Regulatory Alerts2012-11-03
Agreement of 1 November 2012 of the National Securities Market Commission imposing restrictions on short selling and similar transactions
The Spanish National Securities Market Commission (CNMV) imposes an immediate three-month prohibition on short selling and similar transactions for Spanish equities to address persistent threats to financial stability during the ongoing banking restructuring process. This measure, aligned with EU Regulation 236/2012 and endorsed by ESMA, remains in effect until the close of trading on 31 January 2013, subject to potential extension or lifting. The ban excludes specific market-making activities and hedging operations related to corporate actions, stabilization programs, and convertible bonds, with violations classified as very serious offenses.
Share