According to Reuters, the UK’s attempt to challenge a short-selling law that bans the ability to short-sell shares during market emergencies has been denied by a European Union Court.

Attempting to limit the reach of financial rules designed to regulate the industry, the UK had challenged a part of the short-selling law that grants the European Securities and Markets Authority (ESMA) power to ban betting on falling share prices when the ESMA deems it a threat to either markets or financial system stability.

In order for the UK to challenge the short-selling law, those involved stated that the law overstepped the ESMA’s boundaries based on an EU treaty provision. However, because the ESMA can only enforce this law if national leaders haven’t taken action to deal with disorderly markets, the court ruled against this claim.

Short-selling involves the selling of borrowed shares with the hopes of buying them back at a lower price later.

Britain will also be challenging rules that involve bonus caps for bankers, a financial transaction tax, and the forcing of clearing houses to be moved to the euro zone by the European Central Bank in the near future.