India – SEBI Position Limits

On 13 Septemebr,  SEBI clarified position limit on OTC currency derivative.

  • Brokers to ensure that positions created in FCY-INR pairs are within position limit.
  • Following currencies are involved: USD-INR, EUR – INR, GBP – INR and JPY – INR.
  • Single INR position limit for bank brokers higher of 15% total OI pairs, or $200m.
  • For non-bank brokers, limit is higher of 15% of total OI across all pairs or $100m.
  • Exchanges shall implement a uniform methodology for computing positions limits.

Poland – PFSA Alternative Funds

The PFSA issued guidance on alternative asset management funds.

  • Guidance followed extensive amendments in 2016, to Polish investment fund act.
  • Rule effective, guidance is applied to fund managers, alternative asset managers.
  • PFSA reminded companies of permissions, registration requirements, supervision.


  • Must keep in mind thresholds for asset management and composition of portfolio.
  • Executives, boards must ensure activities examined and analyzed for compliance.
  • Special rules regarding gold, precious metal related alternative investments apply.
  • Cited consequence of violating rules, including fines and potential criminal results.