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In this act Article 12 of 23
Text as of 8 Feb 2026 · Consolidated version of 8 February 2026 · Same wording as today’s text.Today’s text

Article 12 — Deliverable supply

Financial servicesLevel 2RTSMiFID IIIn forceOfficial source

12(1)

1.Competent authorities shall calculate the deliverable supply for an agricultural commodity derivative or a critical or significant commodity derivative by identifying the quantity of the underlying commodity that can be used to fulfil the delivery requirements of the commodity derivative.

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12(2)

2.Competent authorities shall determine the deliverable supply for a commodity derivative referred to in paragraph 1 by reference to the average monthly amount of the underlying commodity available for delivery based on the most recent available data covering:

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12(2)(a)
(a)a 1-year period immediately preceding the determination for a critical or significant commodity derivative;
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12(2)(b)
(b)a 1 to 5-year period immediately preceding the determination for an agricultural commodity derivative.
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12(3)

3.In order to identify the quantity of the underlying commodity meeting the conditions of paragraph 1, competent authorities shall take into account the following criteria:

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12(3)(a)
(a)the storage arrangements for the underlying commodity;
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12(3)(b)
(b)the factors that may affect the supply of the underlying commodity.
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