|
PARALLEL TEXTS
Il potere dell’Autorità europea degli strumenti finanziari e dei mercati di intervenire d’urgenza sui mercati finanziari degli Stati membri per regolamentare o vietare la vendita allo scoperto è compatibile con il diritto dell’Unione
Inglese tratto da:
http://europa.eu/rapid/press-release_CJE-14-7_en.htm
Italiano tratto da:
http://europa.eu/rapid/press-release_CJE-14-7_it.htm
Data documento: 22-01-2014
1 |
The power of the European Securities and Markets Authority to adopt emergency measures on the financial markets of the Member States in order to regulate or prohibit short selling is compatible with EU law
|
Il potere dell’Autorità europea degli strumenti finanziari e dei mercati di intervenire d’urgenza sui mercati finanziari degli Stati membri per regolamentare o vietare la vendita allo scoperto è compatibile con il diritto dell’Unione
|
2 |
Circumscribed by various conditions and criteria which limit that authority’s discretion, the exercise of that power does not undermine the rules governing the delegation of powers laid down by the FEU Treaty
|
L’esercizio di tale potere, disciplinato da vari criteri e condizioni che delimitano il campo di azione dell’Autorità, non viola il regime di delega dei poteri previsto dal Trattato FUE
|
3 |
In 2012, the EU adopted a regulation aimed at harmonising short selling, against the background of the financial crisis.
|
Nel 2012 l’Unione europea ha adottato un regolamento volto ad armonizzare la vendita allo scoperto nel contesto della crisi finanziaria.
|
4 |
Short selling is a practice consisting in the sale of shares and securities not owned by the vendor at the time of the sale with a view to benefiting from a fall in the price of the shares and securities.
|
La vendita allo scoperto è una pratica consistente nel vendere attivi e titoli che il venditore non possiede al momento della vendita al fine di trarre profitto da un ribasso del loro prezzo.
|
5 |
In the event of disturbance on the financial markets, the regulation seeks, inter alia, to prevent an uncontrolled fall in the price of financial instruments as a result of the effect of short selling.
|
Il regolamento mira in particolare ad impedire, in caso di perturbazione dei mercati finanziari, crolli incontrollati dei prezzi degli strumenti finanziari conseguenti alla vendita allo scoperto.
|
6 |
The regulation was adopted on the basis of Article 114 TFEU, which permits the adoption of harmonisation measures necessary for the establishment and functioning of the internal market.
|
Il regolamento è stato adottato sulla base giuridica dell’articolo 114 TFUE, che consente l’adozione di misure di armonizzazione necessarie all’instaurazione e al funzionamento del mercato interno.
|
7 |
Article 28 of the regulation vests the European Securities and Markets Authority (ESMA) with certain powers of intervention.
|
L’articolo 28 del regolamento attribuisce all’Autorità europea degli strumenti finanziari e dei mercati («AESFEM») taluni poteri di intervento.
|
8 |
Accordingly, ESMA may adopt measures that are legally binding on the EU Member States’ financial markets where there is a threat to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the EU.
|
In tal senso, l’AESFEM può adottare atti giuridicamente vincolanti nei mercati finanziari degli Stati membri dell’Unione qualora sussistano minacce all’ordinato funzionamento e all’integrità dei mercati finanziari o alla stabilità di tutto o di parte del sistema finanziario dell’Unione.
|
9 |
In May 2012, the United Kingdom brought an action before the Court of Justice seeking annulment of Article 28 of the regulation.
|
Nel maggio 2012, il Regno Unito ha presentato alla Corte di giustizia un ricorso al fine di ottenere l’annullamento dell’articolo 28 del regolamento.
|
10 |
The United Kingdom contends, inter alia, that ESMA has been given a very large measure of discretion of a political nature which is at odds with EU principles relating to the delegation of powers.
|
Il Regno Unito sostiene in particolare che all’AESFEM è stato attribuito un ampio potere discrezionale avente carattere politico, in violazione dei principi del diritto dell’Unione relativi alla delega dei poteri.
|
11 |
The United Kingdom also submits that Article 114 TFEU is not the correct legal basis for the adoption of the rules laid down in Article 28 of the regulation.
