(1) The FCA must notify ESMA of any position limit it intends to establish under regulation 16.
(2) If the establishment of the position limit would be, or is, incompatible with an opinion issued by ESMA in respect of the position limit the FCA must -
(a) modify the position limit in accordance with ESMA's opinion; or
(b) notify ESMA of the reasons why it considers that modifying the established limit is unnecessary in light of the opinion.
(3) The FCA must publish a notice on the FCA's official website explaining the reasons for its decision where it does not modify a position limit following an ESMA opinion recommending that it should.
(4) In this regulation an "opinion issued by ESMA" means an opinion issued by ESMA for the purposes of Article 57.5 (position limits and position management controls in commodity derivatives) of the markets in financial instruments directive.