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 Consob adopts restrictive measures on short selling

Today, by Resolution no. 17902, Consob adopted restrictive measures on net short positions. The decision - taken on the basis of Article 74 of  TUF, 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 - takes into account the exceptional conditions of the markets in August 2011, characterised by a material increase of volatility

Having regard to the fact that, in light of the current markets conditions, measures on reporting obligations of net short positions on shares adopted on July 10, 2011, are no more sufficient and taking into account the measures on net short positions adopted by the competent authorities of France, Belgium and Spain, Consob resolved the prohibition to take net short positions or to increase existing net short positions, including intraday, with reference to the share capital of issuers of the financial sector.

The prohibition apply to any individual person, legal person and/or other legal entities, both Italian and foreign.

Measures adopted by Consob Resolution no. 17862 on obligations of net short positions on shares are still in force.

This measure shall enter into force from August 12, 2011 and shall remain in effect for 15 days.

The Resolution is published on the web-site and the Bulletin of Consob.

Rome, 12 August 2011













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