BRUSSELS Jan 22 The European Union's top court
has dismissed Britain's challenge to the bloc's law on banning
the short-selling of shares in market emergencies.
The ruling is a blow to Britain's attempts to limit the
scope of financial rules from Brussels as Prime Minister David
Cameron seeks to renegotiate the country's membership of the EU.
Britain was challenging part of the short-selling law which
gives the European Securities and Markets Authority the power to
ban bets on falling share prices when markets are in turmoil.
"The power of the European Securities and Markets Authority
to adopt emergency measures on the financial markets of the
member states in order to regulate or prohibit short-selling is
compatible with EU law," the Luxembourg-based court said in a
statement on Wednesday.
"As all the pleas in law relied on by the United Kingdom
have been rejected, the Court dismisses the action in its
entirety," it said.