ITALY: CONSOB Short Selling Ban in Banca Piccolo Credito Valtellinese

Monday November 20 2017

CONSOB has announced the prohibition of short selling in Banca Piccolo Credito Valtellinese (Credito Valtellinese) shares (ISIN code: IT0005242026) on the MTA, a regulated market organised and managed by Borsa Italiana for the entire trading day of 20 November 2017.

Pursuant to Article 23(3) Regulation (EU) no. 236/2012, the above-mentioned prohibition does not apply to the activity of market making, as defined by Article 2(1)(k) of the aforementioned Regulation.

The ban is due to a significant fall in price. The fall in price of Credito Valtellinese shares during 17 November 2017, compared to the closing price on the previous trading day, was greater than -20%.

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