|
Il Regno Unito sostiene altresì che l’articolo 114 TFUE non costituisca una base giuridica corretta per l’adozione delle norme contenute nell’articolo 28 del regolamento.
|
12 |
In its judgment today, the Court finds, first, that Article 28 of the regulation does not confer any autonomous power on ESMA that goes beyond the powers granted to that authority when it was created.
|
Nell’odierna sentenza la Corte dichiara, in primo luogo, che l’articolo 28 del regolamento non conferisce all’AESFEM alcuna competenza autonoma che vada al di là delle competenze devolute a tale autorità al momento della sua creazione.
|
13 |
The Court also points out that the exercise of the powers laid down in that provision is circumscribed by various conditions and criteria which limit ESMA’s discretion.
|
La Corte sottolinea altresì che l’esercizio dei poteri previsti al suddetto articolo è disciplinato da vari criteri e condizioni che delimitano il campo di azione dell’AESFEM.
|
14 |
First, ESMA can adopt measures under the provision in question only if such measures address a threat to the financial markets or the stability of the EU’s financial system and there are cross-border implications.
|
Infatti, da un lato, l’AESFEM è autorizzata ad adottare le misure di cui all’articolo controverso soltanto qualora le stesse siano volte a far fronte a minacce al funzionamento dei mercati finanziari o alla stabilità del sistema finanziario dell’Unione e sussistano implicazioni transfrontaliere.
|
15 |
Moreover, all ESMA measures are subject to the condition that no competent national authority has taken measures to address the threat or one or more of those authorities have taken measures which have proven not to address the threat adequately.
|
Inoltre, ogni misura dell’AESFEM è subordinata alla condizione che nessuna autorità nazionale competente abbia adottato misure per rispondere a dette minacce oppure che una o più tra tali autorità abbiano adottato misure non adeguate.
|
16 |
Second, ESMA is required to take into account the extent to which such measures (i) address the threat to the financial markets or the stability of the financial system of the EU or (ii) significantly improve the ability of the competent national authorities to monitor the threat.
|
Dall’altro lato, l’AESFEM deve verificare fino a che punto tali misure consentano (i) di far fronte in modo significativo alla minaccia al funzionamento dei mercati finanziari o alla stabilità del sistema finanziario dell’Unione o (ii) di migliorare in modo significativo la capacità delle autorità nazionali competenti di monitorare tale minaccia.
|
17 |
ESMA must also ensure that such measures do not create a risk of regulatory arbitrage and do not have a detrimental effect on the efficiency of financial markets, including by reducing liquidity in those markets or creating uncertainty for market participants which is disproportionate to the benefits of the measure.
|
L’AESFEM deve altresì vigilare affinché le sue misure non creino un rischio di arbitraggio normativo e non producano effetti negativi sull’efficienza dei mercati finanziari, in particolare riducendo la liquidità su essi o creando per i partecipanti al mercato un’incertezza sproporzionata rispetto ai benefici attesi.
|
18 |
The Court also observes that ESMA is required to consult the European Systemic Risk Board and, if necessary, other relevant bodies.
|
La Corte rileva inoltre che l’AESFEM deve consultarsi con il Comitato europeo per il rischio sistemico e, all’occorrenza, con altre amministrazioni competenti.
|
19 |
Furthermore, ESMA must notify the competent national authorities concerned of the measure it proposes to take.
|
Inoltre, l’AESFEM deve trasmettere alle autorità nazionali competenti la misura di cui propone l’adozione.
|
20 |
ESMA is also under a duty to review the measures at appropriate intervals (at least every three months), so that such measures may only be temporary.
|
Essa deve altresì riesaminare le misure a intervalli adeguati (almeno ogni tre mesi), cosicché queste ultime hanno carattere esclusivamente temporaneo.
|
21 |
Moreover, the detailed delineation of the powers of intervention available to ESMA is apparent from the fact that the Commission is empowered to adopt delegated acts specifying criteria and factors to be taken into account by the competent authorities and ESMA in determining in which cases certain adverse events or developments and the threat to the financial markets or the stability of the EU’s financial system arise.
