AUSTRIA: FMA Extends Temporary Ban on Austria Naked Short Selling

Wednesday May 30 2012

Austria’s Financial Market Authority (FMA) has extended the temporary ban, limited to 31 May 2012, on Austria naked short selling in the cash market of shares of Erste Group Bank AG, Raiffeisen Bank International AG, UNIQA Versicherungen AG and VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe by regulation for five months to 31 October 2012.

This measure is based on Article 48d para. 12 of the Börsegesetz (Stock Exchange Act). The only exceptions to the ban are Austria short-selling positions remaining uncovered for a short time that are traded by market makers or specialists as part of their contractual obligations.

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