Lawyers & Professionals

Firm Overview

Instead of trying to be everything to everybody, we’ve made a name for ourselves by delivering what our clients need most: in-depth, hands-on legal counsel throughout the financial services sector — and beyond.

Get to know us

Firm News

There’s a lot going on at Schulte — we’re wrapping up high-profile matters, welcoming talented new lawyers, speaking on issues that affect our clients, and more.

Read all about it

Pro Bono

Throughout our history, Schulte has provided comprehensive pro bono services to local and national nonprofit organizations. Today, we serve more than 50 nonprofits and work to advance a variety of social justice causes.

Learn more

Diversity and Inclusion

Inside the firm, we work hard to attract diverse, talented lawyers and encourage their career growth and advancement. And outside the office, we’re active in volunteer drives and local initiatives that support women and minorities’ professional success.

See what we’re up to

Alumni

If you’re a current or former Schulte lawyer, join our Alumni Network on LinkedIn to stay connected with old friends, make new contacts, and share your successes, ideas and insights.

Stay in touch

Social Responsibility

We take doing “good work” seriously — whether we’re talking about our high ethical standards or the way in which we foster a positive and inclusive culture for our personnel and support local communities.

See how we work

Offices

  • New York

    • 919 Third Avenue
    • New York, NY 10022
    • United States of America
      • +1 212.756.2000 Phone
      • +1 212.593.5955 Fax
  • Washington, DC

    • 901 Fifteenth Street, NW, Suite 800
    • Washington, DC 20005
    • United States of America
      • +1 202.729.7470 Phone
      • +1 202.730.4520 Fax
  • London

    • One Eagle Place
    • London SW1Y 6AF
    • United Kingdom
      • +44 (0) 20 7081 8000 Phone
      • +44 (0) 20 7081 8010 Fax

Three EU regulators have announced extensions of their short-selling bans with effect from today further to yesterday’s announcement by CNMV in Spain. Greece has also announced a short-selling ban.

Belgium

The ban applies until 17 April 2020 and covers companies listed on Euronext Brussels and Euronext Growth. It prohibits short-selling, including through derivatives, depository receipts or any other types of transactions which have the effect of conferring a financial advantage in the event of a decrease in the price of the restricted securities. Short transactions relating to equity indices are covered if the restricted securities represent more than 20% of the index.

The FSMA notice is available here.

France

The ban applies until the close of business on 16 April 2020 and covers all shares admitted to trading on French trading venues. It prohibits creation or increase of net-short positions, meaning that all forms of shorting, including through derivatives and depository receipts, are covered. Shorting through equity indices or baskets is covered by the ban, but only if the restricted stocks represent more than 50% of the index or basket.

The AMF notice is available here.

Greece

The ban applies until 24 April 2020 and covers shares admitted to trading on the Athens Stock Exchange. It prohibits creation or increase of net-short positions (including on an intra-day basis). Short-selling transactions via derivatives, depository receipts and indices are covered by the ban.

The HCMC notice is available here.

Italy

The ban applies until the close of trading on 18 June 2020 and covers a list of shares attached to the notice. The Consob notice is available here.

It prohibits creation or increase of net-short positions, including through derivatives and depository receipts, except (i) delta-neutral positions used to cover a long position in a convertible bond or (ii) positions used to cover long positions in subscription rights. Net-short positions held through indices are covered if the restricted securities represent more than 20% of the index.

Authored by Anna Maleva-OttoBrian T. DalyJulian Rainero and Craig Stein.

If you have any questions concerning this Alert, please contact your attorney at Schulte Roth & Zabel or one of the authors.


This communication is issued by Schulte Roth & Zabel LLP and Schulte Roth & Zabel International LLP for informational purposes only and does not constitute legal advice or establish an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. ©2020 Schulte Roth & Zabel LLP and Schulte Roth & Zabel International LLP.

All rights reserved. SCHULTE ROTH & ZABEL is the registered trademark of Schulte Roth & Zabel LLP.