|
Inoltre, l’inquadramento dettagliato dei poteri di intervento attribuiti all’AESFEM è messo in evidenza dal fatto che la Commissione è abilitata ad adottare atti delegati per precisare i criteri e i fattori di cui le autorità competenti e l’AESFEM devono tener conto nell’accertare taluni eventi o sviluppi sfavorevoli nonché le minacce al funzionamento dei mercati finanziari o alla stabilità del sistema finanziario dell’Unione.
|
22 |
In those circumstances, the Court finds that the powers available to ESMA are precisely delineated and amenable to judicial review in the light of the objectives established by the authority which delegated those powers to it.
|
Di conseguenza, la Corte dichiara che i poteri di cui l’AESFEM dispone sono disciplinati in modo preciso e sono soggetti a un controllo giurisdizionale alla luce degli obiettivi stabiliti dall’autorità delegante.
|
23 |
The Court concludes that those powers are compatible with the FEU Treaty.
|
La Corte ne inferisce che tali poteri sono compatibili con il Trattato FUE.
|
24 |
Second, the Court states that, as the FEU Treaty expressly permits EU bodies, offices and agencies to adopt acts of general application, ESMA is also entitled to adopt such acts.
|
In secondo luogo, la Corte rileva che, poiché il Trattato FUE consente espressamente agli organi e agli organismi dell’Unione di adottare atti di portata generale, l’AESFEM è anch’essa abilitata ad adottare atti di questo tipo.
|
25 |
Third, the Court finds that Article 28 of the regulation does not undermine the rules governing the delegation of powers laid down by the FEU Treaty.
|
In terzo luogo, la Corte constata che l’articolo 28 del regolamento non contrasta con il regime della delega dei poteri previsto dal Trattato FUE.
|
26 |
The Court observes that that provision, which vest ESMA with certain decision-making powers in an area which requires specific technical and professional expertise, cannot be considered in isolation.
|
Detto articolo, il quale attribuisce all’AESFEM determinati poteri decisori in un settore che comporta una perizia professionale e tecnica specifica, non può essere considerato isolatamente.
|
27 |
On the contrary, it must be perceived as forming part of a series of rules designed to endow the competent national authorities and ESMA with powers of intervention to cope with adverse developments which threaten financial stability within the EU and market confidence.
|
Al contrario, deve essere inteso come facente parte di un insieme di disposizioni volte a dotare le autorità nazionali competenti e l’AESFEM di poteri di intervento per fronteggiare sviluppi sfavorevoli tali da minacciare la stabilità finanziaria all’interno dell’Unione e la fiducia dei mercati.
|
28 |
To that end, those authorities must, inter alia, be in a position to impose temporary restrictions on the short selling of certain stocks and credit default swaps in order to maintain financial stability within the EU.
|
A tal fine, dette autorità devono in particolare essere in grado di imporre restrizioni temporanee alla vendita allo scoperto di taluni titoli finanziari o alla conclusione di contratti derivati aventi ad oggetto la copertura del rischio di inadempimento dell’emittente (credit default swap) allo scopo di preservare la stabilità finanziaria all’interno dell’Unione.
|
29 |
Fourth, the Court points out that Article 114 TFEU does not provide that the addressees of the measures adopted by the EU legislature on the basis of that provision can only be Member States.
|
In quarto luogo, la Corte rileva che l’articolo 114 TFUE non prevede che i provvedimenti adottati dal legislatore dell’Unione sul fondamento di tale articolo debbano limitarsi, quanto ai loro destinatari, ai soli Stati membri.
|
30 |
In that context, the Court states that, by the adoption of Article 28 of the regulation, the EU legislature sought to provide an appropriate mechanism to enable ESMA to adopt, as a last resort and in very specific circumstances, measures applicable throughout the EU, it being understood that those measures may take the form of decisions directed at certain participants in the financial markets.
|
In tale contesto, la Corte precisa che, mediante l’adozione dell’articolo 28 del regolamento, il legislatore dell’Unione ha inteso istituire un meccanismo adeguato tale da consentire all’AESFEM di adottare, in ultima istanza e in circostanze ben determinate, misure applicabili in tutta l’Unione, fermo restando che tali misure possono eventualmente presentare la forma di decisioni indirizzate a taluni attori dei mercati finanziari.
