According to Reuters, Banks in the European Union are going to see limits on proprietary trading, based on a draft of an EU proposal.

The EU is drafting a proposal in an attempt to curb the risky trading done by banks that has been considered to be a major factor in the 2008 financial crisis. However, it seems their attempt to tame the $59 trillion dollar market isn’t enough for some, with experts considering it to be lacking in authority, and merely designed to be passed without contest.

Among other issues with the EU proposal, lobbyists have said it gives banks in certain countries a lot of room for interpretation, and may allow some to avoid separating risky investment banking from the deposit taking functions of large banks.

While the proposal will apply to all the bloc’s banks, only thirty top lenders will see limits imposed on their proprietary trading.  And proprietary trading is defined very tightly in the EU proposal, which will allow banks to trade on behalf of customers, “make markets,” and quote prices in securities.

Reasoning for the EU proposal’s leniency seem to stem, at least in part, from financial services chief Michel Barnier’s term being up at the end of October, and his not wanting to “make any waves,” as stated by to a financial industry official quoted by Reuters.