directly applicable provision imposed by MiFIR or any EU regulation adopted under MiFID or MiFIR; and

    3. (c)

      a breach of any requirement imposed by or under the MiFI Regulations which relates to this chapter.

  2. (2)

    Notifications under (1) must be made immediately if the person becomes aware, or has information which reasonably suggests, that any of the breaches referred to in (1) have occurred, may have occurred or may occur in the foreseeable future.

Notifications by unauthorised persons: non-financial entity exemption applications

MAR 10.5.5GRP

1SUP 15.3.13G and SUP 15.3.14G apply to notifications of an application by an unauthorised person for the non-financial entity exemption under regulation 17 of the MiFI Regulations as if the person is a firm to which SUP 15.3.11R applies.

Breaches of MAR 10 by authorised persons

MAR 10.5.6GRP

1Firms should refer to SUP 15.3 (General notification requirements) generally, and in particular SUP 15.3.11R, in respect of the following:

  1. (1)

    a breach of a rule or direction in this chapter;

  2. (2)

    a breach of a directly applicable provision imposed by MiFIR or any EU regulation adopted under MiFID or MiFIR; and

  3. (3)

    a breach of any requirement imposed by or under the MiFI Regulations which relates to this chapter.

Territoriality

MAR 10.5.7GRP

1 The powers of the FCA referred to in MAR 10.5.1G to MAR 10.5.3G can be applied to a person regardless of whether the person is situated or operating in the UK or abroad, where the relevant position relates to a commodity derivative or emission allowance of which the FCA is the competent authority or central competent authority, or economically equivalent OTC contracts.

Decision and appeal procedures

MAR 10.5.8GRP

1The power of the FCA referred to in MAR 10.5.2G is exercisable subject to the decision-making procedures in DEPP 2 Annex 2G (Supervisory notices) (and other provisions in DEPP, as appropriate).