s 35 Fixing of position and trading limits in contracts
35.—(1) For the purpose of diminishing, eliminating or preventing excessive speculation in any commodity under a commodity contract, the Board may, by written notice, establish and fix such limits as it considers necessary on the amount of trading which may be done or positions which may be held by any person, generally or specifically, under a commodity contract on or subject to the business rules of a commodity market. (2) In determining whether a person has exceeded such limits, the positions held and trading done by any persons, directly or indirectly, controlled by that person must be included with the positions held and trading done by that person. (3) Such limits upon positions and trading apply to positions held by, and trading done by, 2 or more persons acting pursuant to an express or implied agreement or understanding, as if the positions were held by, or the trading done by, a single person. (4) This section does not apply to transactions or positions which are bona fide hedging transactions or positions as defined by a commodity market in accordance with such regulations as may be prescribed under section 63.[22/2001; 35/2007] (5) No person may, directly or indirectly —(a) buy or sell, or agree to buy or sell, a commodity contract or any number of such contracts (on or subject to the regulations of the commodity market which apply to the contract or contracts) in excess of the trading limits fixed for one business day, or other stated period set by the Board or a commodity market with the approval of the Board; or (b) hold or control a net buy or sell position under a commodity contract on or subject to the business rules of the commodity market in excess of any position limit fixed by the Board or a commodity market with the approval of the Board with respect to that commodity contract. (6) This section does not preclude the Board from fixing different trading or position limits for different contracts or delivery months or for different days remaining until the last day of trading in a contract or different trading limits for the purposes of subsection (5), or from exempting transactions under this section.