Europe's top financial regulator has opened a consultation into part of the EU's proposed new rules on short-selling, less than six weeks before they are set to take effect, in a further sign of the massive task faced by policy-makers trying to manage post-crisis regulation.

The Paris-based European Securities and Markets Authority yesterday opened a consultation into the "market-maker and primary dealer" exemptions in the EU's short-selling rules, which are due to come into force from November 1.