ESMA Approves Spanish and Greek Short Sales Bans

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On November 1, the European Securities and Markets Authority (ESMA) published its opinion approving the three-month emergency short selling prohibition proposed by the Spanish regulator (the CNMV) under the EU Short Selling Regulation (EU236/2012) with effect from November 1. The Spanish ban is a continuation of the prohibition originally imposed by the CNMV on July 23, 2012, under Spanish law (as reported in the July 27, 2012, edition of Corporate and Financial Weekly Digest).

ESMA also announced that it had approved a similar Greek short sale ban imposed by the Greek regulator (the HCMC) as a continuation of the prohibition imposed by the HCMC on July 24, 2012, under Greek law.

SPAIN

Read the ESMA opinion on the on the emergency measure by the Spanish CNMV under the Short Selling Regulation here.

GREECE

Read the ESMA opinion on the emergency measure by the Greek HCMC under the Short Selling Regulation here.

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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