Legal Framework


Consob resolution No. 17992 of November 11, 2011

 Extension of measures on reporting obligations of net short positions on shares and of restrictive measures on net short positions on shares

THE ITALIAN COMPANIES AND STOCK EXCHANGE COMMISSION (CONSOB)

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. 17902 of August 12, 2011, whereby Consob, in order to ensure the orderly conduct of trading and the protection of investors, temporarily introduced restrictive measures on net short positions with reference to the sharecapital of issuers included in the list published on Consob internet website;

 

Having regard to Consob Resolution no. 17911 of August 25, 2011, whereby Consob extended the effects of Consob Resolution no. 17862 of July 10, 2011 and Consob Resolution no. 17902 of August 12, 2011, respectively, until October 14, 2011 and September 30, 2011;

 

Having regard to Consob Resolution no. 17951 of September 28, 2011, whereby Consob extended the effects of Consob Resolution no. 17862 of July 10, 2011 and Consob Resolution no. 17902 of August 12, 2011, respectively, until November 11, 2011 and November 25, 2011;

 

Taking into account that the exceptional markets conditions justifying adoption of measures included in the above mentioned Consob Resolutions still persists;

 

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

 

Considering that provisions of Consob Resolution no. 17862 of July 10, 2011, on reporting obligations of net short positions on shares, are extended by separate Consob Resolution, issued at the same time of this Resolution;

 

Taking into account that, in order to ensure the orderly conduct of trading and the protection of investors, it is necessary and extremely urgent to further extend the measures on reporting obligations of net short positions on shares and the restrictive measures on net short positions on shares of the financial sector, without prejudice for the possibility, at any moment, to modify or revoke them, in view of modifications of the markets conditions and, as far as possible, in agreement with the other European competent authorities that adopted similar measures;

R E S O L V E S

1. The effects of Consob Resolution no. 17902 of August 12, 2011 are extended until January 15, 2012.

 

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

Milan, November 11, 2011THE CHAIRMAN
Giuseppe Vegas