The UK’s Financial Conduct Authority yesterday issued this statement relating to position limits under MIFID II. It extends the approach outlined in this statement last year, on page 9, which states that breaches of position limits by liquidity providers would not be enforced under certain conditions. The statement will be in effect until the results of the Wholesale Market Review (WMR, see here) are implemented. The FCA has published a separate statement regarding other proposed changes to the rules as proposed by the WMR (see here), as have ESMA in relation to the changes coming as part of the quick fix (see here and here).