EP’s rapporteur for the revised Markets in Financial Instruments Directive (MiFID 2), MEP Markus Ferber, has announced that the Commission has returned to ESMA the draft RTS on non-equity transparency, the ancillary activity exemption and position limits for commodity derivatives. He said that in the letter, which has not been published, the Commission says it wants ESMA to redraft the standards to take EP’s position more thoroughly into account. Mr Ferber notes that the position limits regime in particular needs redrafting. He added that the redrafting should not disrupt the overall MiFID 2 implementation timeline, saying the Commission and ESMA have known EP’s position for some time and could have acted earlier. ESMA responded to the Commission, noting that it will proceed with the amendments the Commission requested (subject to some clarifications) on the understanding the Commission will then endorse not only these three RTS, but also all other RTS that ESMA submitted in September 2015, in relation to which the Commission has to date provided no feedback. (Source: Commission requests ESMA revisions to MiFID 2 draft RTS and ESMA writes to Commission on MiFID 2 RTS)