Position reporting; authorisation to issue statutory instruments

(1) Members and participants of trading venues must report to the respective operator of the trading venue, once a day, the details of their own positions in commodity derivatives traded on that trading venue, as well as the positions of their clients and of the clients of those clients, down to the end client. Clients, and their clients down to the end client, must provide the participants at trading venues subject to the reporting obligation with the information necessary for the report. The obligation under the first sentence does not apply to 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.
(2) The operator of a trading venue on which commodity derivatives or derivatives on emission allowances are traded must publish weekly a report of the relevant aggregated positions held by categories of persons under the fourth sentence in those financial instruments, and transmit it to the Bundesanstalt and to the European Securities and Markets Authority; where options on those financial instruments are also traded on the trading venue, two reports must be published and transmitted, one of which does not take those options into account. The report must in each case contain: 1. the number of long and short positions, broken down by the categories referred to in the fourth and fifth sentences, 2. changes to those figures since the last report, 3. the percentage share of the total open contract positions in each category, and 4. the number of position holders in each category. In the particulars under the second sentence, positions that objectively measurably reduce risks directly relating to a commercial activity, and other positions, must be shown separately. For the purposes of the first sentence, the operator of the trading venue must assign the holders of a position to one of the following categories, according to their main activity for which they are authorised: 1. investment services undertakings and credit institutions, 2. collective investment undertakings within the meaning of section 1(1) of the Capital Investment Code, 3. other financial institutions, including insurance undertakings or reinsurance undertakings within the meaning of Directive 2009/138/EC, and institutions for occupational retirement provision within the meaning of Directive 2003/41/EC, 4. other commercial undertakings. In the case of a derivative on emission allowances, an additional category must, in addition to the fourth sentence, be formed for operators subject to the obligation to comply with the requirements of Directive 2003/87/EC in respect of derivatives on emission allowances. The obligation under the first sentence applies only to commodity derivatives and derivatives on emission allowances for which the minimum thresholds laid down in Article 83 of Delegated Regulation (EU) 2017/565 are exceeded.
(3) Operators of a trading venue on which commodity derivatives or derivatives on emission allowances are traded must further transmit to the Bundesanstalt, once a day, a complete report of the positions of all members or participants at that trading venue, and of their clients and the clients of those clients down to the end client, in commodity derivatives or derivatives on emission allowances.
(4) Investment services undertakings that trade, outside a trading venue, in commodity derivatives or derivatives on emission allowances that are also traded on a trading venue, must transmit to the authority referred to in the second sentence, at least once a day, a complete report of their positions in economically equivalent OTC contracts and of the corresponding positions of their clients and the clients of those clients down to the end client, in accordance with Article 26 of Regulation (EU) No 600/2014 or Article 8 of Regulation (EU) No 1227/2011. The report under the first sentence must be transmitted to 1. the central competent authority within the meaning of section 55(1), or 2. the competent authority of the trading venue on which the commodity derivatives or derivatives on emission allowances are traded, where there is no central competent authority. Clients, and their clients down to the end client, must provide the investment services undertakings subject to the transmission obligation with the information necessary for the transmission.
(5) In critical market situations, the Bundesanstalt may require that the notifications under subsections (1), (3) and (4) be made several times within a single day.
(6) The Federal Ministry of Finance may, by statutory instrument not requiring the consent of the Bundesrat, 1. adopt further provisions on the content, nature, scope, form and frequency of the notifications under subsections (1) and (3) to (5) and on the permissible data carriers and transmission channels, and 2. require that, in the cases referred to in subsections (1), (3) and (4), additional particulars beyond those referred to there be transmitted, where the additional particulars are necessary, on account of the special characteristics of the financial instrument that is the subject of the notification, or the special conditions at the trading venue on which the transaction was executed, for the Bundesanstalt's monitoring of the position limits under section 54. The Federal Ministry of Finance may transfer this authorisation, by statutory instrument, to the Bundesanstalt.