Ask the Professors : Did the European Court of Justice Properly Rule by Dismissing the U.K.'s Attempt to Annul ESMA's Regulation Banning Short Selling

In Europe, financial laws and regulations are now governed under a European regulatory model rather than by each respective country. Given the presence of London as a major financial center, the UK government has challenged some of these new laws and regulations as they have impacted the ability of the UK government to establish its own set of laws and regulations. This article analyzes the various issues raised in this case brought by the UK government before the European Court of Justice. The ECJ held against the UK government and refused to annul this new ESMA regulation banning short sales