The Court of Justice of the European Union gave judgment today in United Kingdom v Parliament and Council (Case C-270/12). The court held that the power of the European Securities and Markets Authority to adopt emergency measures on Member States' financial markets in order to regulate or prohibit short selling is compatible with EU law. The court's decision is an important one on the powers of ESMA and, more generally, the operation of the European System of Financial Supervision. A summary of the court's decision is available here (pdf).
Wednesday, 22 January 2014
Europe: Court of Justice upholds ESMA's power to regulate or prohibit short selling in the Member States
The Court of Justice of the European Union gave judgment today in United Kingdom v Parliament and Council (Case C-270/12). The court held that the power of the European Securities and Markets Authority to adopt emergency measures on Member States' financial markets in order to regulate or prohibit short selling is compatible with EU law. The court's decision is an important one on the powers of ESMA and, more generally, the operation of the European System of Financial Supervision. A summary of the court's decision is available here (pdf).
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