28 September 2011

ESMA continues to coordinate action on short positions in countries where bans are currently in place

The temporary measures were extended by Italy and Spain:

Italy: Consob has assessed the impact of the restrictive measures in respect of net short positions on financial stocks taken in August 2011 and the evolution of market conditions. This was done in close cooperation with authorities in other countries (France, Spain, Belgium and Greece) which have adopted similar measures, and coordination under the ESMA.

Following these assessments, and based on current market conditions, Consob decided today to extend until 11 November 2011 the validity of the restrictive measure on short sales, adopted on August 12 and subsequently extended until 30 September next. Consob has also decided to extend until November 25, 2011 the disclosure requirements bearish positions on relevant, introduced on July 10 last year.

Consob will continue to work in coordination with other authorities in respect of any change in the current market conditions which may require intervention of a regulatory nature, including the possible lifting of restrictions.

Spain: The CNMV has been assessing both the impact of the measures restricting short positions on financial stocks adopted in August 2011 and the market conditions since then. This has been carried out in close cooperation with the other authorities that adopted similar measures and under the coordination of ESMA.

According to that analysis, the current situation of protracted instability in European securities markets, in particular in financial stocks, does not yet make it advisable to lift the temporary restrictions on transactions that might constitute a creation or increase of net short positions in Spanish financial stocks.

Press release

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