|
31 |
Moreover, Article 28 of the regulation is in fact directed, in keeping with the spirit of Article 114 TFEU, at the harmonisation of the Member States’ laws, regulations and administrative provisions relating to the supervision of a number of stocks and the monitoring, in specific situations, of certain commercial transactions concerning those stocks.
|
Inoltre, l’articolo 28 del regolamento mira in effetti, sulla scorta dell’articolo 114 TFUE, al ravvicinamento delle disposizioni legislative, regolamentari ed amministrative degli Stati membri in materia di vigilanza su di un certo numero di titoli e di controllo, in casi determinati, di alcune operazioni commerciali aventi ad oggetto tali titoli.
|
32 |
Similarly, the purpose of the powers provided for in Article 28 of the regulation is to improve, in accordance with Article 114 TFEU, the conditions for the establishment and functioning of the internal market in the financial field.
|
Allo stesso modo, i poteri previsti all’articolo 28 del regolamento hanno come obiettivo, conformemente all’articolo 114 TFUE, il miglioramento delle condizioni di attuazione e di funzionamento del mercato interno nel settore finanziario.
|
33 |
Accordingly, the Court finds that Article 114 TFEU constitutes an appropriate legal basis for the adoption of Article 28 of the regulation.
|
Pertanto, la Corte dichiara che l’articolo 114 TFUE costituisce una base giuridica appropriata per l’adozione dell’articolo 28 del regolamento.
|
34 |
As all the pleas in law relied on by the United Kingdom have been rejected, the Court dismisses the action in its entirety.
|
Poiché tutti i motivi di impugnazione dedotti dal Regno Unito sono stati respinti, la Corte respinge integralmente il ricorso.
|
35 |
NOTE:
|
IMPORTANTE:
|
36 |
An action for annulment seeks the annulment of acts of the institutions of the European Union that are contrary to European Union law.
|
Il ricorso di annullamento mira a far annullare atti delle istituzioni dell’Unione contrari al diritto dell’Unione.
|
37 |
The Member States, the European institutions and individuals may, under certain conditions, bring an action for annulment before the Court of Justice or the General Court.
|
A determinate condizioni, gli Stati membri, le istituzioni europee e i privati possono investire la Corte di giustizia o il Tribunale di un ricorso di annullamento.
|
38 |
If the action is well founded, the act is annulled.
|
Se il ricorso è fondato, l'atto viene annullato.
|
39 |
The institution concerned must fill any legal vacuum created by the annulment of the act. |
L'istituzione interessata deve rimediare all’eventuale lacuna giuridica creata dall’annullamento dell’atto. |
|
LISTEN WITH READSPEAKER
The power of the European Securities and Markets Authority to adopt emergency
measures on the financial markets of the Member States in order to regulate or
prohibit short selling is compatible with EU law
Circumscribed by various conditions and criteria which limit that
authority’s discretion, the exercise of that power does not undermine the rules
governing the delegation of powers laid down by the FEU Treaty
In 2012, the EU adopted a regulation aimed at harmonising short selling,
against the background of the financial crisis.
Short selling is a practice consisting in the sale of shares and securities
not owned by the vendor at the time of the sale with a view to benefiting from a
fall in the price of the shares and securities.
In the event of disturbance on the financial markets, the regulation seeks,
inter alia, to prevent an uncontrolled fall in the price of financial
instruments as a result of the effect of short selling.
The regulation was adopted on the basis of Article 114 TFEU, which permits
the adoption of harmonisation measures necessary for the establishment and
functioning of the internal market.
Article 28 of the regulation vests the European Securities and Markets
Authority (ESMA) with certain powers of intervention.
Accordingly, ESMA may adopt measures that are legally binding on the EU
Member States’ financial markets where there is a threat to the orderly
functioning and integrity of financial markets or to the stability of the whole
or part of the financial system in the EU.
In May 2012, the United Kingdom brought an action before the Court of Justice
seeking annulment of Article 28 of the regulation.
The United Kingdom contends, inter alia, that ESMA has been given a very
large measure of discretion of a political nature which is at odds with EU
principles relating to the delegation of powers.
The United Kingdom also submits that Article 114 TFEU is not the correct
legal basis for the adoption of the rules laid down in Article 28 of the
regulation.
