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The restrictive measures on net short positions introduced on August 12, 2011 expire on February 24, 2012. The measures set a prohibition of the acquisition or increase, also intraday, of net short positions on shares of the financial sector.
Consob decided not to extend further the prohibition to acquire or increase net short positions on shares of the financial sector. This resolution is consistent with decisions taken by other European competent authorities that adopted similar measures, and takes into account the current market conditions.
The other restrictive measures which anticipated the introduction of certain measures included in the European Regulation on short sales remain applicable. These measures are:
- the obligation to report to Consob relevant net short positions (higher that 0.2% of the company capital; Consob Resolution no. 17862 of July 10, 2011);
- the prohibition to carry out naked short sales, e.g. those transactions not supported by the availability, at the moment of the order, of the relevant securities, irrespective of the trading venue (Consob Resolution no. 17993 of November 11, 2011).
However, the prohibition of net short positions could be reintroduced if necessary to deal with particular market conditions, as also envisaged in the above mentioned Regulation.
Consob will continue to monitor systematically compliance with the obligation to regularly deliver shares in the settlement phase.
