Fixing of position and trading limits in futures contracts
35.—(1)  For the purpose of diminishing, eliminating or preventing excessive speculation in any commodity under a commodity futures contract, the Board may, by notice in writing, from time to time 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 futures contract on or subject to the business rules of a commodity futures 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 such a person shall be included with the positions held and trading done by that person.
(3)  Such limits upon positions and trading shall apply to positions held by, and trading done by, two 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 shall not apply to transactions or positions which are bona fide hedging transactions or positions as defined by a commodity futures market in accordance with such regulations as may be prescribed under section 63.
(5)  No person shall, directly or indirectly —
(a)buy or sell or agree to buy or sell, a commodity futures contract on or subject to the regulations of the commodity futures market to which the regulations apply, any number of such futures contract in excess of the trading limits fixed for one business day, or other stated period set by the Board or a Commodity Futures Exchange with the approval of the Board; or
(b)hold or control a net buy or sell position under a commodity futures contract on or subject to the business rules of the commodity futures market in excess of any position limit fixed by the Board or a Commodity Futures Exchange with the approval of the Board with respect to that commodity futures contract.
(6)  Nothing in this section shall preclude the Board, or a Commodity Futures Exchange with the approval of the Board, from fixing different trading or position limits for different futures 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.