Legal Framework


Consob resolution n. 18348 of October 17, 2012

Expiration of the measures on short selling and net short positions

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. 17862 of July 10, 2011, whereby Consob, in order to ensure the orderly conduct of trading and the protection of investors, introduced measures on reporting obligations of net short positions held on shares;

Having regard to Consob Resolution no. 17993 of November 11, 2011, whereby Consob, in order to ensure the orderly conduct of trading and the protection of investors, extended the effects of the said Consob Resolution no. 17862 of July 10, 2011 and introduced the prohibition of short sale of shares unless supported by the availability by the ordering party, at the moment of the order, of the relevant securities;

Having regard to the Regulation (EU) of the European Parliament and of the Council no. 236 of 14 March 2012 on short selling and certain aspects of credit default swaps, which introduces, effective from the 1st of November 2012, the prohibition to enter into uncovered short sale in shares and the obligation to report net short positions on listed companies;

Taking into account that the measures contained in the abovementioned Regulation absorb the national rules, thus involving the need for determining that the aforementioned resolutions cease to have effect;

RESOLVES:

1. Resolutions no. 17862 of July 10, 2011 and no. 17993 of November 11, 2011 cease to have effect as from 23,59 hours of October 31, 2012.

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

Milan, October 17, 2012

THE CHAIRMAN
Giuseppe Vegas