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The European Securities and Markets Authority (ESMA) on Monday published its official opinion, which approved an extension of the emergency short selling prohibition by the Hellenic Capital Market Commission (HCMC) on the shares of certain credit institutions under the Short Selling Regulation.
The previous ban expired at 24:00:00 (CET) on December 21, 2015. The new measure will remain in place until 24:00:00 (CET) on January 11, 2016.
The extended measure temporarily bans short sales in any shares of Attica Bank S.A. (ISIN GRS001003011) admitted to trading on the Athens Exchange, irrespective of the venue where the transaction is executed. The temporary prohibition would include sales of shares covered by subsequent intraday purchases. The temporary prohibition of short selling covers all depository receipts (ADRs, GDRs) and warrants representing shares of Attica Bank S.A. (ISIN GRS001003011) admitted to trading on the Athens Exchange.
The short selling measure applies to any natural or legal person, irrespective of their country of residence, but would be subject to the exemption for market making activities, in case that the short selling transactions are conducted for hedging purposes.
Explaining its decision, ESMA said that it considers that adverse developments which constitute a serious threat to market confidence in the Greek market are still present and that the proposed measure is appropriate and proportionate to address those threats.
The official announcement from ESMA can be viewed by clicking here.