PREAMBLE

THE COUNCIL,

Having regard to Articles 2 (d) and 5 (a) of the Convention on the Organisation for Economic Co-operation and Development of 14th December 1960;

Having regard to the Code of Liberalisation of Current Invisible Operations;

Having regard to the Articles of Agreement of the International Monetary Fund of 27th December 1945;

Having regard to the European Monetary Agreement of 5th August 1955, and the Protocol of Provisional Application of that Agreement of the same date;

Having regard to the Report of the Investment Committee on the Codes of Liberalisation of Current Invisibles and of Capital Movements of 28th October 1961, and the Comments by the Executive Committee on that Report of 8th December 1961 [OECD/C(61)37; OECD/C(61)73];

DECIDES:

Part I

UNDERTAKINGS WITH REGARD TO CAPITAL MOVEMENTS

Article 1

General undertakings

a.            Members shall progressively abolish between one another, in accordance with the provisions of Article 2, restrictions on movements of capital to the extent necessary for effective economic co operation. Measures designed to eliminate such restrictions are hereinafter called “measures of liberalisation”.

b.           Members shall, in particular, endeavour:

i) to treat all non resident owned assets in the same way irrespective of the date of their formation, and

ii) to permit the liquidation of all non resident owned assets and the transfer of such assets or of their liquidation proceeds.

c.            Members should use their best offices to ensure that the measures of liberalisation are applied within their overseas territories.

d.           Members shall endeavour to extend the measures of liberalisation to all members of the International Monetary Fund.

e.            Members shall endeavour to avoid introducing any new exchange restrictions on the movements of capital or the use of non resident owned funds and shall endeavour to avoid making existing regulations more restrictive.

Article 2

Measures of liberalisation

a.            Subject to the provisions of paragraph (b)(iv), Members shall grant any authorisation required for the conclusion or execution of transactions and for transfers specified in an item set out in List A or List B of Annex A to this Code.

b.           A Member may lodge reservations relating to the obligations resulting from paragraph (a) when:

i) an item is added to List A of Annex A to this Code;

ii) obligations relating to an item in that List are extended;

iii) obligations relating to any such item begin to apply to that Member; or

iv) at any time, in respect of an item in List B.

Reservations shall be set out in Annex B to the Code.

c.            Whenever the liquidation proceeds of non resident owned assets may be transferred, the right of transfer shall include any appreciation of the original assets.

d.           Whenever existing regulations or international agreements permit loans between residents of different Members otherwise than by issuing marketable domestic securities or by using, in the country in which the borrower resides, funds the transfer of which is restricted, the repayment obligation may be expressed or guaranteed in the currency of either of the two Members concerned.

Article 3

Public order and security

The provisions of this Code shall not prevent a Member from taking action which it considers necessary for:

i) the maintenance of public order or the protection of public health, morals and safety;

ii) the protection of its essential security interests;

iii) the fulfilment of its obligations relating to international peace and security.

Article 4

Obligations in existing multilateral international agreements

Nothing in this Code shall be regarded as altering the obligations undertaken by a Member as a Signatory of the Articles of Agreement of the International Monetary Fund or other existing multilateral international agreements.

Article 5

Controls and formalities

a.            The measures of liberalisation provided for in this Code shall not limit the powers of Members to verify the authenticity of transactions or transfers nor to take any measures required to prevent evasion of their laws or regulations.

b.           Members shall simplify as much as possible all formalities connected with the authorisation or verification of transactions or transfers and shall co operate, if necessary, to attain such simplification.

Article 6

Execution of transfers

A Member shall be deemed to have complied with its obligations as regards transfers whenever a transfer may be made:

i) between persons entitled, by the exchange regulations of the State from which and of the State to which the transfer is to be made, respectively, to make and/or to receive the said transfer;

ii) in accordance with international agreements in force at the time the transfer is to be made; and

iii) in accordance with the monetary arrangements in force between the State from which and the State to which the transfer is to be made.

Article 7

Clauses of derogation

a.            If its economic and financial situation justifies such a course, a Member need not take the whole of the measures of liberalisation provided for in Article 2(a).

b.           If any measures of liberalisation taken or maintained in accordance with the provisions of Article 2(a) result in serious economic and financial disturbance in the Member State concerned, that Member may withdraw those measures.

c.            If the overall balance of payments of a Member develops adversely at a rate and in circumstances, including the state of its monetary reserves, which it considers serious, that member may temporarily suspend the application of measures of liberalisation taken or maintained in accordance with the provisions of Article 2(a).

d.           However, a Member invoking paragraph (c) shall endeavour to ensure that its measures of liberalisation:

i) cover, twelve months after it has invoked that paragraph, to a reasonable extent, having regard to the need for advancing towards the objective defined in sub paragraph ii), transactions and transfers which the Member must authorise in accordance with Article 2(a) and the authorisation of which it has suspended, since it invoked paragraph (c); and

ii) comply, eighteen months after it has invoked that paragraph, with its obligations under Article 2(a).

e.            Any Member invoking the provisions of this Article shall do so in such a way as to avoid unnecessary damage which bears especially on the financial or economic interests of another Member and, in particular, shall avoid any discrimination between other Members.

Article 8

Right to benefit from measures of liberalisation

Any Member lodging a reservation under Article 2(b) or invoking the provisions of Article 7 shall, nevertheless, benefit from the measures of liberalisation taken by other Members, provided it has complied with the procedure laid down in Article 12 or Article 13 as the case may be.

Article 9

Non discrimination

A Member shall not discriminate as between other Members in authorising the conclusion and execution of transactions and transfers which are listed in Annex A and which are subject to any degree of liberalisation.

Article 10

Exceptions to the principle of non discrimination: Special customs or monetary systems

Members forming part of a special customs or monetary system may apply to one another, in addition to measures of liberalisation taken in accordance with the provisions of Article 2(a), other measures of liberalisation without extending them to other Members. Members forming part of such a system shall inform the Organisation of its membership and those of its provisions which have a bearing on this Code.

