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27 October 2014

ESMA agreed to short-selling measures introduced by Italian CONSOB


The emergency measure consists of a ban on the creation and increase of net short positions on shares issued by Banca MPS spa and Banca Carige spa.

ESMA agrees with CONSOB's measures introduced under the Short-Selling Regulation (SSR). The measures will enter into force on 27 October 2014 with the publication of the ESMA opinion, and  will be applicable until 10 November 2014 close of day.

The ban introduced by CONSOB will concern the following financial instruments: shares of Banca MPS spa (ISIN IT0004984842) and Banca Carige spa (IT0003211601), 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 shall apply to any person irrespective of their country of residence.

The proposed 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 on the CONSOB website.

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

Media release

Full ESMA Opinion



© ESMA


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