Before revision:  In the first part , by building on the work of Jouini and Kallal in 26 , Sch\"urger in 37 , Frittelli in 15 , Pham and Touzi in 34 and Napp in 33 , we prove the Fundamental Theorem of Asset Pricing under short sales prohibitions in continuous-time financial models where asset prices are driven by nonnegative locally bounded semimartingales.
After revision:  In the first part , by building on the work of Jouini and Kallal in 26 37 , Frittelli in 15 , Pham and Touzi in 34 and Napp in 33 , we prove the Fundamental Theorem of Asset Pricing under short sales prohibitions in continuous-time financial models where asset prices are driven by nonnegative locally bounded semimartingales.