Part II

PROCEDURE

Article 11

Notification and information from members

a.            Members shall notify the Organisation, within the periods which the latter may determine, of the measures of liberalisation which they have taken and of any other measures which have a bearing on this Code, as well as of any modifications of such measures.

b.           Members shall notify the Organisation forthwith of any cases in which they have by virtue of remark ii) against Section I of List A of Annex A to this Code imposed restrictions on specific transactions or transfers relating to direct investments and shall state their reasons for doing so.

c.            Members shall submit to the Organisation, at intervals determined by the Organisation, but of no more than eighteen months, information concerning:

i) any channels, other than official channels, through which transfers are made, and any rates of exchange applying to such transfers, if they are different from the official rates of exchange;

ii) any security money markets and any premiums or discounts in relation to official rates of exchange prevailing therein.

d.           The Organisation shall consider the notifications submitted to it in accordance with the provisions of paragraphs (a), (b) and (c) with a view to determining whether each Member is complying with its obligations under this Code.

Article 12

Notification and examination of reservations lodged under article 2(b)

a.            Each Member lodging a reservation in respect of an item specified in List B of Annex A to the Code shall forthwith notify the Organisation of its reasons therefor.

b.           Each Member shall notify the Organisation within a period to be determined by the Organisation, whether it desires to maintain any reservation lodged by it in respect of an item specified in List A or List B of Annex A to this Code, and if so, state its reasons therefor.

c.            The Organisation shall examine each reservation lodged by a Member in respect of an item specified in:

i) List A at intervals of not more than eighteen months;

ii) List B within six months of notification, and at intervals of not more than eighteen months thereafter;

unless the Council decides otherwise.

d.           The examinations provided for in paragraph (c) shall be directed to making suitable proposals designed to assist Members to withdraw their reservations.

Article 13

Notification and examination of derogations made under article 7

a.            Any Member invoking the provisions of Article 7 shall notify the Organisation forthwith of its action, together with its reasons therefore.

b.           The Organisation shall consider the notification and reasons submitted to it in accordance with the provisions of paragraph (a) with a view to determining whether the Member concerned is justified in invoking the provisions of Article 7 and, in particular, whether it is complying with the provisions of paragraph (e) of that Article.

c.            If the action taken by a Member in accordance with the provisions of Article 7 is not disapproved by the Organisation, that action shall be reconsidered by the Organisation every six months or, subject to the provisions of Article 15, on any other date which the latter may deem appropriate.

d.           If, however, in the opinion of a Member other than the one which has invoked Article 7, the circumstances justifying the action taken by the latter in accordance with the provisions of that Article have changed, that other Member may at any time refer to the Organisation for reconsideration of the case at issue.

e.            If the action taken by a Member in accordance with the provisions of paragraph (a), (b) or (c) of Article 7 has not been disapproved by the Organisation, then if that Member subsequently invokes paragraph (a), (b) or (c) of Article 7 of the Code of Liberalisation of Current Invisible Operations, or, having invoked one paragraph of Article 7 of this Code, invokes another paragraph of that Article, its case shall be reconsidered by the Organisation after six months have elapsed since the date of the previous consideration, or on any other date which the latter may deem appropriate. If another Member claims that the Member in question is failing to carry out its obligations under paragraph (e) of Article 7 of this Code or paragraph (e) of Article 7 of the Code of Liberalisation of Current Invisible Operations, the Organisation shall consider the case without delay.

f.    i)       If the Organisation, following its consideration in accordance with paragraph (b), determines that a Member is not justified in invoking the provisions of Article 7 or is not complying with the provisions of that Article, it shall remain in consultation with the Member concerned, with a view to restoring compliance with the Code.

ii) If, after a reasonable period of time, that Member continues to invoke the provisions of Article 7, the Organisation shall reconsider the matter. If the Organisation is then unable to determine that the Member concerned is justified in invoking the provisions of Article 7 or is complying with the provisions of that Article, the situation of that Member shall be examined at a session of the Council convened by its Chairman for this purpose unless the Organisation decides on some other procedure.

Article 14

Examination of derogations made under article 7: Members in process of economic development

a.            In examining the case of any Member which it considers to be in the process of economic development and which has invoked the provisions of Article 7 the Organisation shall have special regard to the effect that the economic development of the Member has upon its ability to carry out its obligations under paragraph (a) of Articles 1 and 2.

b.           In order to reconcile the obligations of the Member concerned under paragraph (a) of Article 2 with the requirements of its economic development, the Organisation may grant that Member a special dispensation from those obligations.

Article 15

Special report and examination concerning derogations made under article 7

a.            A Member invoking the provisions of paragraph (c) of Article 7 shall report to the Organisation, within ten months after such invocation, on the measures of liberalisation it has restored or proposes to restore in order to attain the objective determined in sub-paragraph (d)i) of Article 7. The Member shall, if it continues to invoke these provisions, report to the Organisation again on the same subject - but with reference to the objective determined in sub paragraph (d)ii) of Article 7 - within sixteen months after such invocation.

b.           If the Member considers that it will not be able to attain the objective, it shall indicate its reasons in its report and, in addition, shall state:

i) what internal measures it has taken to restore its economic equilibrium and what results have already been attained, and

ii) what further internal measures it proposes to take and what additional period it considers it will need in order to attain the objective determined in sub paragraph (d)i) or (d)ii) of Article 7.

c.            In cases referred to in paragraph (b), the Organisation shall consider within a period of twelve months, and, if required, of eighteen months from the date on which the Member invoked the provisions of paragraph (c) of Article 7, whether the situation of that Member appears to justify its failure to attain the objective determined in sub paragraph (d)i) or (d)ii) of Article 7 and whether the measures taken or envisaged and the period considered by it as necessary for attaining the objective determined, appear acceptable in the light of the objectives of the Organisation in the commercial and financial fields.

d.           If a Member invokes the provisions of both paragraph (c) of Article 7 of this Code and paragraph (c) of Article 7 of the Code of Liberalisation of Current Invisible Operations, the periods of twelve and eighteen months referred to in paragraph (c) shall run from the date of the earlier invocation.

e.            If following any of the examinations provided for in paragraph (c) the Organisation is unable to approve the arguments advanced by the Member concerned in accordance with the provisions of paragraph (b), the situation of that Member shall be examined at a session of the Council convened by its Chairman for this purpose unless the Organisation decides on some other procedure.

Article 16

Reference to the Organisation – Internal arrangements

a.            If a Member considers that the measures of liberalisation taken or maintained by another Member, in accordance with Article 2(a), are frustrated by internal arrangements likely to restrict the possibility of effecting transactions or transfers, and if it considers itself prejudiced by such arrangements, for instance because of their discriminatory effect, it may refer to the Organisation.

b.           If, following the consideration of a matter referred to it under paragraph (a) the Organisation determines that internal arrangements introduced or maintained by the Member concerned have the effect of frustrating its measures of liberalisation, the Organisation may make suitable suggestions with regard to the removal or modification of such arrangements.