In its judgment today, the Court finds, first, that Article 28 of the
regulation does not confer any autonomous power on ESMA that goes beyond the
powers granted to that authority when it was created.
The Court also points out that the exercise of the powers laid down in that
provision is circumscribed by various conditions and criteria which limit ESMA’s
discretion.
First, ESMA can adopt measures under the provision in question only if such
measures address a threat to the financial markets or the stability of the EU’s
financial system and there are cross-border implications.
Moreover, all ESMA measures are subject to the condition that no competent
national authority has taken measures to address the threat or one or more of
those authorities have taken measures which have proven not to address the
threat adequately.
Second, ESMA is required to take into account the extent to which such
measures (i) address the threat to the financial markets or the stability of the
financial system of the EU or (ii) significantly improve the ability of the
competent national authorities to monitor the threat.
ESMA must also ensure that such measures do not create a risk of regulatory
arbitrage and do not have a detrimental effect on the efficiency of financial
markets, including by reducing liquidity in those markets or creating
uncertainty for market participants which is disproportionate to the benefits of
the measure.
The Court also observes that ESMA is required to consult the European
Systemic Risk Board and, if necessary, other relevant bodies.
Furthermore, ESMA must notify the competent national authorities concerned of
the measure it proposes to take.
ESMA is also under a duty to review the measures at appropriate intervals (at
least every three months), so that such measures may only be temporary.
Moreover, the detailed delineation of the powers of intervention available to
ESMA is apparent from the fact that the Commission is empowered to adopt
delegated acts specifying criteria and factors to be taken into account by the
competent authorities and ESMA in determining in which cases certain adverse
events or developments and the threat to the financial markets or the stability
of the EU’s financial system arise.
In those circumstances, the Court finds that the powers available to ESMA are
precisely delineated and amenable to judicial review in the light of the
objectives established by the authority which delegated those powers to it.
The Court concludes that those powers are compatible with the FEU Treaty.
Second, the Court states that, as the FEU Treaty expressly permits EU bodies,
offices and agencies to adopt acts of general application, ESMA is also entitled
to adopt such acts.
Third, the Court finds that Article 28 of the regulation does not undermine
the rules governing the delegation of powers laid down by the FEU Treaty.
The Court observes that that provision, which vest ESMA with certain
decision-making powers in an area which requires specific technical and
professional expertise, cannot be considered in isolation.
On the contrary, it must be perceived as forming part of a series of rules
designed to endow the competent national authorities and ESMA with powers of
intervention to cope with adverse developments which threaten financial
stability within the EU and market confidence.
To that end, those authorities must, inter alia, be in a position to impose
temporary restrictions on the short selling of certain stocks and credit default
swaps in order to maintain financial stability within the EU.
Fourth, the Court points out that Article 114 TFEU does not provide that the
addressees of the measures adopted by the EU legislature on the basis of that
provision can only be Member States.
In that context, the Court states that, by the adoption of Article 28 of the
regulation, the EU legislature sought to provide an appropriate mechanism to
enable ESMA to adopt, as a last resort and in very specific circumstances,
measures applicable throughout the EU, it being understood that those measures
may take the form of decisions directed at certain participants in the financial
markets.
Moreover, Article 28 of the regulation is in fact directed, in keeping with
the spirit of Article 114 TFEU, at the harmonisation of the Member States’ laws,
regulations and administrative provisions relating to the supervision of a
number of stocks and the monitoring, in specific situations, of certain
commercial transactions concerning those stocks.
Similarly, the purpose of the powers provided for in Article 28 of the
regulation is to improve, in accordance with Article 114 TFEU, the conditions
for the establishment and functioning of the internal market in the financial
field.
Accordingly, the Court finds that Article 114 TFEU constitutes an appropriate
legal basis for the adoption of Article 28 of the regulation.
As all the pleas in law relied on by the United Kingdom have been rejected,
the Court dismisses the action in its entirety.
NOTE:
An action for annulment seeks the annulment of acts of the institutions of
the European Union that are contrary to European Union law.
The Member States, the European institutions and individuals may, under
certain conditions, bring an action for annulment before the Court of Justice or
the General Court.
If the action is well founded, the act is annulled.
The institution concerned must fill any legal vacuum created by the annulment
of the act.
|