ITALY: Consob extend Italy short selling ban

Thursday September 29 2011

Further to the update of 26 August in connection with Italy short selling ban, Consob has assessed the impact of the restrictive measures in respect of net short positions on financial stocks taken in August 2011 and the evolution of market conditions. This was done in close cooperation with authorities in other countries (France, Spain, Belgium and Greece) which have adopted similar measures, and coordination under the ESMA.Following these assessments, and based on current market conditions Consob have decided to extend its restrictive measures on short sales adopted on August 12 until 11 November 2011. Consob has also decided to extend until 25 November 2011 the disclosure requirements introduced on 10 July last year.

Consob will continue to work in coordination with other authorities in respect of any change in the current market conditions which may require intervention of a regulatory nature, including the possible lifting of restrictions.

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Update of 26 August – http://www.markets.funds-axis.com/newsArticle.asp?type=2&id=2126