Position limits for derivatives traded Europe-wide

(1) Where derivatives on agricultural commodities with the same underlying and the same characteristics are traded in significant volumes, or critical or significant derivatives with the same underlying and the same characteristics are traded, also on a trading venue in another Member State or another state party to the Agreement on the European Economic Area, the Bundesanstalt sets a position limit under section 54(1) only where it is the central competent authority for that derivative. The Bundesanstalt is the central competent authority where the largest volume of that derivative is traded on a domestic trading venue. Further provisions on how significant volumes within the meaning of the first sentence, first alternative, are calculated, are set out in the regulatory technical standards adopted by the Commission under Article 57(12) of Directive 2014/65/EU, as amended from time to time, in conjunction with Article 10 to 14 of Regulation (EU) No 1095/2010.
(2) Where the Bundesanstalt is, in the case of subsection (1), first sentence, the central competent authority for the derivative concerned, it consults, as regards the single position limit to be applied and any revision of that single position limit, the competent authorities of the other trading venues on which the derivatives on agricultural commodities are traded in significant volumes, or on which the critical or significant derivatives are traded.
(3) Where the Bundesanstalt is not, in the case of subsection (1), first sentence, the central competent authority for the derivative concerned, the position limit set by the central competent authority for that derivative is also determinative domestically. The Bundesanstalt may object to the setting of the single position limit by another central competent authority. In that case it sets out in writing the complete and detailed reasons why, in its view, the conditions for the determination are not satisfied. Where the central competent authority does not comply with a request by the Bundesanstalt to change the position limit, the Bundesanstalt communicates its request, including its reasons, to the European Securities and Markets Authority.
(4) The Bundesanstalt makes arrangements for cooperation, including the exchange of relevant data, with other authorities competent for the supervision of
1. trading venues on which derivatives on agricultural commodities with the same underlying and the same characteristics are traded in significant volumes, or on which critical or significant commodity derivatives with the same underlying and the same characteristics are traded, and
2. holders of positions in those derivatives, in order to enable the monitoring and enforcement of the single position limit.