Regulatory Alerts2011-08-13
Agreement of 11 August 2011 of the National Securities Market Commission regarding short positions on Spanish financial sector shares
The Spanish National Securities Market Commission (CNMV) issued a temporary prohibition on establishing or increasing net short positions in shares of designated Spanish financial institutions. This measure, effective immediately for fifteen days, aims to ensure financial stability amid extreme market volatility and aligns with similar actions by other European supervisors. The ban covers all operations resulting in short exposure, including spot and derivative trades, with specific exemptions for market makers, and carries severe penalties for non-compliance.
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