ITALY: CONSOB Reminder of Italy Short Selling Ban

Monday July 16 2012

Consob has called for “accurate respect” of the ban on naked Italy short selling on Fonsai and Unipol. This on the occasion of the start-up of capital increases of Fonsai and Unipol.

Consob will monitor developments closely in the securities market during the offer period with particular reference to compliance with the restrictive measures laid down in Resolution no. 17993 of 11 November 2011 and delivery obligations of the securities in the clearance under the Regulations of Markets organized and managed by the Italian Exchange.

It therefore draws attention to the strict compliance by any person, persons or entities, including foreign, with the ban on Italy short selling in the absence of the availability of securities (so-called naked) introduced the foregoing Resolution.

It also recommends that operators admitted to trading on the MTA, which are traded in the shares of the aforementioned capital increases, the respect of the obligation to deliver the shares sold in the clearance provided in the Regulations.

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