EU Commissioner Barnier started to engage in serious talks with CESR which have intensified the ongoing coordination of European security regulators in the last few hours. Barnier also revealed that the EC plans "within a few weeks" to outline proposals on "naked-shorting" restrictions.
European internal-market commissioner Michel Barnier called for coordinated European action after German regulators suspended short sales of euro zone government bonds. He said the European Commission plans "within a few weeks" to outline proposals on naked-shorting restrictionsm, disclosure of short positions and emergency powers for regulators.
“I take note of the decision taken by German authorities to temporarily suspend short-selling of some bonds.
Financial markets are currently uncertain and volatile. I fully understand German and Austrian concerns about possible impacts of naked short selling in this context.
These measures will be even more efficient if they are coordinated at European level.
I have called Mr Wymeersch, Chairman of CESR, who has intensified the ongoing coordination of fellow European security regulators in the last few hours. I agree that discussing this issue on Friday at the finance ministers meeting would make sense.
It is important that Member States act together and that we design a European regime to avoid regulatory arbitrage and fragmentation both within the EU and globally.”
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