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CSSF prohibits naked short

October 2008 - Finance. Legal Developments by Loyens & Loeff.

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Recognising the current situation affecting financial markets, and as part of an initiative by the Committee of European Securities Regulators (CESR), the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg has decided on September 19, 2008, to take certain prohibitive measures to ensure the integrity of financial markets and, in particular, to prevent certain transactions from distorting or manipulating such markets. Such measures have been clarified by the CSSF on September 29, 2008

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