Decision by the AMF Chairman: Ban on taking net short positions in French securities of the financial sector

11 August 2011

This decision does not apply to financial intermediaries acting as market makers or liquidity providers when they are operating under a contract with the relevant market undertaking or with the issuer concerned, or when acting as counterparty for block trades in equities.

The Chairman of the Autorité des Marchés Financiers (AMF), acting in accordance with Article L 421-16 II of the Monetary and Financial Code, has decided to place a ban on creating any net short position or increasing any existing net short position, including intraday, by any person established or residing in France or in another country, in the equity shares or securities giving access to the capital of the following credit institutions and insurance companies:

• April Group
• Axa
• BNP Paribas
• CIC
• CNP Assurances
• Crédit Agricole
• Euler Hermès
• Natixis
• Scor
• Société Générale.

This decision shall enter into force as soon as it is published on the AMF website and shall remain in effect for a period of fifteen days. It may be extended beyond that date pursuant to the conditions provided in the aforementioned Article L 421-16 II.

The AMF will publish a FAQ to deal with the technical questions raised by this decision.

Press release

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