{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-markets-in-financial-instruments-regulations-2017/regulation-28",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-markets-in-financial-instruments-regulations-2017/regulation-28.json",
  "legislation": "uksi/2017/701",
  "legislation_title": "The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-markets-in-financial-instruments-regulations-2017",
  "path": "regulation/28",
  "kind": "regulation",
  "number": "28",
  "heading": "FCA power to intervene",
  "text": "(1) If the FCA considers it necessary for the purpose of advancing one or more of its operational objectives referred to in section 1B(3) of the Act the FCA may—\n(a) limit the ability of a person to enter into a contract for a commodity derivative or an applicable OTC commodity derivative;\n(b) restrict the size of a position a person may hold; or\n(c) require a person to reduce the size of a position held.\n(2) The FCA may exercise the power under paragraph (1) notwithstanding that the limitation, restriction, or reduction would be more restrictive than a position limit established in accordance with rules made under regulation 15A or by the FCA under regulation 16 ...\n(3) Paragraph (1) applies regardless as to whether the person is in the United Kingdom or not where the position relates to a commodity derivative traded on a trading venue established in the United Kingdom ....\n(4) If the FCA imposes a limitation, restriction, or requirement under paragraph (1) it must issue a notice to the person.\n(5) A person on whom a limitation, restriction or reduction has been imposed under paragraph (1) may refer that matter to the Tribunal.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 28(1) substituted (6.7.2026) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 48(2) (with s. 2(3)); S.I. 2025/1078, reg. 8(b)(ii)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 28(1)(a) inserted (6.7.2026) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Amendment) Regulations 2025 (S.I. 2025/860), regs. 1(2), 2(3); S.I. 2025/1078, reg. 8(b)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in reg. 28(2) inserted (6.7.2026) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 48(3) (with s. 2(3)); S.I. 2025/1078, reg. 8(b)(ii)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in reg. 28(2) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(15)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in reg. 28(3) omitted (6.7.2026) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 48(4) (with s. 2(3)); S.I. 2025/1078, reg. 8(b)(ii)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2017/701/regulation/28",
    "retrieved_at": "2026-10-28T23:10:02.096065+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}