Temporary prohibition of short selling in shares issued by Banco Esp铆rito Santo, S.A. (ISIN: PTBES0AM0007) and Jer贸nimo Martins SGPS, S.A. (ISIN: PTJMT0AE0001), pursuant to Article 23 of the Regulation (EU) of the European Parliament and of the Council no. 236 of 14 March 2012
HAVING REGARD TO Article 23 of the above-mentioned Regulation (EU) no. 236/2012, which sets forth the power to temporarily restrict the short selling of financial instruments in the case of a significant fall in price;
TAKING INTO ACCOUNT THAT the price threshold to the exercise of the powers referred to in the previous paragraph is a fall of 10% or more in the relevant share price during a single trading day;
TAKING INTO ACCOUNT THAT the decline in the relevant share prices in relation to the closing price on the previous trading day amounted to: Banco Esp铆rito Santo, S.A.,聽聽10,57%,聽and Jer贸nimo Martins SGPS, S.A.,13,53%; and
CONSIDERING THAT the fluctuation of the prices of the shares cannot exclude the occurrence of a downward speculation phenomena;
THE CMVM RESOLVES:
1. The prohibition of short selling in the shares of Banco Esp铆rito Santo, S.A. (ISIN: PTBES0AM0007) and Jer贸nimo Martins SGPS, S.A. (ISIN: PTJMT0AE0001) on Euronext Lisbon, a regulated market organized and managed by Euronext Lisbon – Sociedade Gestora de Mercados Regulamentados S.A., under Article 23 of the above-mentioned Regulation, taking effect from 0.00 a.m. to 11.59 p.m. of 31 July, 2014.
Pursuant to Article 23(3), the above-mentioned prohibition does not apply to the activity of market making, as defined by Article 2(1)(k) of the aforementioned Regulation.
2. The present resolution is notified to ESMA and published on the CMVM鈥檚 website.