ESMA has issued opinions proposing amendments to two of its draft RTS under MiFID II and MiFIR in response to proposed amendments by the EU Commission on these draft RTS. The draft RTS relating to non-equity transparency contains a four year phase-in regime to facilitate the extension of MiFID II to transparency requirements for non-equity products, similar to the EU Commission's proposal. The phase-in will be automatic, with all stages already prescribed in the RTS, in addition to an annual liquidity assessment by ESMA. In addition, the issuance size of newly issued corporate and covered bonds will be increased, adjusting the liquidity status of those bonds. The second draft RTS, on the methodology for the calculation and application of position limits for commodity derivatives will also be amended, in response to EU Commission concerns about food prices. ESMA proposes to lower the position limits for derivatives with foodstuffs as an underlying to 2.5%. In addition, ESMA proposes adjustments to position limits where deliverable supply and open interest diverge significantly.