Short Spanish Update
02 June 2010 Madrid
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The Executive Committee of the CNMV, in an ordinary meeting held at the end of last week, agreed to
adapt the measures approved previously on September 22nd 2008 to the disclosure regime on short
positions proposed by CESR in march 2010, including the technical details published on May 26th 2010. To that effect, it has agreed to:
1. Extend the obligation to disclose to any short position on any share or cuota participativa admitted to trading in Spanish regulated markets.
2. Establish the obligation to communicate to the CNMV all short positions that exceed 0,2% of the issued shares (or cuotas) admitted to trading and to also communicate the reduction of previously communicated positions below that threshold. Whenever an already communicated short position trespasses (upwards or downwards) one tenth of a percentage point of the issued shares, an update will have to be provided.
3. Provide a section at the CNMV's website for consulting all individual communications larger than 0,5% of the issued capital, including the identity of the holder.
4. Publish, at least fortnightly, the aggregated amount of short positions that are not individually published (above 0,2% and below 0,5%), for the information of market participants.
5. Remind everyone holding a short position larger than 0,2% of the issued capital when this agreement comes into force the need to produce a new communication under the new requisites.
6. Establish on the 10th of June 2010 the effective date for the new thresholds and securities (communications to be sent the 11th of June).
adapt the measures approved previously on September 22nd 2008 to the disclosure regime on short
positions proposed by CESR in march 2010, including the technical details published on May 26th 2010. To that effect, it has agreed to:
1. Extend the obligation to disclose to any short position on any share or cuota participativa admitted to trading in Spanish regulated markets.
2. Establish the obligation to communicate to the CNMV all short positions that exceed 0,2% of the issued shares (or cuotas) admitted to trading and to also communicate the reduction of previously communicated positions below that threshold. Whenever an already communicated short position trespasses (upwards or downwards) one tenth of a percentage point of the issued shares, an update will have to be provided.
3. Provide a section at the CNMV's website for consulting all individual communications larger than 0,5% of the issued capital, including the identity of the holder.
4. Publish, at least fortnightly, the aggregated amount of short positions that are not individually published (above 0,2% and below 0,5%), for the information of market participants.
5. Remind everyone holding a short position larger than 0,2% of the issued capital when this agreement comes into force the need to produce a new communication under the new requisites.
6. Establish on the 10th of June 2010 the effective date for the new thresholds and securities (communications to be sent the 11th of June).
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