EU Court Lawyer Suggests Tossing Short Selling Rule

Law360, New York (September 12, 2013, 4:07 PM EDT) -- An attorney with the European Court of Justice on Thursday recommended tossing a measure that empowers a regulatory agency to ban short selling when financial crisis strikes, arguing that the regulation wrongly replaces national decision-making and should instead be put to a vote by European Union member states.

In response to the U.K.'s opposition, Advocate General Niilo Jaaskinen suggested throwing out a regulation that allows the European Securities and Markets Authority to intervene when the financial markets of member states are threatened, specifically by short selling...
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