View more on these topics

Esma to be stripped of power to ban short selling

A senior adviser to the European Court of Justice has indicated that the European Securities and Markets Authority will be stripped of its power to ban short selling in the latest in a series of key UK victories over the EU.

The FT reports Esma will lose its power to ban short selling in economic emergencies and it will return to the FCA after the ECJ advocate general decision.

The legal opinion is non-binding but the ECJ normally agrees with the advocate general. The view could strike a blow for centralisation of power in the EU and harmonisation of markets, traditionally seen as the aim of the body.

The opinion states: “The outcome [of the provision to ban short selling] is not harmonisation but the replacement of national decision-making with EU level decision-making.”

It is the latest UK win after EU lawyers said the financial transaction tax could be illegal while the European Securities and Markets Authority also gave up plans to regulate Libor instead of the FCA.



MM leader: With Friends like these…

Friends Life’s decision to cancel the trail commission on certain bonds has understandably angered advisers. From October the provider will no longer pay trail on the Premium Select Bond and Melbourne Life Company Bond, both closed to new business, affecting around 800 policies. Friends Life blames a change of administrator and insists its terms of […]


Threesixty urges rivals to come clean on provider payments

Support services provider Threesixty has urged adviser networks and rival support services firms to come clean over the marketing payments they receive from providers as the FCA prepares to impose a “cost only” rule. In March, Money Marketing revealed the regulator was planning to ban adviser firms from making a profit from provider payments for […]

Ex-FSA director Sheila Nicoll joins Ernst & Young

Former FSA director of conduct policy Sheila Nicoll has joined Ernst & Young, becoming the latest ex-regulator to join of the ‘big four’ consultancy firms. She will be working with EY clients on public policy and regulatory issues with a specific focus on the UK and Europe. Nicoll left the regulator in April when it […]


Tom Baigrie: Spare the good advisers and hit the crooks

I had hoped that the FCA would change the regulatory focus to one of weeding out the crooks that still populate the fringes of financial services, rather than continuing the FSA’s mission to ensure that only advisory perfection, or rather their very limited version of it, survives the RDR cleansing. But recent comments about the way […]

Directors, limited liability partners and auto-enrolment

By Jim Grant, Senior Product Insight & Technical Support Analyst 6 April 2016 brought in changes to employer duties for directors and partners in limited liability partnerships. Here we explain exactly what’s changed. Before 6 April 2016… Directors of limited liability companies where there were no other directors or employees were exempt from the employer […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment