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Short selling: extension until January 15, 2012 of the restrictions on securities extension without deadline of reporting obligations. New prohibition of "uncovered" short selling on all shares listed on the Italian regulated markets

Today Consob decided to extend until January 15, 2012 the Resolution on restrictive measures on net short positions on shares of the financial sector adopted on August 12, 2011 (by Resolution no. 17902) and subsequently extended until November 11, 2011 (by Resolution no. 17951). Therefore, the prohibition to take net short positions or to increase existing net short positions on shares of the banking-insurance sector is still in force.

Moreover, the obligation to report to Consob relevant downward positions on shares listed on the Italian regulated markets which entered into force on July 10, 2011 (by Consob Resolution no. 17862) is still in force. Similar rules are in force in other European countries and will be outlined in the oncoming European Regulation on uncovered short sales.

Consob decided also to prohibit uncovered short sales, i.e. sales not supported by the availability of the shares at the moment of the order. The new prohibition applies to all shares listed on Italian regulated markets, wherever traded. The Resolution shall take effect from 00:00 of December 1, 2011 and will be in force until any revocation or modification.

The above mentioned measures have been adopted in light of the current situation of financial markets, characterized by high volatility; they could be modified or revoked depending on the market conditions and, as far as possible, in agreement with the other European countries that adopted similar measures.

The resolutions (no. 17992 and 17993 of November 11, 2011) are published on the Consob web-site www.consob.it).

Rome, November 11, 2011

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