Application of position limits

(1) In applying the position limits set under sections 54 and 55, all positions held by a natural or legal person or an association of persons, whether itself or aggregated at group level, are taken into account. Further provisions on the calculation of the position are set out in Articles 3, 4 and 9 to 20 of Delegated Regulation (EU) 2017/591.
(2) The position limits set under sections 54 and 55 also apply to OTC contracts that are economically equivalent to commodity derivatives within the meaning of subsection (1). Further provisions on economic equivalence are set out in Article 6 of Delegated Regulation (EU) 2017/591.
(3) The position limits set under sections 54 and 55 do not apply to:
1. positions for which the Bundesanstalt or the competent authority of another Member State has established, on application, that they are held by or for a non-financial entity and that they objectively measurably reduce risks directly relating to the commercial activity of that non-financial entity,
2. positions for which the Bundesanstalt or the competent authority of another Member State has established, on application, that they are held by or for a financial entity that is part of a predominantly commercial group and that acts on behalf of a non-financial entity of the predominantly commercial group, and that those positions objectively measurably reduce risks directly relating to the commercial activity of that non-financial entity,
3. positions for which the Bundesanstalt or the competent authority of another Member State has established, on application, that they are held by financial and non-financial counterparties and objectively measurably arise from transactions entered into in order to comply with the obligation, under Article 2(4), fourth subparagraph, letter c) of Directive 2014/65/EU, to provide liquidity on a trading venue in respect of commodity derivatives, and
4. securities within the meaning of section 2(1), no. 3, letter b) that relate to commodities or underlyings within the meaning of section 2(3), no. 2. Further provisions on the procedure for applying for exemptions under the first sentence, numbers 1, 2 and 3, are set out in the regulatory technical standards adopted by the Commission under Article 57(1) of Directive 2014/65/EU, as amended from time to time, in conjunction with Article 10 to 14 of Regulation (EU) No 1095/2010.