 The European Parliament adopted a revised version of Mifid II on 26 October 2012 which include "provisions for position limits on commodity derivatives", aimed at "preventing market abuse" and supporting "orderly pricing and settlement conditions".The European Securities and Markets Authority (Esma), based in Paris and formed in 2011, is an "EU-wide financial markets watchdog".Esma sets position limits on commodity derivatives as described in Mifid II.