Article 17

Reference to the Organisation – Retention, introduction or reintroduction of restrictions

a.            If a Member considers that another Member which has not invoked the provisions of Article 7 has retained, introduced or reintroduced restrictions on capital movements or the use of non-resident-owned funds contrary to the provisions of Articles 1, 2, 9 or 10, and if it considers itself to be prejudiced thereby, it may refer to the Organisation.

b.           The fact that the case is under consideration by the Organisation shall not preclude the Member which has referred to the Organisation from entering into bilateral conversations on the matter with the other Member concerned.

Part III

TERMS OF REFERENCE

Article 18

Investment Committee - General tasks

a.            The Investment Committee shall consider all questions concerning the interpretation or implementation of the provisions of this Code or other Acts of the Council relating to the liberalisation of capital movements and the use of non residents owned funds and shall report its conclusions thereon to the Council as appropriate.

b.           The Investment Committee shall submit to the Council any appropriate proposals in connection with its tasks as defined in paragraph (a) and, in particular, with the extension of measures of liberalisation as provided in Article 1 of this Code.

Article 19

Investment Committee – Special tasks

a.            The Investment Committee shall:

i) determine the periods within which the information provided for in paragraphs (a) and (c) of Article 11 and the reasons provided for in paragraph (b) of Article 12 should be notified to the Organisation by the Members concerned;

ii) subject to paragraph (c) of this Article, consider, in conformity with paragraphs (c) and (d) of Article 12, each reservation notified to the Organisation in accordance with paragraphs (a) and (b) of that Article and make, where appropriate, suitable proposals designed to assist Members to withdraw their reservations;

iii) determine, in accordance with the provisions of Article 12, the date on which any reservation should be re examined, if the reservation has not been withdrawn in the meantime;

iv) consider, in accordance with the provisions of paragraph (d) of Article 11, the notifications submitted to the Organisation;

v) consider reports and references submitted to the Organisation in accordance with the provisions of Article 13 or paragraphs (a) and (b) of Article 15 where a Member has invoked the provisions of Article 7, or submitted in accordance with the provisions of Article 16 or Article 17;

vi) determine the date on which the case of a Member which has invoked Article 7 should be reconsidered in accordance with the provisions of paragraph (c), paragraph (e) or paragraph (f)ii) of Article 13;

vii) transmit to the United States Government, with any comments it considers appropriate, notifications received from Members in accordance with paragraph 2(a) of the Decision in Annex C to the Code; and

viii) consider information received from the United States Government in accordance with paragraph 2(b) of the Decision in Annex C to the Code.

b.           When examining the reservations notified in accordance with paragraph (b) of Article 12, the Committee may, at its discretion, consider together either all reservations made by the same Member or all reservations made in respect of the same item specified in Annex A to this Code.

c.            The Committee shall, however, not consider any reservations notified to the Organisation in accordance with paragraph (b) of Article 12 by a Member which, at the time of the examination in respect of the item subject to that reservation, is invoking the provisions of Article 7 or is enjoying a dispensation in accordance with paragraph (b) of Article 14.

d.           In the cases provided for in sub paragraphs ii), iv), v) and viii) of paragraph (a), the Committee shall report to the Council, except in cases of notifications under Article 11 (b) on which the Committee shall report only if it considers this appropriate.

e.            The Committee shall, whenever it considers it necessary:

i) consult other Committees of the Organisation on any questions relating to the liberalisation of capital movements; and, in particular,

ii) request other Committees of the Organisation to give their views on any questions relating to the balance of payments and the state of the monetary reserves of a Member.

Part IV

MISCELLANEOUS

Article 20

Definitions

In this Code:

i) “Member” shall mean a country which adheres to this Code;

ii) “Domestic securities” shall mean securities issued or to be issued by a resident;

iii) “Foreign securities” shall mean securities issued or to be issued by a non resident;

iv) “Recognised security market” shall mean a stock exchange or security market in a Member country (including an over the counter market organised by a recognised association of security dealers);

‒ which is officially recognised in the country where it operates;

‒ on which the public can buy and sell securities; and

‒ on which dealings take place in accordance with fixed rules;

v) “Securities quoted on a recognised security market” shall mean securities which have been granted an official quotation or are officially listed on such a market or for which dealing prices on such a market are published not less frequently than once a week;

vi) Security dealing on a “spot basis” shall mean dealing with payment and delivery to be made immediately the transaction is concluded or on the next periodic settlement date of the stock exchange where the transaction takes place;

vii) “Money market securities” shall mean securities with an original maturity of less than one year;

viii) “Collective investment securities” shall mean the share certificates, registry entries or other evidence of investor interest in an institution for collective investment which, irrespective of legal form, is organised for the purpose of managing investments in securities or in other assets, applies the principle of risk spreading, issues its own securities to the public on demand either continuously or at frequent intervals and is required on the request of the holder to redeem such securities, directly or indirectly, within a specified period and at their net asset value;

ix) “Financial institutions” shall mean banks, savings banks, bodies which specialise in the granting of credits, insurance companies, building societies, investment companies, and other establishments of a similar nature;

x) “Deposit” shall mean a sum of money paid on terms: a) under which it will be repaid, with or without interest or premium, and either on demand or at a time or in circumstances agreed by the person making it or receiving it or by his order, and b) which are not referable to the provision of property or services or to the giving of security;

xi) “Official channels” shall mean foreign exchange markets in which an officially established rate or officially established rates apply and in which spot transactions take place at rates which are free to fluctuate within the official margins;

xii) “Blocked funds” shall mean funds owned by residents of other Member countries in accordance with the laws and regulations of the Member where the funds are held and blocked for balance of payments reasons;

xiii) “Unit of account” shall mean the sum in the national currency of a Member which is equal to a unit of value of special drawing rights as valued by the International Monetary Fund.

Article 21

Title of decision

This Decision, referred to in the present text as the “Code”, shall be known as the “Code of Liberalisation of Capital Movements”.

Article 22

Withdrawal

Any Member may withdraw from the Code by transmitting a notice in writing to the Secretary General of the Organisation. The withdrawal shall become effective twelve months from the date on which such notice is received.

