MFA Blog: EU Court's General Advocate Issues Opinion Regarding Annulment of Parts of Short Selling Rules

The European Court of Justice issued an opinion from the Advocate General supporting the UK's claim that the authority granted to ESMA in Article 28 of the Short Selling Regulation does not a have proper legal basis. Article 28 of the Short Selling Regulation outlines ESMA's intervention powers in exceptional situations, including prohibitions on short selling. The Advocate General's opinion supports the UK's claim that these powers were adopted on an incorrect legal basis. The MFA Blog notes that the Advocate General's opinions are not binding, but only persuasive. Generally, the Court is expected to issue a ruling six months after the Advocate General's opinion.

See: Advocate General's Opinion; MFA Blog Post.