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EU court lawyer cautions against short-sales rule


September 12. 2013 6:39AM
Associated Press

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(AP) A top lawyer at the European Court of Justice says continent-wide rules on short-selling are overreaching and should be thrown out.


In an opinion Thursday, the court's independent Advocate General, Niilo Jaaskinen, said the rules threatened to replace national decision-making on short-selling, where investors profit by betting that a stock or bond will lose value.


During the eurozone debt crisis, many blamed such speculation for instability in the financial markets and several countries imposed temporary restrictions on short-selling most of which were not renewed after markets stabilized.


Britain brought the case against the EU-wide regulations, which went into effect in November 2012, and Thursday's opinion though not binding holds sway when judges issue a decision.


Associated Press


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