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European Union – EU Institutions. The United Kingdom brought an action before the General Court of the European Union for annulment of the Eurosystem Oversight Policy Framework (the Policy Framework) published by the European Central Bank on 5 July 2011, in so far as it set a location requirement applicable to central counterparties (CCPs) established in member states that were not party to the Eurosystem. The General Court allowed the UK's action and annulled the Policy Framework, deciding that the ECB did not have the competence necessary to regulate the activity of securities clearing systems including CCPs.
European Union – EU Institutions. The United Kingdom brought an action before the General Court of the European Union for annulment of the Eurosystem Oversight Policy Framework (the Policy Framework) published by the European Central Bank on 5 July 2011, in so far as it set a location requirement applicable to central counterparties (CCPs) established in member states that were not party to the Eurosystem. The General Court allowed the UK's action and annulled the Policy Framework, deciding that the ECB did not have the competence necessary to regulate the activity of securities clearing systems including CCPs.
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