EU's top court dismisses British court action and upholds short-selling ban
BRUSSELS - The European Union's top court has dismissed a British lawsuit contesting an EU-wide regulation that bans some short-selling practices to increase financial market stability.
The Luxembourg-based European Court of Justice on Wednesday ruled the legal basis for the European Securities and Markets Authority to adopt such emergency measures is in accordance with EU law since its powers "are precisely delineated and amenable to judicial review."
Many blamed short-selling, a practice in which investors bet that the price of a stock or bond will go down, for creating tremendous volatility and threatening the stability of the financial system.
The regulation in 2012 once more exposed rifts among the EU's 28 members in their bid to overcome the financial crisis, with London arguing the short-selling ban goes beyond the European authorities' powers.
Read more Business News
- Trashed for killing bearsPenticton / S. Okanagan
- Motorcycle victims ID'dVernon / N. Okanagan
- Friends mourn victims Canada
- The cat came back ....Kelowna
|QHR Technologies Inc||1.22||-0.05|
|Anavex Life Sciences||0.375||-0.005|
|Copper Mountain Mining||2.42||+0.10|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.23||-0.02|
The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...
Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...
Many times when we are gripped by fear it can be one of two mental challenges that we can learn to overcome. Photo: ContributedThe Fear is completely imaginary. In this situation there may be no fact...