Language of document :

Judgment of the Court (Grand Chamber) of 22 January 2014 – United Kingdom of Great Britain and Northern Ireland v European Parliament, Council of the European Union

(Case C-270/12) 1

(Regulation (EU) No 236/2012 – Short selling and certain aspects of credit default swaps – Article 28 – Validity – Legal basis – Powers of intervention conferred on the European Securities and Markets Authority in exceptional circumstances)

Language of the case: English

Parties

Applicant: United Kingdom of Great Britain and Northern Ireland (represented by: A. Robinson, Agent, J. Stratford QC and A. Henshaw, Barrister)

Defendants: European Parliament (represented by: A. Neergaard, R. Van de Westelaken, D. Gauci and A. Gros-Tchorbadjiyska, Agents), Council of the European Union (represented by: H. Legal, A. De Elera and E. Dumitriu-Segnana, Agents)

Interveners in support of the defendants: Kingdom of Spain (represented by: A. Rubio González, Agent), French Republic (represented by: G. de Bergues, D. Colas and E. Ranaivoson, Agents), Italian Republic (represented by: G. Palmieri, Agent and F. Urbani Neri, avvocato dello Stato), European Commission (represented by: T. van Rijn, B. Smulders, C. Zadra and R. Vasileva, Agents)

Re:

Action for annulment – Validity of Article 28 of Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps (OJ 2012 L 86, p. 1) – Institutional balance – Infringement of the conditions established by the case-law of the Court of Justice for the delegation of powers to agencies – Infringement of Articles 290 and 291 TFEU – Infringement of Article 114 TFEU – Attribution of powers of intervention to the European Securities and Markets Authority (ESMA) – Margin of discretion conferred on ESMA as regards the need for it to intervene and the measures to be adopted – Nature of the measures capable of being adopted by ESMA.

Operative part of the judgment

The Court:

Dismisses the action.

Orders the United Kingdom of Great Britain and Northern Ireland to pay the costs.

Orders the Kingdom of Spain, the French Republic, the Italian Republic and the European Commission to bear their own costs.

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1 OJ C 273, 8.9.2012.