Annex A

Liberalisation Lists of Capital Movements[1]

LIST A

I. Direct Investment

Investment for the purpose of establishing lasting economic relations with an undertaking such as, in particular, investments which give the possibility of exercising an effective influence on the management thereof:

A.           In the country concerned by non residents by means of:

1. Creation or extension of a wholly owned enterprise, subsidiary or branch, acquisition of full ownership of an existing enterprise;

2. Participation in a new or existing enterprise;

3. A loan of five years or longer.

B.           Abroad by residents by means of:

1. Creation or extension of a wholly owned enterprise, subsidiary or branch, acquisition of full ownership of an existing enterprise;

2. Participation in a new or existing enterprise;

3. A loan of five years or longer.

Remarks: Transactions and transfers under A and B shall be free unless:

i) An investment is of a purely financial character designed only to gain for the investor indirect access to the money or financial market of another country; or

ii) In view of the amount involved or of other factors a specific transaction or transfer would have an exceptionally detrimental effect on the interests of the Member concerned.

The authorities of Members shall not maintain or introduce:

Regulations or practices applying to the granting of licences, concessions, or similar authorisations, including conditions or requirements attaching to such authorisations and affecting the operations of enterprises, that raise special barriers or limitations with respect to non resident (as compared to resident) investors, and that have the intent or the effect of preventing or significantly impeding inward direct investment by non residents.

II. Liquidation of direct investment

A.           Abroad by residents.

B.           In the country concerned by non residents.

III. Operations in real estate[2]

A.           Operations in the country concerned by non residents:

1. (See List B)

2. Sale.

B.           Operations abroad by residents:

1. (See List B)

2. Sale.

IV. Operations in securities on capital markets[3]

A.           Admission of domestic securities on a foreign capital market:

1.    Issue through placing or public sale of	}	a)     shares or other securities of a participating nature; b)     bonds and other debt securities (original maturity of one year or more).
2.    Introduction on a recognised domestic security market of

B.           Admission of foreign securities on the domestic capital market:

1.    Issue through placing or public sale of	}	a)     shares or other securities of a participating nature; b)     bonds and other debt securities (original maturity of one year or more).
2.    Introduction on a recognised domestic security market of

C.           Operations in the country concerned by non residents:

1.    Purchase	}	a)     shares or other securities of a participating nature; b)     bonds and other debt securities (original maturity of one year or more).
2.    Sale

D.           Operations abroad by residents:

1.    Purchase	}	a)     shares or other securities of a participating nature; b)     bonds and other debt securities (original maturity of one year or more).
2.    Sale

Remarks: The liberalisation obligations under B1 and B2 are subject to the regulations of the security markets concerned. The authorities of Members shall not maintain or introduce restrictions which discriminate against foreign securities.

Members may:

a) With regard to transactions and transfers under A, B, C and D require that:

i) Such transactions and transfers must be carried out through authorised resident agents;

ii) In connection with such transactions and transfers residents may hold funds and securities only through the intermediary of such agents; and

iii) Purchases and sales may be contracted only on a spot basis;

b) With regard to transactions and transfers under C2, take measures for the protection of investors, including the regulation of promotional activities, provided such measures do not discriminate against the residents of any other Member;

c) With regard to transactions and transfers under D1, regulate on their territory any promotional activities by, or on behalf of, the residents of other Members.

V. Operations on money markets[4]

(See List B)

VI. Other operations in negotiable instruments and non securitised claims[5]

(See List B)

VII. Operations in collective investment securities

A.           Admission of domestic collective investment securities on a foreign securities market:

1. Issue through placing or public sale.

2. Introduction on a recognised foreign securities market.

B.           Admission of foreign collective investment securities on the domestic securities market:

1. Issue through placing or public sale.

2. Introduction on a recognised domestic securities market.

C.           Operations in the country concerned by non residents:

1. Purchase.

2. Sale.

D.           Operations abroad by residents:

1. Purchase.

2. Sale.

Remarks: The liberalisation obligations under B1 and B2 are subject to the regulations of the security markets concerned.

The authorities of Members shall not maintain or introduce restrictions which discriminate against foreign collective investment securities.

Members may:

a) With regard to transactions and transfers under A, B, C and D require that:

i) Such transactions and transfers must be carried out through authorised resident agents;

ii) In connection with such transactions and transfers residents may hold funds and securities only through the intermediary of such agents; and

iii) Purchases and sales may be contracted only on a spot basis;

b) With regard to transactions and transfers under C2, take measures for the protection of investors, including the regulation of promotional activities, provided such measures do not discriminate against institutions for collective investment organised under the laws of any other Member;

c) With regard to transactions and transfers under D1, regulate on their territory any promotional activities of foreign institutions for collective investment.

VIII. Credits directly linked with international commercial transactions or with the rendering of international services

i) In cases where a resident participates in the underlying commercial or service transaction.

A.           Credits granted by non residents to residents.

B.           Credits granted by residents to non residents.

ii) In cases where no resident participates in the underlying commercial or service transaction.

(See List B)

IX. Financial credits and loans[6]

(See List B)

X. Sureties, guarantees and financial back up facilities

1. In cases directly related to international trade or international current invisible operations, or in cases related to international capital movement operations in which a resident participates.

A.           Sureties and guarantees:

1. By non residents in favour of residents.

2. By residents in favour of non residents.

B.           Financial back up facilities:

1. By non residents in favour of residents.

2. By residents in favour of non residents.

Remark: Transactions and transfers under X(i)A and B shall be free if they are directly related to international trade, international current invisible operations or international capital movement operations in which a resident participates and which do not require authorisation or have been authorised by the Member concerned.

2. In cases not directly related to international trade, international current invisible operations or international capital movement operations, or where no resident participates in the underlying international operation concerned.

A.           Sureties and guarantees:

1. By non residents in favour of residents.

2. By residents in favour of non residents.

B.           Financial back up facilities:

              (See List B)

XI. Operation of deposit accounts[7]

A.           Operation by non residents of accounts with resident institutions:

1. In domestic currency.

2. In foreign currency.

B.           Operation by residents of accounts with non resident institutions:

              (See List B)

Remark: Transactions and transfers under XI/A shall be free provided the deposit accounts are operated with financial institutions authorised to accept deposits.

XII. Operations in foreign exchange[8]

(See List B)

XIII. Life assurance

Capital transfers arising under life assurance contracts[9]:

A.           Transfers of capital and annuities certain due to resident beneficiaries from non resident insurers.

B.           Transfers of capital and annuities certain due to non resident beneficiaries from resident insurers.

Remark: Transfers under A and B shall be free also in the case of contracts under which the persons from whom premiums are due or the beneficiaries to whom disbursements are due were residents of the same country as the insurer at the time of the conclusion of the contract but have changed their residence since.

