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This restriction applies in relation to Banco Popolare and all UK trading venues on which the instrument is traded; and any person irrespective of their country of residence (subject to the exemption below).
Following a significant price movement in Banco Popolare on all UK trading venues, the FCA is satisfied that it is necessary to take the action set out in this notice to prevent a disorderly decline in the price of Banco Popolare, taking into accountthe volatility of recent trading in the UK.
This measure does not extend to transactions undertaken by market makers who have notified the FCA of their intention to employ the market maker exemption in this financial instrument and who are included on the list maintained by ESMA of market makers permitted to use the exemption. This exception only extends to those transactions that market makers undertake as part of their market making activities.
This follows a decision made by another EU Competent Authority.