(1) The calculation of the size of a position a person holds for the purposes of regulation 16(2) must not include a position which is -
(a) held by or on behalf of a non-financial entity;
(b) objectively measurable as reducing risks directly relating to the commercial activity of that non-financial entity; and
(c) approved by the FCA in accordance with -
(i) the relevant criteria and methods; and
(2) An application to the FCA for approval under paragraph (1)(c) must -
(a) be made in such manner as the FCA may direct; and
(b) contain or be accompanied by such information as the FCA may reasonably require for the purpose of determining the application.
(3) At any time after receiving an application and before determining it the FCA may require the applicant to provide the FCA with such further information as the FCA reasonably considers necessary to enable the FCA to determine the application.
(4) The FCA may give different directions, and may impose differe
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