EUROPEAN UNION: ESMA issues official opinion on Greek short selling ban

Tuesday July 14 2015

The European Securities and Markets Authority have issued their official opinion on the renewal of the emergency measure by the Greek HCMC under Section 1 of Chapter V of Regulation No 236/2012 on short selling and certain aspects of credit default swaps.

In relation to the emergency measure, ESMA is adopting the following opinion on the measure:

• On the adverse events or developments, ESMA considers that adverse developments which constitute a serious threat to market confidence in the Greek market still persist;

• On the appropriateness and proportionality of the measure, ESMA considers that the measure is appropriate and proportionate to address the above mentioned threats that persist in the Hellenic Republic;

• On the duration of the measure, ESMA considers that the duration of the measure is justified and appreciates HCMC’s statement in its notification of intent that the measure may be lifted before the end of the established period or renewed if circumstances that justified the imposition of the measure improve, persist or worsen.

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