(1) The FCA may establish a position limit under regulation 16 which is more restrictive than would be permitted by Regulation (EU) 2017/591 ("a more restrictive position limit") in exceptional cases, if the position limit is objectively justified and proportionate taking into account -
(a) the liquidity of the specific market; and
(b) the orderly functioning of that market.
(2) Where the FCA establishes a more restrictive position limit the FCA must publish that position limit on its website.
(3) The FCA must not impose a more restrictive position limit for a period of more than six months from the day it is published under paragraph (2).
(4) But the FCA may impose the more restrictive position limit for further periods of no more than six months each if the position limit continues to be objectively justified and proportionate taking into account the matters mentioned in paragraph (1)(a) and (b).
(5) [deleted]
(6) [deleted]
(7) [deleted]