Legal Framework


Resolution no. 19098

Temporary prohibition of short selling in shares issued by Saipem spa (SAIPEM), pursuant to Article 23 of the Regulation (EU) of the European Parliament and of the Council no. 236 of 14 March 2012

LA COMMISSIONE NAZIONALE PER LE SOCIETA' E LA BORSA

HAVING REGARD TO Law no. 216 of June 7, 1974, as subsequently amended and integrated;

HAVING REGARD TO Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012;

HAVING REGARD TO Article 4-ter(2) of Legislative Decree no. 58 of February 24, 1998, according to which Consob is appointed with the task to implement the measures and exercise the functions and powers provided by Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012 with reference to shares, among others;

HAVING REGARD TO Article 12 of Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012, imposing restrictions on uncovered short sales in shares;

HAVING REGARD TO Article 23 of the above-mentioned Regulation (EU) no. 236/2012, which defines the power to temporarily restrict short selling of financial instruments in the case of a significant fall in price;

TAKING INTO ACCOUNT THAT the relevant threshold in the case of the SAIPEM share is equal to 10%;

TAKING INTO ACCOUNT THAT the fall of the price of SAIPEM share during January 12, 2015 compared to the closing price on the previous trading day, was greater than 10%;

CONSIDERING THAT the information background does not completely validate the above-mentioned price fluctuation and, therefore, downward speculation phenomena shall not be excluded;

RESOLVES AS FOLLOWS:

1. The prohibition of short selling in SAIPEM shares (ISIN code: IT0000068525) on the MTA, a regulated market organised and managed by Borsa Italiana spa, under Article 23 of the above-mentioned Regulation, taking effect for the entire trading day of January 13, 2015.

2. It is clarified that, pursuant to Article 23(3), the above-mentioned prohibition does not apply to the activity of market making, as defined by Article 2(1)(k) of the aforementioned Regulation.

This resolution is transmitted to ESMA and Borsa Italiana spa and published on the Consob website and Bulletin.

12 January 2015

THE CHAIRMAN
Giuseppe Vegas