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ARTICLE · 22 MARCH 2012

New FSMA Specifications On Short Selling

NautaDutilh
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The Financial Services and Markets Authority (FSMA) has decided to modify the rules on short selling of shares in Belgian financial institutions, effective 13 February 2012, by replacing the interim ban on the holding of net short positions with a reporting obligation for substantial net short positions and a locate rule.

NetherlandsCorporate/Commercial Law
Anne Fontaine
Anne Fontaine
Marie-Laure De Leener
Marie-Laure De Leener

The Financial Services and Markets Authority (FSMA) has decided to modify the rules on short selling of shares in Belgian financial institutions, effective 13 February 2012, by replacing the interim ban on the holding of net short positions with a reporting obligation for substantial net short positions and a locate rule.

Background

On 19 September 2008, Belgium's financial regulatory authority (the former CBFA) issued a ban on the naked short selling of securities in financial institutions traded on Euronext Brussels, effective 22 September 2008. The ban was confirmed by a Royal Decree of 23 September 2008, adopted on the basis of Article 25 §1(5) of the Act of 2 August 2002 on the supervision of the financial sector and financial services (the "Act of 2 August 2002"). The ban was initially intended to remain in effect for a period of 3 months but was subsequently extended several times, until the Royal Decree of 22 September 2009 extended it indefinitely. This

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