Wednesday June 17 2015

News Source: Global Disclosures

Focus: Shareholder Disclosure Sanctions

Type: General

Country: Greece




It was decided at the 713th meeting of the Board of Directors of the Capital Market Commission that fines were to be imposed for breach of Greece short selling rules.

These were:

  • €453,000 on EVEREST GLOBAL FUND LP for short selling shares in National Bank of Greece AE without covering the delivery obligation of openly sold shares in the clearing system, in breach of Article 12 of Regulation 236/2012;
  • €420,000 on EVEREST CAPITAL FRONTIER MARKETS FUND LP for short selling shares in National Bank of Greece AE without covering the delivery obligation before selling off shares in the clearing system. This was in breach of Art 12 of Regulation 236/2012;
  • €345,000 on EVEREST CAPITAL EMERGING MARKETS FUND for short selling shares in National Bank of Greece AE without covering the delivery obligation before selling off shares in the clearing system. This was an infringement of Art 12 of Regulation 236/2012 of the European Parliament and the Council of Europe.

Click on the above link for more details.