ITALY: CONSOB imposes short selling ban on Banco Populare shares

Thursday January 21 2016

The Italian watchdog, Consob has imposed a temporary short selling ban on Banco Populare shares, for the entire trading session of Thursday 21 January 2016 (instrument ISIN: IT0005002883) on the MTA market of Borsa Italiana.

The ban has been adopted pursuant to Article 23 of the EC Regulation on “Short Selling”, in response to a price drop in the share price exceeding the 10% threshold during the trading day of Wednesday 20 January 2016.

It is clarified that, the short selling ban does not apply to the activity of market making, as defined by Article 2(1)(K) of the above Regulation.

This extends the existing ban in place regarding naked short selling for all equities, imposed from 01 Nov. 2012 under the above mentioned EU Regulation.

For the Consob announcement, please see the above link: