Following its decision to temporary ban short selling on 92 French stocks admitted to trading on Euronext Paris (regulated market), Euronext Growth Paris or Euronext Access (multilateral trading facilities), trading venues operated by Euronext Paris, with immediate effect until the end of the trading day on Tuesday 17 March, the Autorité des marches financiers (AMF), in the light of the outbreak of COVID-19 and its consequences on the economy and financial market in France, has decided to ban for a total period of 30 days the creation or increase of short net positions with immediate effect on 18 March 2020 (read the decision here).
The AMF has decided such ban pursuant to Article L. 421-16 II of the French monetary and financial code (code monétaire et financier) and Article 20 of the Regulation (EU) No 236/2012 of 14 March 2012 on short selling and certain aspects of credit default swaps (European Short Selling Regulation) given the current exceptional circumstances which represent a serious threat to market confidence.
Are banned all taking of net short position within the meaning of article 3 of the European Short Selling Regulation and all increase of net short position in the share capital of issuers whose shares are admitted to trading on a French trading venue and for whom the AMF is the relevant competent authority within the meaning of the above-mentioned regulation. The ban is applicable from 18 March 2020 at 00:00 hours until 16 April 2020 at midnight. The ban does not concern market making activities carried out by persons who are exempted under article 17 of the European Short Selling Regulation.
In addition, the European Securities and Markets Authority (ESMA) published on 16 March on its website its decision on short selling. According to the ESMA’s decision, short position holders in shares traded on an European Union regulated market are required to notify the relevant national competent authority (NCA) if the position reaches or exceeds 0.1% (instead of 0.2%) of the issued share capital after the entry into force of the decision. Short positions held before such entry into force of the ESMA decision are not concerned as far as a new threshold is not exceeded.
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