U.K. and EU face off over power to ban short selling

09/12/2013 | Bloomberg

An EU judge is set to issue a nonbinding opinion on the European Securities and Markets Authority's decision-making power, as the U.K. attempts to overturn ESMA's authority to prohibit short selling. "Previous decisions of the EU court have struck down attempts to clothe an administrative agency with broad law-making powers," Eversheds partner Michael Wainwright wrote in an e-mail. "This case raises important questions as to how those decisions apply to ESMA and the other new EU financial supervisory authorities."

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