On 17 March 2020, ESMA issued official opinion agreeing to emergency short selling prohibition for 3 months by CONSOB on all transactions which might constitute/ increase net short positions on all shares traded on Italian MTA regulated market.

• For which ITA CONSOB is relevant competent authority and to all related instruments relevant for calculation of net short position.
• Ban applies to transactions executed both on trading venue or OTC, applies to any natural/legal person domiciled or established within EU or in 3rd country.
• Proposed measure expected to enter into force on 18 March 2020 before opening of trading session, to expire after close of trading session on 18 June 2020.
• Measure may also be lifted before deadline, taking into account market conditions.
• Does not apply to market-making activities, trading in index-related instruments or short positions entered to hedge positions on convertible bond or subscription rights.
• ESMA considers proposed measure justified by adverse events or developments which constitute serious threat to market confidence, financial stability in Italy.
• Measure is appropriate and proportionate to address existing threat in Italy.