Reuters: Financial Services and Real Estate: Osborne files suit over EU short-selling rules - FT

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Osborne files suit over EU short-selling rules - FT May 31st 2012, 23:02 By Yeganeh Torbati LONDON | Thu May 31, 2012 7:02pm EDT LONDON May 31 (Reuters) - British finance minister George Osborne is suing the European Union over plans to ban the short-selling of financial products, arguing it would be overreaching its powers, the Financial Times newspaper reported on Thursday. Britain is at odds with much of the EU over financial regulations put forward by France but opposed by Prime Minister David Cameron on grounds that they would be crippling to London's financial industry. The suit, filed on Wednesday by Britain and the Czech Republic at the European Court of Justice, contends that powers given to the European Securities and Markets Authority (ESMA) to limit or bar the short-selling of financial instruments are illegal and not granted by any EU treaty, the FT reported. The EU's regulations on short-selling are expected to be implemented from November. Last year Osborne sued the European Central Bank (ECB) over proposed rules for clearing houses outside the euro zone currency bloc, of which Britain is not a member. Government officials suggested Osborne's latest challenge was less significant than the ECB case. (Additional reporting by Matt Falloon; Editing by Kevin Liffey)

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