S.L. 370.36 Art. 4Position reporting by categories of position holders.

(1) A Maltese investment firm or a market operator operating a trading venue which trades in commodity derivatives or in derivatives of emission allowances shall:

(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); and

(b) provide the competent authority with a complete breakdown of the positions held by all persons, including the members or participants and the clients thereof, on that trading venue, at least on a daily basis.

(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 S.L.370.36 DERIVATIVES AND REPORTING [ authority and to ESMA.

(2) The Maltese investment firm or market operator operating a trading venue as referred to in sub-regulation (1) shall be required to provide the competent authority with the information referred to in sub-regulation (1)(b) only when both the number of persons and their open positions exceed minimum thresholds:

Provided that position reporting as required in sub-regulation (1) shall not be applicable to any other securities as referred to in point (c) of point 1 to the Second Schedule of the Investment Services Act that relate to a commodity or an underlying asset as referred to in point 10 of the Second Schedule to the

Investment Services Act.

(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.

(4) In order to enable monitoring of compliance with regulation 3(1) to (3) of these regulations, members or participants of regulated markets, MTFs and clients of OTFs shall report to the investment firm or market operator operating that trading venue the details of their own positions held through contracts traded on that trading venue at least on a daily basis, as well as those of their clients and the clients of those clients until the end client is reached.

(5) Persons holding positions in a commodity derivative or in a derivative of emission allowance shall be classified by the investment firm or market operator operating that trading venue according to the nature of their main business, taking account of any applicable authorisation, as either:

(a) investment firms or credit institutions; S.L.370.36 DERIVATIVES AND REPORTING

(b) investment funds, either an undertaking for collective investments in transferable securities (UCITS) as defined in Directive 2009/65/EC, or an alternative investment fund manager as defined in Directive 2011/61/EC;

(c) other financial institutions, including insurance undertakings and reinsurance undertakings as defined in Directive 2009/138/EC, and institutions for occupational retirement provision as defined in Directive 2003/41/EC;

(d) commercial undertakings;

(e) in the case of derivatives of emission allowances, the reporting shall not prejudice the compliance obligations under Directive 2003/87/EC.

(6) The reports referred to in sub-regulation (1)(a) shall specify the number of long and short positions by category of persons, any changes thereto since the previous report, percent of total open interest represented by each category, and the number of persons in each category.

(7) The reports referred to in sub-regulation (1)(a) and the breakdowns referred to in sub-regulation (3) shall differentiate between:

(a) positions identified as positions which in an objectively measurable way reduce risks directly relating to commercial activities; and

(b) other positions.

(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.