On July 23, 2012, due to the extreme volatility of the European securities markets, the CNMV has agreed to ban, as a temporary preventive measure with immediate effect, any legal or natural person from entering into transactions which might constitute or increase a net short position on stocks admitted to trading in a Spanish regulated market for which the CNMV is the competent authority.
1. TERM OF THE PROHIBITION 2. TRANSACTIONS AFFECTED 3. TRANSACTIONS EXEMPTED 4. ADMINISTRATIVE SANCTION