The European Commission has sent contentious parts of the review of Europe’s trading rulebook back to the regulator that wrote them, saying that they do not sufficiently take the views of the European Parliament into account.

The technical standards in question form part of the review of the Markets in Financial Instruments Directive, known as Mifid II, and its accompanying regulations. They focus on transparency requirements for bonds and some derivatives, exemptions from Mifid II for market activities that are undertaken by non-financial businesses, and the limits placed on positions that can be taken in commodity instruments.