ITALY: CONSOB imposes Short Selling ban on Telecom Italia and Credito Valtellinese shares

Thursday July 7 2016

The Italian financial regulator, Commissione Nazionale per le Società e la Borsa (CONSOB), has imposed a temporary short selling ban on Telecom Italia and Credito Valtellinese shares (Financial instruments ISIN: IT0003497168 & IT0000064516) for the entire trading day of 07 July 2016 on the MTA market of Borsa Italiana.

The short selling ban was made under Articles 23 of EU Regulation No. 236/2012 of the European Parliament and of the Council of 14 March 2012, in response to a significant fall in price exceeding 10% on the previous trading day.

Pursuant to Article 23(3), the above-mentioned prohibition does not apply to the activity of market making, as defined by Article 2(1)(k) of the aforementioned Regulation.

For more information on the announcement, please click the link at the top of the page.