EU Countries Issue Temporary Short Selling Restrictions
As a result of the disruption experienced in a number of markets, the UK Financial Conduct Authority (FCA), the Italian securities regulator (Commissione Nazionale per le Società e la Borsa (CONSOB)) and the Spanish securities regulator (Comisión Nacional del Mercado de Valores (CNMV)) have issued a temporary prohibition of short selling certain shares today, March 13, 2020. We set out below hyperlinks through which lists of the shares subject to the temporary prohibition can be accessed. The regulators may renew the ban on a rolling basis until they deem market order has been restored.
UK: https://www.fca.org.uk/news/news-stories/temporary-prohibition-short-selling
Spain: https://www.cnmv.es/PORTAL/AlDia/Comunicaciones-Publicas.aspx
Other European Union financial regulatory authorities, including the Dutch, German and French financial regulators, are monitoring market activity and may issue similar bans later. Existing stock-specific bans continue to be in force. In addition, market turmoil has resulted in the introduction by South Korea's Financial Services Commission of a blanket ban of all short-selling in the stock market for six months commencing on Monday, March 16, 2020.
Contact Information
For further information or advice, please contact one of the partners named below, or your usual contact at Akin Gump.
| Ezra Zahabi London +44 20.7661.5367 |
Ian Meade London +44 20.7012.9664 |
| Tim Pearce London +44 20.7012.9663 |