XIV. Personal capital movements

A.           Loans.

B.           Gifts and endowments.

C.           Dowries.

D.           Inheritances and legacies.

Remark: Transfers under D shall be free provided that the deceased was resident and the beneficiary non resident at the time of the deceased's death.

E.           Settlement of debts in their country of origin by immigrants.

F.           Emigrants' assets.

Remark: Transfers under F shall be free upon emigration irrespective of the nationality of the emigrant.

G.           Gaming.

              (See List B)

H.           Savings of non resident workers.

XV. Physical movement of capital assets

A.           Securities and other documents of title to capital assets:

1. Import.

2. Export.

B.           Means of payment:

1. Import.

2. Export.

Remark: In the case of residents the obligation to permit an export applies only to the export of foreign securities and then only on a temporary basis for administrative purposes.

XVI. Disposal of non resident owned blocked funds

A.           Transfer of blocked funds.

B.           Use of blocked funds in the country concerned:

1. For operations of a capital nature.

2. For current operations.

C.           Cession of blocked funds between non residents.

LIST B[10]

III. Operations in real estate[11]

A.           Operations in the country concerned by non residents:

1. Building or purchase.

2. (See List A)

B.           Operations abroad by residents:

1. Building or purchase.

2. (See List A)

V. Operations on money markets[12]

A.           Admission of domestic securities and other instruments on a foreign money market:

1. Issue through placing or public sale.

2. Introduction on a recognised foreign money market.

B.           Admission of foreign securities and other instruments on the domestic money market:

1. Issue through placing or public sale.

2. Introduction on a recognised domestic money market.

C.           Operations in the country concerned by non residents:

1. Purchase of money market securities.

2. Sale of money market securities.

3. Lending through other money market instruments.

4. Borrowing through other money market instruments.

D.           Operations abroad by residents:

1. Purchase of money market securities.

2. Sale of money market securities.

3. Lending through other money market instruments.

4. Borrowing through other money market instruments.

Remarks: The liberalisation obligations under B1 and B2 are subject to the regulations of the security markets concerned.

The authorities of Members shall not maintain or introduce restrictions which discriminate against foreign money market securities or other money market instruments.

Members may:

a) With regard to transactions and transfers under A, B, C and D require that:

i)Such transactions and transfers must be carried out through authorised resident agents;

ii) In connection with such transactions and transfers residents may hold funds, securities and other instruments only through the intermediary of such agents; and

iii) Purchases and sales may be contracted only on a spot basis;

b) With regard to transactions and transfers under C2, take measures for the protection of investors, including the regulation of promotional activities, provided such measures do not discriminate against the residents of any other Member;

c) With regard to transactions and transfers under D1, regulate on their territory any promotional activities, by or on behalf of, the residents of other Members.

VI. Other operations in negotiable instruments and non securitised claims[13]

A.           Admission of domestic instruments and claims on a foreign financial market:

1. Issue through placing or public sale.

2. Introduction on a recognised foreign financial market.

B.           Admission of foreign instruments and claims on a domestic financial market:

1. Issue through placing or public sale.

2. Introduction on a recognised domestic financial market.

C.           Operations in the country concerned by non residents.

1. Purchase.

2. Sale.

3. Exchange for other assets.

D.           Operations abroad by residents:

1. Purchase.

2. Sale.

3. Exchange for other assets.

Remarks: The liberalisation obligations under B1 and B2 are subject to the regulations of the financial markets concerned.

The authorities of Members shall not maintain or introduce restrictions which discriminate against foreign negotiable instruments or non securitised claims.

Members may:

a) With regard to transactions and transfers under A, B, C and D require that:

i) Such transactions and transfers must be carried out through authorised resident agents; and

ii) In connection with such transactions and transfers residents may hold funds, negotiable instruments and non securitised claims only through the intermediary of such agents;

b) With regard to transactions and transfers under C2 and C3, take measures for the protection of investors, including the regulation of promotional activities, provided such measures do not discriminate against the residents of any other Member;

c) With regard to transactions and transfers under D1 and D3, regulate on their territory any promotional activities by, or on behalf of, the residents of other Members.

VIII. Credits directly linked with international commercial transactions or with the rendering of international services

i) In cases where a resident participates in the underlying commercial or service transaction.

(See List A)

ii) In cases where no resident participates in the underlying commercial or service transaction.

A.           –

B.           Credits granted by residents to non residents.

Remark: Transactions and transfers under VIII(ii)/B shall be free if the creditor is an enterprise permitted to extend credits and loans on its national market.

IX. Financial credits and loans[14]

A.           Credits and loans granted by non residents to residents.

B.           Credits and loans granted by residents to non residents.

Remarks: Transactions and transfers under IX/A shall be free if the debtor is an enterprise.

Transactions and transfers under IX/B shall be free if the creditor is an enterprise permitted to extend credits and loans on its national market.

X. Sureties, guarantees and financial back up facilities

i) In cases directly related to international trade or international current invisible operations, or in cases related to international capital movement operations in which a resident participates.

(See List A)

ii) In cases not directly related to international trade, international current invisible operations, or international capital movement operations, or where no resident participates in the underlying international operation concerned.

A.           Sureties and guarantees:

              (See List A)

B.           Financial back up facilities:

1. By non residents in favour of residents.

2. By residents in favour of non residents.

XI. Operation of deposit accounts[15]

A.           Operation by non residents of accounts with resident institutions:

              (See List A)

B.           Operation by residents of accounts with non resident institutions:

1. In domestic currency.

2. In foreign currency.

XII. Operations in foreign exchange[16]

A.           In the country concerned by non residents:

1. Purchase of domestic currency with foreign currency.

2. Sale of domestic currency for foreign currency.

3. Exchange of foreign currencies.

B.           Abroad by residents:

1. Purchase of foreign currency with domestic currency.

2. Sale of foreign currency for domestic currency.

3. Exchange of foreign currencies.

Remark: Transactions and transfers under XII/A and B shall be free provided the operations are carried out through authorised resident agents.

XIV. Personal capital movements

A. to F. (See List A)

G.           Gaming.

Remark: Transfers under G shall be free only in respect of winnings. The provision does not cover the stakes wagered.

