Three Losses to U.K. in a Week Limit EU Financial Reform Plans
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European Union lawyers gave the U.K. victories in fights over financial regulation that will boost the country’s standing in a power struggle over the future of banks and securities trading in the 28-nation bloc.
Plans for an 11-nation financial transaction tax and enhanced powers to ban short-selling, both opposed by the U.K., were criticized by the European Council’s legal service and a senior official at the European Court of Justice. The EU executive arm also scrapped a proposal to hand oversight of London’s interbank offered rate to a Paris-based regulator.