Spain extends short selling ban to Oct 31, 2012

The Comisión Nacional del Mercado de Valores (CNMV) has evaluated the individual and
overall impact on the market of the measures restricting net short positions in Spanish
shares adopted in July 2012, taking into account the current exceptional circumstances of the Spanish financial system.

Noteworthy in this respect is the ongoing restructuring process of the Spanish financial
sector to cover the banking sector’s capital needs. This process is being undertaken in the framework of the Memorandum of Understanding (MoU) signed on 23 July by the European
Commission, the Kingdom of Spain and the Bank of Spain. The MoU made the provision of
assistance conditional upon fulfilment of a number of conditions, including an assessment of individual capital needs, recapitalisation of the banks, and the segregation of toxic assets into an asset management company.

The full memo is here.

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