Home - Versione italiana - Accessible mode - Site map - Contacts and certified e-mail - Privacy - Links -  RSS

Consob - www.consob.it
Legal framework
Financial education
Conciliation and Arbitration Chamber

Consob resolution No. 17902 of August 12, 2011

Restrictive measures on net short positions on shares


Having regard to Law 216 of June 7, 1974, as subsequently amended;

Having regard to Article 74, para. 1 and para. 3, of Legislative Decree No. 58 of February 24, 1998, according to which Consob shall supervise regulated markets with the aim of ensuring the transparency of the markets, the orderly conduct of trading and the protection of investors, by adopting, in cases of necessity and as a matter of urgency, all the measures required for the above-mentioned purposes;

Having regard to Consob Resolution no. 17862 of July 10, 2011, whereby Consob temporarily introduced measures on reporting obligations of net short positions on shares in order to ensure the orderly conduct of trading and the protection of investors;

Taking into account the exceptional conditions of the markets in August 2011, characterised by a material increase of volatility with particular reference to shares of the financial sector;

Taking into account that, in light of the current markets conditions, measures on reporting obligations of net short positions on shares adopted by Consob Resolution no. 17862 are no more sufficient;

Having regard to similar restrictive rules on net short positions adopted on August 11, 2001 by the competent authorities of France, Belgium and Spain;

Having regard to the fact that, considering the evolution of the market situation, it is necessary and extremely urgent to temporarily adopt restrictive measures on net short positions in order to ensure the orderly conduct of trading and the protection of investors;


1. It is prohibited to take net short positions or to increase existing net short positions, including intraday, with reference to the share capital of issuers included in the list published on Consob website.

2. The prohibition under point 1 above applies to any individual person, legal person and/or other legal entities, both Italian and foreign.

3. These provisions shall not apply to the activity carried out, in the exercise of their own functions, by market makers, nor to the activity carried out in regulated markets in the exercise of their own functions by specialists, as defined in the Rules of the regulated markets organised and managed by Borsa Italiana S.p.A., and by intermediaries acting in the performance of a liquidity contract (liquidity providers).

The provisions of this resolution shall take effects from 09.00 a.m. of August 12, 2011 and shall remain in effect for 15 days.

This resolution is published on the web-site and the Bulletin of Consob.

Rome, August 12, 2011

Giuseppe Vegas


Enclosure – Issuers subject to Consob Resolution no. 17902 of August 12, 2011

Azimut Holding

Banca Carige

Banca Finnat

Banca Generali

Banca Ifis

Banca Intermobiliare

Banca Monte Paschi di Siena

Banca Popolare Emilia Romagna

Banca Popolare Etruria e Lazio

Banca Popolare Milano

Banca Popolare Sondrio

Banca Profilo

Banco di Desio e Brianza

Banco di Sardegna Rsp

Banco Popolare

Cattolica Assicurazioni

Credito Artigiano

Credito Emiliano

Credito Valtellinese

Fondiaria – Sai


Intesa Sanpaolo



Milano Assicurazioni

Ubi Banca



Vittoria Assicurazioni

© All rights reserved - Consob - Best viewed at 800x600