AMF renews the short selling ban on financial sector

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The Board of the Autorité des marchés financiers (AMF) renews the ban on taking net short positions in French securities of the financial sector

Acting in close cooperation with the other European regulators that limited short selling[[FSMA (Belgium), CNMV (Spain), CONSOB (Italy), HCMC (Greece).]] and under the coordination of ESMA [[European Securities and Markets Authority.]], the Board of the AMF has decided, until further notice and for a period that cannot go beyond the 11 of November 2011[[Pursuant to Article L. 421-16 II of the Monetary and Financial Code, the Board of the AMF may extend this emergency measure for a period that cannot exceed 3 months as from the date of the AMF Chairman’s decision.]], to renew the AMF Chairman’s decision dated 11 August 2011 to forbid the taking of net short positions in the following French securities of the financial sector:
– April Group
– Axa
– BNP Paribas
– CIC
– CNP Assurances
– Crédit Agricole
– Euler Hermès
– Natixis
– Scor
– Société Générale

In the meantime, the AMF will continue to closely monitor the markets and their developments. Before the end of September 2011 and upon consultation with the above mentioned regulators, the AMF will assess the opportunity to lift the temporary ban. The aim is to lift the ban as soon as market conditions allow it and, to the extent possible, in a
coordinated way.