H.           (See List A)

Notes and references to Annex A

1.            All items in the General List of International Capital Movements and Certain Related Operations (see Annex D to the Code) appear on either List A or List B in this Annex A.

2.            Other than operations falling under Sections I or II of the General List.

3.            Other than operations falling under Section IV of the General List.

4.            Other than operations falling under Section IV of the General List.

5.            Other than operations falling under Sections IV, V or VII of the General List.

6.            Other than credits and loans falling under Sections I, II, VIII or XIV of the General List.

7.            Other than operations falling under Section V of the General List.

8.            Other than operations falling under any other Section of the General List.

9.            Transfers of premiums and pensions and annuities, other than annuities certain, in connection with life assurance contracts are governed by the Code of Liberalisation of Current Invisible Operations (Item D/3). Transfers of whatever kind or size under other than life assurance contracts are always considered to be of a current nature and are consequently governed by the Current Invisibles Code.

10.          All items in the General List of International Capital Movements and Certain Related Operations (see Annex D to the Code) appear on either List A or List B in this Annex A.

11.          Other than operations falling under Sections I or II of the General List.

12.          Other than operations falling under Section IV of the General List.

13.          Other than operations falling under Sections IV, V or VII of the General List.

14.          Other than credits and loans falling under Sections I, II, VIII or XIV of the General List.

15.          Other than operations falling under Section V of the General List.

16.          Other than operations falling under any other Section of the General List.

Annex C

Decision of the Council Regarding the Application of the Provisions of the Code of Liberalisation of Capital Movements to Action Taken by the States of the United States

THE COUNCIL,

Having regard to Articles 2(d) and 5(a) of the Convention on the Organisation for Economic Co operation and Development of 14th December 1960;

Having regard to the Code of Liberalisation of Capital Movements (hereinafter called the “Code”);

Having regard to the Report of the Investment Committee on the Codes of Liberalisation of Current Invisible Operations and of Capital Movements of 28th October 1961, in particular, paragraphs 18 to 21 thereof, and the Comments by the Executive Committee on that Report of 8th December 1961 [OECD/C(61)37, OECD/C(61)73];

Recognising that in the United States individual States have jurisdiction to act with respect to certain matters which fall within the purview of the Code;

Believing, however, that there is only a limited area of capital movements in which a Member might consider that the benefits it could reasonably expect to derive from the Code are being denied to it by such action and believing, moreover, that cases of any such action are unlikely to have a significant practical effect on the operation of the Code;

Convinced that where instances of this nature arise they will be settled in the tradition of co operation which has evolved among the Members of the Organisation;

DECIDES:

1.            The provisions of the Code shall not apply to action by a State of the United States which comes within the jurisdiction of that State.

ACKNOWLEDGES THAT:

2.            a)   If a Member considers that its interests under the Code are being prejudiced by such action and notifies the Organisation of the circumstances, the United States Government undertakes in conformity with the constitutional procedures of the United States to bring the provisions of the Code and the circumstances notified, with an appropriate recommendation, to the attention of the competent authorities of any State concerned;

              b)  The United States Government undertakes to inform the Organisation of the action it has taken pursuant to paragraph 2(a) of this Decision and of the results thereof.

DECIDES:

3.            This Decision shall form an integral part of the Code and shall be attached thereto as Annex C.

Annex D

General List of International Capital Movements and Certain Related Operations[17]

Introduction

1.            The General List is an attempt to establish a comprehensive catalogue of non governmental operations involving the transfer of capital from one country to another. It also contains certain sections – concerning, for example, non resident owned blocked funds – under which no such transfers take place but which are nevertheless closely related to the subject matter of international capital movements for private account.

2.            The general list serves as the basis for the Liberalisation Lists of Capital Movements set out in Annex A to the Code of Liberalisation of Capital Movements, but it does not deal with liberalisation as such. Member countries assume liberalisation obligations only with regard to the operations listed in Annex A to the Code.

3.            The General List enumerates operations which comprise transactions between residents of different countries as well as any capital transfers resulting directly therefrom and envisaged thereunder by the parties concerned. For example, the sections dealing with the granting of credits or loans cover not only the initial transfer of the capital amounts in question but also their subsequent retransfer; they do not, however, cover transfers, such as interest, which are considered to be current payments and therefore are dealt with in the Code of Liberalisation of Current Invisible Operations. The purchase or sale of foreign exchange in order to complete an operation included in the General List is covered by the section dealing with that operation. Foreign exchange transactions that are necessary to complete an operation included in the Code of Liberalisation of Current Invisible Operations are covered by the provisions of that Code.

4.            All international capital movements have two distinct aspects: the capital export from one country and the corresponding capital import into another. Moreover, an operation between residents and non residents may take place in the country of the resident, in the country of the non resident, or in a third country. The attitude to any particular operation of the authorities of the countries concerned may thus differ, and the sections in the General List have been designed to take this into account.

5.            Certain international capital operations might be for the account of one and the same person in which case they need not entail transactions between residents and non residents, e.g. transfers of emigrants' assets, physical movements of capital assets, transfers of blocked funds.

6.            The operations enumerated in the General List may be denominated or settled in any currency, including a composite currency such as the ECU or the SDR.

I. Direct investment

Investment for the purpose of establishing lasting economic relations with an undertaking such as, in particular, investments which give the possibility of exercising an effective influence on the management thereof:

A.           In the country concerned by non residents by means of:

1. Creation or extension of a wholly owned enterprise, subsidiary or branch, acquisition of full ownership of an existing enterprise;

2. Participation in a new or existing enterprise;

3. A loan of five years or longer.

B.           Abroad by residents by means of:

1. Creation or extension of a wholly owned enterprise, subsidiary or branch, acquisition of full ownership of an existing enterprise;

2. Participation in a new or existing enterprise;

3. A loan of five years or longer.

II. Liquidation of direct investment

A.           Abroad by residents.

B.           In the country concerned by non residents.

III. Operations in real estate[18]

A.           Operations in the country concerned by non residents:

1. Building or purchase.

2. Sale.

B.           Operations abroad by residents:

1. Building or purchase.

2. Sale.

IV. Operations in securities on capital markets[19]

A.           Admission of domestic securities on a foreign capital market:

1.    Issue through placing or public sale of	}	a)     shares or other securities of a participating nature; b)     bonds and other debt securities (original maturity of one year or more).
2.    Introduction on a recognised domestic security market of

