August 23, 2014

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August 22, 2014

August 21, 2014

August 20, 2014

Spanish Short Sales Ban Ends, Greek Ban Continues

On January 31, the Spanish securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), announced that the prohibition on short sales of Spanish shares under the EU Short Selling Regulation (EU236/2012) would end with effect from February 1. This prohibition, imposed on November 1, 2012 for a period of three months (as reported in the November 2, 2012, edition of Corporate and Financial Weekly Digest), continued a ban originally introduced by the CNMV on July 23, 2012.

The European Securities and Markets Authority announced on January 29 that the three-month prohibition on short sales of Greek shares, which was also imposed on November 1, 2012 (continuing an earlier ban introduced under Greek law), would continue in effect for a further three months until April 30, 2013.

The ESMA opinion regarding Spain is available here.

The ESMA opinion regarding Greece is available here.

©2014 Katten Muchin Rosenman LLP

TRENDING LEGAL ANALYSIS


About this Author

Partner

Edward Black, a partner in Katten Muchin Rosenman UK LLP, has a wide range of funds and financial services experience. He has acted for securities, commodities and derivatives brokers and dealers, banks, investment banks and investment managers for over 20 years. This has led to substantial involvement in commercial and transactional work in the financial services field as well as extensive regulatory expertise, and to significant experience with employment law matters.

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