The Advocate General has stated his opinion on the UK's contention that article 28 of the Short Selling Regulation (SSR) should be annulled on the basis that it should not legally have been adopted using article 114 of the Treaty of the European Union (TFEU). The Advocate General agreed, and also agreed that the powers given to ESMA under that article exceed the limits the mechanism was intended to address. Under the relevant powers, ESMA would have been able to replace national decision-making with EU level decision making. However, the Attorney General suggested the SSR article would have been properly adopted under another part of the TFEU. The CJEU must now decide the matter, and also whether the UK's contention that the measures gave ESMA too much power.  (Source: CJEU Considers SSR Annulment)