B.           Admission of foreign securities on the domestic capital market:

1.    Issue through placing or public sale of	}	a)     shares or other securities of a participating nature; b)     bonds and other debt securities (original maturity of one year or more).
2.    Introduction on a recognised domestic security market of

C.           Operations in the country concerned by non residents:

1.    Purchase	}	a)     shares or other securities of a participating nature; b)     bonds and other debt securities (original maturity of one year or more).
2.    Sale

D.           Operations abroad by residents:

1.    Purchase	}	a)     shares or other securities of a participating nature; b)     bonds and other debt securities (original maturity of one year or more).
2.    Sale

V. Operations on money markets[20]

A.           Admission of domestic securities and other instruments on a foreign money market:

1. Issue through placing or public sale.

2. Introduction on a recognised foreign money market.

B.           Admission of foreign securities and other instruments on the domestic money market:

1. Issue through placing or public sale.

2. Introduction on a recognised domestic money market.

C.           Operations in the country concerned by non residents:

1. Purchase of money market securities.

2. Sale of money market securities.

3. Lending through other money market instruments.

4. Borrowing through other money market instruments.

D.           Operations abroad by residents:

1. Purchase of money market securities.

2. Sale of money market securities.

3. Lending through other money market instruments.

4. Borrowing through other money market instruments.

VI. Other operations in negotiable instruments and non securitised claims[21]

A.           Admission of domestic instruments and claims on a foreign financial market:

1. Issue through placing or public sale.

2. Introduction on a recognised foreign financial market.

B.           Admission of foreign instruments and claims on a domestic financial market:

1. Issue through placing or public sale.

2. Introduction on a recognised domestic financial market.

C.           Operations in the country concerned by non residents.

1. Purchase.

2. Sale.

3. Exchange for other assets.

D.           Operations abroad by residents:

1. Purchase.

2. Sale.

3. Exchange for other assets.

VII. Operations in collective investment securities

A.           Admission of domestic collective investment securities on a foreign securities market:

1. Issue through placing or public sale.

2. Introduction on a recognised foreign securities market.

B.           Admission of foreign collective investment securities on the domestic securities market:

1. Issue through placing or public sale.

2. Introduction on a recognised domestic securities market.

C.           Operations in the country concerned by non residents:

1. Purchase.

2. Sale.

D.           Operations abroad by residents:

1. Purchase.

2. Sale.

VIII. Credits directly linked with international commercial transactions or with the rendering of international services

i)In cases where a resident participates in the underlying commercial or service transaction;

ii) In cases where no resident participates in the underlying commercial or service transaction.

A.           Credits granted by non residents to residents.

B.           Credits granted by residents to non residents.

IX. Financial credits and loans[22]

A.           Credits and loans granted by non residents to residents.

B.           Credits and loans granted by residents to non residents.

X. Sureties, guarantees and financial back up facilities

i)In cases directly related to international trade or international current invisible operations, or in cases related to international capital movement operations in which a resident participates;

ii) In cases not directly related to international trade, international current invisible operations or international capital movement operations, or where no resident participates in the underlying international operation concerned.

A.           Sureties and guarantees:

1. By non residents in favour of residents.

2. By residents in favour of non residents.

B.           Financial back up facilities:

1. By non residents in favour of residents.

2. By residents in favour of non residents.

XI. Operation of deposit accounts[23]

A.           Operation by non residents of accounts with resident institutions:

1. In domestic currency.

2. In foreign currency.

B.           Operation by residents of accounts with non resident institutions:

1. In domestic currency.

2. In foreign currency.

XII. Operations in foreign exchange[24]

A.           In the country concerned by non residents:

1. Purchase of domestic currency with foreign currency.

2. Sale of domestic currency for foreign currency.

3. Exchange of foreign currencies.

B.           Abroad by residents:

1. Purchase of foreign currency with domestic currency.

2. Sale of foreign currency for domestic currency.

3. Exchange of foreign currencies.

XIII. Life assurance

Capital transfers arising under life assurance contracts[25]:

A.           Transfers of capital and annuities certain due to resident beneficiaries from non resident insurers.

B.           Transfers of capital and annuities certain due to non resident beneficiaries from resident insurers.

XIV. Personal capital movements

A.           Loans.

B.           Gifts and endowments.

C.           Dowries.

D.           Inheritances and legacies.

E.           Settlement of debts in their country of origin by immigrants.

F.           Emigrants' assets.

G.           Gaming.

H.           Savings of non resident workers.

XV. Physical movement of capital assets

A.           Securities and other documents of title to capital assets:

1. Import.

2. Export.

B.           Means of payment:

1. Import.

2. Export.

XVI. Disposal of non resident owned blocked funds

A.           Transfer of blocked funds.

B.           Use of blocked funds in the country concerned:

1. For operations of a capital nature.

2. For current operations.

C.           Cession of blocked funds between non residents.

Notes to Annex D

1.            All items on this General List of International Capital Movements and Certain Related Operations appear also on Liberalisation List A or B in Annex A to the Code.

2.            Other than operations falling under Sections I or II of the General List.

3.            Other than operations falling under Sections I or II of the General List.

4.            Other than operations falling under Section IV of the General List.

5.            Other than operations falling under Sections IV, V or VII of the General List.

6.            Other than credits and loans falling under Sections I, II, VIII or XIV of the General List.

7.            Other than operations falling under Section V of the General List.

8.            Other than operations falling under any other Section of the General List.

9.            Transfers of premiums and pensions and annuities, other than annuities certain, in connection with life assurance contracts are governed by the Code of Liberalisation of Current Invisible Operations (Item D/3). Transfers of whatever kind or size under other than life assurance contracts are always considered to be of a current nature and are consequently governed by the Current Invisibles Code.

Annex E

Decision of the Council Regarding Measures and Practices Concerning Reciprocity and/or involving Discrimination among Investors Originating in Various Member Countries in the Area of Inward Direct Investment and Establishment

THE COUNCIL,

HAVING REGARD to Article 5 (a) of the Convention on the Organisation for Economic Co operation and Development of 14th December 1960;

HAVING REGARD to the Code of Liberalisation of Capital Movements (hereinafter called the “Code”);

HAVING REGARD to the Decision of the Council, of 4th April 1984, amending Annex A to the Code [C(83)106/FINAL];

HAVING REGARD to the report by the Investment Committee of 12th June 1986 on Member countries' positions under the amended obligations concerning the inward direct investment item of the Code [C(86)89 and Corrigenda 1 and 2] and, in particular, paragraphs 10 14 thereof;

On the proposal of the Investment Committee;

I.            NOTES that some Member countries allow inward direct investment or establishment under conditions of reciprocity (i.e. allowing residents of another Member country to invest or establish in the Member country concerned under terms similar to those applied by the other Member country to investors resident in the Member country concerned) and/or involving discrimination among investors originating in various Member countries, other than the exceptions to the principle of non discrimination referred to in Article 10 of the Code;

II.           RECOGNISES that reciprocity has operated with other factors, in certain cases at least until now, to broaden the effective sphere of liberalisation.

