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Bailey Mccann, Opalesque New York:
Spain has just joined France and Belgium in lifting the short selling bans enacted in 2011, when the national regulatory authorities in France, Belgium, Italy and Spain introduced temporary bans on short positions in the stock of specified financial institutions within their respective jurisdictions.
The ban was officially lifted in Spain yesterday; France and Belgium lifted theirs on February the 13th. Disclosure requirements for some short positions however remain in effect.
According to a client alert from US-based law firm Shulte Roth & Zabel, the Autorité des Marchés Financiers (AMF) in France and the Financial Services and Markets Authority (FSMA) in Belgium will once again allow the creation and increase of short positions on financial sector equities. The announcement in Spain (from the Comisión Nacional del Mercado de Valores (CNMV)) makes similar allowances.
Last month, Italy’s Commissione Nazionale per le Società e le Borse (CONSOB), which had put similar prohibitions in place, announced that it was extending the ban on short selling Italian financial sector companies until 24 February 2012. No further news so far.
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