The empowerment of agencies under the Meroni doctrine and article 114 TFEU: comment on United Kingdom v Parliament and Council (Short-selling) and the proposed Single Resolution Mechanism

Publishers Abstract:
Comments on the European Court of Justice ruling in United Kingdom v European Parliament (C-270/12) on whether the Treaty on the Functioning of the European Union art.114 was a valid basis for empowering the European Securities and Markets Authority (ESMA), and whether ESMA's power to prohibit short selling under Regulation 236/2012 art.28 was ultra vires. Discusses the debate over the empowerment of EU agencies before the case, the court's grounds for rejecting the Advocate General's Opinion, and the ruling's implications for the proposed Single Resolution Mechanism for the Banking Union.