{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2017/591 — RTS — Application of position limits to commodity derivatives [no longer in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/level-2/rts/2017-591-the-application-of-position-limits-to-commodity-derivatives/articles/20","url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2017-591-the-application-of-position-limits-to-commodity-derivatives/articles/20","title":"Article 20 — Characteristics of the underlying commodity market (Article 57(3)(f) of Directive 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Delegated Regulation (EU) 2017/591 · superseded — not in force · OJ L 87, 31.3.2017 · dated 1 Dec 2016 [no longer in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2016-12-01","entry_into_force":"2017-04-20","locators":{"document_date":"CELLAR 32017R0591 work_date_document","entry_into_force":"CELLAR 32017R0591 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifid-ii/level-2/rts/2017-591-the-application-of-position-limits-to-commodity-derivatives","path":"/mifid-ii/level-2/rts/2017-591-the-application-of-position-limits-to-commodity-derivatives","name":"Commission Delegated Regulation (EU) 2017/591","number":"2017/591","celex":"32017R0591","title_official":"COMMISSION DELEGATED REGULATION (EU) 2017/591 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits to commodity derivatives (Text with EEA relevance)","document_date":"2016-12-01"},"position":{"kind":"article","key":"20","index":20,"articles":22,"annexes":0},"prev":{"path":"/mifid-ii/level-2/rts/2017-591-the-application-of-position-limits-to-commodity-derivatives/articles/19","key":"19","title":"Article 19 — The number of market participants (Article 57(3)(e) of Directive 2014/65/EU)"},"next":{"path":"/mifid-ii/level-2/rts/2017-591-the-application-of-position-limits-to-commodity-derivatives/articles/21","key":"21","title":"Article 21 — Volatility of the relevant markets (Article 57(3)(d)) of Directive 2014/65/EU)"},"act_anchor":"#art-20"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2017/591/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifid-ii/level-2/rts/2017-591-the-application-of-position-limits-to-commodity-derivatives.md","unit_text_sha256":"3f1b0ae22bab33b711afb06a3c6d5a091c1c57dba2d2a4d90c39c5a29b8fd897","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifid-ii/level-2/rts/2017-591-the-application-of-position-limits-to-commodity-derivatives/art-20","kind":"article","key":"20","heading":"Article 20 — Characteristics of the underlying commodity market (Article 57(3)(f) of Directive 2014/65/EU)","text":"## <a id=\"art-20\"></a>Article 20 — Characteristics of the underlying commodity market (Article 57(3)(f) of Directive 2014/65/EU)\n\n1. <a id=\"art-20-p-1\"></a>Competent authorities shall take into account how the characteristics of the underlying market impact on the functioning and trading of the commodity derivative and on the size of the positions held by market participants, including having regard to the ease and speed of access which market participants have to the underlying commodity.\n2. <a id=\"art-20-p-2\"></a>The assessment of the underlying commodity market referred to in paragraph 1 shall take into account:\\\n   <a id=\"art-20-p-2-a\"></a>a) whether there are restrictions on the supply of the commodity, including the perishability of the deliverable commodity;\\\n   <a id=\"art-20-p-2-b\"></a>b) the method of transportation and delivery of the physical commodity, including the following:\\\n      <a id=\"art-20-p-2-b-i\"></a>i) whether the commodity can be delivered to specified delivery points only;\\\n      <a id=\"art-20-p-2-b-ii\"></a>ii) the capacity constraints of specified delivery points.\\\n   <a id=\"art-20-p-2-c\"></a>c) the structure, organisation and the operation of the market, including the seasonality present in extractive and agricultural commodity markets whereby physical supply fluctuates over the calendar year;\\\n   <a id=\"art-20-p-2-d\"></a>d) the composition and role of market participants in the underlying commodity market, including consideration of the number of market participants which provide specific services that enable the functioning of the underlying commodity market such as risk management, delivery, storage, or settlement services;\\\n   <a id=\"art-20-p-2-e\"></a>e) macroeconomic or other related factors that influence the operation of the underlying commodity market including the delivery, storage, and settlement of the commodity;\\\n   <a id=\"art-20-p-2-f\"></a>f) the characteristics, physical properties and lifecycles of the underlying commodity.\n\n","marks":[],"text_hash":"3f1b0ae22bab33b711afb06a3c6d5a091c1c57dba2d2a4d90c39c5a29b8fd897","revision":1}}