ITALY: CONSOB reintroduces temporary ban on Italy short selling

Monday July 23 2012

In view of recent trends in stock markets, Consob has today decided to reinstate the prohibition of Italy short selling securities of the banking and insurance sectors listed in the annex.

The measure takes effect from 13:30 pm today, July 23, 2012, and remains in force throughout the week until 18:00 pm Friday, July 27 p. st. It applies to all sales regardless of execution venue.

The prohibition applies both to Italy short-selling securities backed by loans (“covered”) and “bare”, already banned by the previous resolution (No. 17993) 11 November 2011.

Intermediaries are required to take all necessary measures and precautions to strict compliance with the resolution.

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