UK Questions EU Authority To Ban Short Selling

Law360, New York (June 1, 2012, 1:09 PM EDT) -- The U.K.’s finance chancellor reportedly took legal action against the European Union on Wednesday in a suit questioning the EU’s authority to ban the short selling of financial products in the event of an economic crisis.

George Osborne filed papers at the European Court of Justice to establish that the new rule represents an EU institution overstepping its mandate, not specifically to object to the short selling reforms, which he supports, according to he Financial Times.

The suit is over new legislation that gives the European...
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