Derivatives and Reporting (Amendment) Regulations, 2025

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,515, 3 ta’ Ottubru, 2025 B 1967

L.N. 219 of 2025

FINANACIAL MARKETS ACT

(CAP. 345)

INVESTMENT SERVICES ACT

(CAP. 370)

Position Limits and Position Management Controls in Commodity

Derivatives and Reporting (Amendment) Regulations, 2025

IN EXERCISE of the powers conferred by article 49 of the

Financial Markets Act and article 12 of the Investment Services Act,

the Minister responsible for the regulation of financial services, acting

on the advice of the Malta Financial Services Authority, has made the

following regulations:-

(1) The title of these regulations is the Position Limits Citation and

and Position Management Controls in Commodity Derivatives and scope.

Reporting (Amendment) Regulations, 2025 and these regulations shall

be read and construed as one with the Position Limits and Position S.L. 345.19.

Management Controls in Commodity Derivatives and Reporting S.L. 370.36.

Regulations, hereinafter referred to as the "principal regulations".

(2) The scope of these regulations is to transpose Article 1(10)

and (11)(a) to (c) of Directive (EU) 2024/790 of the European

Parliament and of the Council of 28 February 2024 amending

Directive 2014/65/EU on markets in financial instruments and Article

1(6) of Directive 2014/65/EU of the European Parliament and of the

Council of 15 May 2014 on markets in financial instruments and

amending Directive 2002/92/EC and Directive 2011/61/EU (recast).

In sub-regulation (1) of regulation 1 of the principal Amends

regulations the words "Position Limits and Position Management regulation

the principal

Controls in Commodity Derivatives and Reporting Regulations" shall regulations.

be substituted by the words "Position Limits in Commodity

Derivatives, Position Management Controls in Commodity

Derivatives and Derivatives of Emission Allowances Regulations".

Regulation 3 of the principal regulations shall be amended Amends

regulation 3 of

as follows

the principal

regulations.

(a) the marginal note thereof shall be substituted by the

following new marginal note

"Position limits in commodity derivatives and

position management controls in commodity derivatives

and derivatives of emission allowances.";

(b)

sub-regulation (13) thereof shall be amended as

(i) the words "An investment firm or a market

operator operating a trading venue which trades commodity

derivatives shall apply position management controls,

including powers for the trading venue to:" shall be

substituted by the words "An investment firm or a market

operator operating a trading venue which trades in

commodity derivatives or derivatives of emission

allowances shall apply position management controls,

including powers for the trading venue to:";

(ii) paragraph (b) thereof shall be substituted by the

following new paragraph

"(b) obtain information, including all relevant

documentation, from persons about the size and

purpose of a position or exposure entered into,

information about beneficial or underlying owners,

any concert arrangements, and any related assets or

liabilities in the underlying market including, where

appropriate, positions held in derivatives of emission

allowances or positions held in commodity

derivatives that are based on the same underlying and

that share the same characteristics on other trading

venues and in economically equivalent OTC

contracts through members and participants;";

(c) in sub-regulation (15) thereof the words "The Maltese

investment or market operator" shall be substituted by the words

"The Maltese investment firm or market operator";

(d) immediately after sub-regulation (19) thereof, there

shall be added the following new sub-regulation

"(20) Notwithstanding the provisions of any other

law, the provisions of this regulation shall also apply to

persons as referred to in regulation 3(1) (a), (d), (f), (g),

(m), (p), (r) and (aa) to (ee) of the Investment Services

Act (Exemption) Regulations that are exempt from the

licensing requirement established under article 3 of the

Investment Services Act in accordance with the said

regulation.".

Regulation 4 of the principal regulations shall be amended Amends

regulation 4 of

as follows

the principal

regulations.

(a)

sub-regulation (1) thereof shall be amended as

follows

(i) the words "which trades commodity derivatives

or emission allowances or derivatives thereof" shall be

substituted by the words "which trades in commodity

derivatives or in derivatives of emission allowances"; and

(ii) paragraph (a) thereof shall be substituted by the

following new paragraph

"(a) make public

(i) for trading venues where options are

traded, two (2) weekly reports, one of which is

to exclude options, with the aggregate positions

held by the different categories of persons for

the different commodity derivatives or

derivatives of emission allowances traded on

their trading venue, specifying the number of

long and short positions by such categories,

changes thereto since the previous report, the

percentage of the total open interest represented

by each category, and the number of persons

holding a position in each category in

accordance with sub-regulation (5);

(ii) for trading venues where options are

not traded, a weekly report on the elements

established in sub-paragraph (i);";

(b) immediately after sub-regulation (1) thereof, as

amended, there shall be added the following new sub-regulation

"(1a) An investment firm or a market operator

operating a trading venue which trades in commodity

derivatives or in derivatives of emission allowances shall

communicate the reports referred to in paragraph (a) of

sub-regulation (1) to the competent authority and to

ESMA.";

(c) sub-regulation (3) thereof shall be substituted by the

following new sub-regulation

"(3) Maltese investment firms trading in commodity

derivatives or in derivatives of emission allowances outside

a trading venue shall provide, at least on a daily basis

(a) the competent authority, in line with its

role as central competent authority in terms of

regulation 3(9); or,

(b) if there is no central competent authority,

the competent authority of the trading venue where

the commodity derivatives or the derivatives of

emission allowances are traded;

with a complete breakdown of their positions taken in

economically equivalent OTC contracts as well as of those

of their clients and the respective clients of those clients

until the end client is reached, in accordance with Article

26 of Regulation (EU) No 600/2014 of the European

Parliament and of the Council of 15 May 2014 on markets

in financial instruments and amending Regulation (EU) No

648/2012 and, where applicable, of Article 8 of Regulation

(EU) No 1227/2011.";

(d)

sub-regulation (5) thereof shall be amended as

follows

(i) the words "in a commodity derivative or

emission allowance or derivative thereof" shall be

substituted by the words "in a commodity derivative or in a

derivative of emission allowance";

(ii) paragraph (e) thereof shall be substituted by the

following new paragraph

"(e) in the case of derivatives of emission

allowances, the reporting shall not prejudice the

compliance obligations under Directive 2003/87/

EC.";

(e)

immediately after sub-regulation (7) thereof there

shall be added the following new sub-regulation

"(8) Notwithstanding the provisions of any other

law, the provisions of this regulation shall also apply to

persons as referred to in regulation 3(1) (a), (d), (f), (g),

(m), (p), (r) and (aa) to (ee) of the Investment Services

Act (Exemption) Regulations that are exempt from the

licensing requirement established under article 3 of the

Investment Services Act in accordance with the said

regulation.".

€0.27