Regulatory Alerts2012-07-25
Agreement of 23 July 2012 of the National Securities Market Commission on the precautionary prohibition of transactions establishing or increasing net short positions on Spanish shares
The Spanish National Securities Market Commission (CNMV) issued a precautionary, temporary prohibition banning all natural and legal persons from establishing or increasing net short positions on Spanish shares admitted to trading on official secondary markets. The ban, effective immediately and lasting three months until 23 October 2012, covers cash, organized market, and OTC derivative transactions on shares or indices, with explicit exemptions for market-making activities. Non-compliance is classified as a very serious infringement under Article 99.z)quinquies of the Securities Markets Law.
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