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EU Presidency Statement: Presidency compromise on short selling legislation accepted

( May 17, 2011, 12:50 GMT | Official Statement) -- MLex Summary: European Union finance ministers tentatively backed rules for short-selling of stocks and credit default swaps (CDS) of government bonds, setting up talks with the European Parliament on the final form of legislation. Today's compromise would let national authorities suspend a ban on uncovered CDS, in case of "a significant drop" in market activity in the related bond. The European Securities and Markets Authority would have power to intervene in cross-border situations but would need consent from national regulators to take action on sovereign bonds.The press release of the Hungarian Presidency of the European Union follows below....

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