ITALY: CONSOB extends short-selling ban on Banca Monte dei Paschi di Siena Spa shares

Tuesday October 4 2016

CONSOB has extended the temporary ban on net short positions on Banca Monte dei Paschi di Siena – BMPS shares (ISIN: IT0005092165), in force from 07 July 2016, for a further 90 days up to and including the end of the trading day of 05 January 2017 (resolution no. 19748 of 4 October 2016).

The scope of the prohibition has been extended to also include stock options, convertible bonds and other financial instruments that grant the right to receive new shares of BMPS.

Other features of the ban previously imposed on 07 July 2016 for a period of 90 days remain unchanged, i.e. the restrictive measures apply to short sales of BMPS shares and short positions in BMPS single stock derivatives and market makers, but not to the trading of index-related financial instruments pursuant to Article 20(3) of the Short Selling regulation.

The ban applies to all transactions, irrespective of where they have been carried out (on an Italian or foreign trading venue or over-the-counter), and to any natural or legal person, irrespective of their country of residence, including when this is outside the EU and additionally to market makers.

The ban was adopted pursuant to Article 20 of the EU Short Selling regulation, given the trend of BMPS shares in recent days and follows a positive opinion issued by ESMA on October 04, 2016.

Please click the link at the top of the page for the official announcement.