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Press statement on

extending the deadline for temporary measures on short selling

 

Consob acting in close cooperation with the other European regulators that limited short selling (Belgium, France, Spain and Greece) and under the coordination of ESMA, taking into account the current market developments, has decided, by Resolution no. 17911, to extend the deadline of its resolution no. 17902 of August 12, 2011 restricting the possibility to take net short position on certain shares, until September 30, 2011.

In line with that decision Consob also extended to October 14, 2011 the deadline of its resolution no. 17862 of July 10, 2011 containing rules on reporting net short position on shares to Consob.

Consob will continuously monitor the markets and their evolutions. If market conditions allow  and upon consultation with the above mentioned regulators, Consob will assess whether the lifting of the temporary ban can be considered (or any further action is required).

In such a case, Consob will endeavour to follow a common approach together with the above mentioned regulators pursuant to an exit strategy commonly agreed.

This assessment shall take place in the course of September.

Rome, 25 August 2011

 

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