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PRESS RELEASE of January 11, 2012

Short selling: extension until February 24, 2012 of the restrictions on net short positions on securities of the financial sector

Today Consob decided to extend until February 24, 2012 the Resolution on restrictive measures on net short positions on shares of the financial sector adopted on August 12, 2011 and subsequently extended until January 15, 2012 (by Resolution no. 17992 of November 11, 2011). Therefore, it is still in force the prohibition to take net short positions or to increase existing net short positions, i.e. downward positions, calculated as the difference between sale activities and purchase activities, considering all financial instruments, including derivatives and financial instruments on indexes. The prohibition applies to shares of the banking-insurance sector. Similar measures have been adopted by the competent authorities of France, Belgium and Spain.

Are still in force, without deadline, the other restrictive measures previously adopted:

  • the obligation to report to Consob relevant downward positions on shares listed in Italy which entered into force on July 10, 2011 (by Consob Resolution no. 17862);
  • prohibition of uncovered short sales, i.e. sales not supported by the availability of the shares at the moment of the order; the prohibition applies to all shares listed on Italian regulated markets, wherever traded (by Consob Resolution no. 17993 of November 11, 2011).

The above mentioned extension of the restrictive measures on net short positions has been adopted in light of the current situation of financial markets; it could be modified or revoked depending on the markets conditions and, as far as possible, in agreement with the other European competent authorities that adopted similar measures.

The resolution (no. 18060 of January 11, 2012) is published on the Consob web-site www.consob.it), together with the relevant FAQ.

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