11 November 2014

ESMA agrees to renewal of short-selling measures introduced by Italian CONSOB

The concerned emergency measure consists of the renewal of a ban on the creation of new net short positions, and the increase of already existing net short positions, on shares issued by Banca MPS spa and Banca Carige spa.

ESMA issued an opinion regarding the emergency measures introduced by the Italian Market regulator under the Short-Selling Regulation (SSR).

The SSR requires ESMA within 24 hours following the notification by a national competent authority to issue an opinion on whether it considers the measure, or proposed measure, necessary to address the exceptional circumstances.

The emergency concerns the following financial instruments: shares of Banca MPS spa and Banca Carige spa, as well as all related instruments included in the calculation of the net short position in accordance with Regulation (EU) N0 236/2012 and Commission Regulation (EU) No 918/2012 of 5 July 2012, with the exception of indices-related instruments, which will not be affected by the emergency measure. The concerned emergency measure applies to any person irrespective of their country of residence. 

The ban on net short positions is subject to the exemption for market maker activities. Further details on the measure and applicable exemptions can be obtained from CONSOB website.

The original measure entered into force on 27 October 2014 and was applicable until 10 November 2014 close of day. ESMA agreed to the renewal of CONSOB's measures, which will enter into force on 11 November 2014 with the publication of the ESMA opinion, and to be applicable until 27 January 2015 close of day.

Full media release

Full ESMA Opinion

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