EC seeks redo of controversial Mifid II commodity provisions

European Commission demands revisions to draft Mifid II rules on ancillary exemption and position limits that had proved contentious for EU energy firms

EU rules on commodity derivatives have riled energy firms

The European Commission (EC) has demanded revisions to draft rules in the new Markets in Financial Instruments Directive (Mifid II) that would impose sweeping new regulations on firms that trade commodity derivatives.

The EC confirmed today (March 17) that it had sent three parts of the draft technical standards for Mifid II – covering the ancillary business activity exemption, position limits and non-equity transparency – back to the Paris-based European Securities and Market Authority (Esma)