III.          REAFFIRMS, nevertheless, that a more extensive use of reciprocal and/or discriminatory approaches in matters pertaining to inward direct investment or the right of establishment (other than those relating to the exceptions to the principle of non discrimination referred to in Article 10 of the Code) could reduce the effective sphere of liberalisation among Member countries.

IV.          REAFFIRMS also the importance of the principles underlying Article 8 of the Code concerning the right of each Member country to benefit from measures of liberalisation taken by other Member countries, and of the principles underlying Article 9 of the Code concerning the obligation of each Member country to avoid discrimination between other Members in matters relating to the Code.

V.           RECOGNISES, nevertheless, the right of each Member country under Article 2 of the Code to refrain from immediately bringing their measures and practices into line with the new obligations concerning the right of establishment introduced by the Council Decision of 4th April 1984, referred to above.

VI.          CONSIDERS that, while the status of measures and practices concerning reciprocity and/or involving discrimination among investors originating in various Member countries (other than the exceptions to the principle of non discrimination referred to in Article 10 of the Code) should be regarded as different from that of restrictions that can be the subject of reservations in accordance with Article 2 of the Code, the procedures applying to such measures and practices should be those applying to measures that can be the subject of reservations.

VII.         DETERMINES that the adoption of this Decision concerning the application of item I/A of the Code on inward direct investment and establishment shall not in any way create a precedent for the application of other items of the Code.

VIII.         DECIDES:

1.            All measures and practices concerning reciprocity and/or involving an element of discrimination concerning inward direct investment or establishment (other than the exceptions to the principle of non discrimination referred to in Article 10 of the Code) and existing as of the date this Decision is adopted shall have been notified to the Organisation. They are recorded in paragraph 5 of this Decision.

2.            Measures and practices recorded in this Decision shall be progressively abolished without, in so doing, extending the scope of restrictions to inward direct investment or establishment. To this end, these measures and practices shall be subject to periodic examination by the Investment Committee along with the reservations, if any, maintained by the Member countries concerned.

3.            The specific aspects of these measures and practices, including those referred to in paragraphs II and III above, shall be taken into account, particularly when these measures and practices are being examined by the Investment Committee.

4.            All the other understandings relating to the Code concerning inward direct investment or establishment shall be considered as applying to these measures and practices.

5.            The scope of these measures and practices as notified to the Organisation as of the date of this Decision, is as follows:

AUSTRIA

i)             The extraction, the preparation and the storing of mass minerals, the running of oil refineries, gasworks, filling stations, district heating, the trading of fuels and pipelines are subject to a reciprocity requirement;

ii)            Investment in the transport sector (air transport services, road freight, taxis, buses) is subject to a reciprocity requirement;

iii)           The establishment of tour operators and travel agencies by non-resident entities is subject to a reciprocity requirement.

BELGIUM

Establishment of travel agencies by enterprises originating in non-EU member countries is subject to a reciprocity requirement.

CANADA

Establishment of subsidiaries of foreign banks is generally subject to a reciprocity requirement.

General remark: The Canadian authorities undertake to carry out the provisions of this Decision to the fullest extent compatible with the constitutional system of Canada in that the latter provides that individual provinces may have jurisdiction to act with respect to certain matters under the purview of the present Decision. In particular, the authorities undertake to make every effort to ensure that measures for the liberalisation of capital movements pursuant to the present Decision are applied in their provinces; they will notify the Organisation of any relevant measure taken by a province and, if necessary, they will bring to the attention of the provincial authorities any concerns expressed in this respect by a country subscribing to the present Decision.

FRANCE

i)             Establishment of non-resident investors originating in countries that are not members of the EU in the banking and financial services sector may be subject to reciprocity considerations;

ii)            Establishment of insurance companies originating in countries that are not members of the EU may be subject to reciprocity considerations;

iii)           Investment by non-EU residents in political and general information publications appearing at least once per month (other than those intended for foreign communities in France), audio-visual communication services, insurance brokerage; exploration, extracting and exploitation of hydrocarbons, waterfalls and the purchase of agricultural land adjacent to the Swiss border (under the terms of a bilateral agreement dated 31 August 1946), which is generally allowed only for enterprises originating in a country with which France has undertaken international commitments containing a clause of national assimilation or reciprocity.

GERMANY

Establishment of airline enterprises that have their headquarters abroad may be subject to a reciprocity requirement.

GREECE

Establishment of travel agencies by enterprises originating in non-EU member countries may be subject to a reciprocity requirement.

ICELAND

Establishment of foreign joint stock companies is subject to a reciprocity requirement.

IRELAND

Foreign acquisition of shipping vessels registered in Ireland is subject to a reciprocity requirement.

ITALY

i)             Foreign investment in the exploration and exploitation of liquid and gaseous hydrocarbons is subject to a reciprocity requirement;

ii)            The granting of licences to tour operators or travel agents, who are nationals of non-EU member countries, or to enterprises in such countries, is subject to a reciprocity requirement.

SWITZERLAND

i)             Foreign investment in the banking and financial services sector is subject to a reciprocity requirement;

ii)            Foreign investment in broadcasting is subject to a reciprocity requirement.

UNITED KINGDOM

Authorisation of mergers and take overs involving investors from non-EU member countries may be subject to a reciprocity requirement.

UNITED STATES

i)             The acquisition by non-residents of a right-of-way for oil or gas pipelines across onshore federal lands, or a lease to develop mineral resources on on-shore federal lands is subject to a reciprocity requirement;

ii)            Foreign investment in air freight forwarding and air charter activities is subject to a reciprocity requirement for US-originating traffic;

iii)           The granting of cable landing rights to non-resident firms is subject to a reciprocity requirement.

APPENDIX 1. LIST OF COUNCIL ACTS INCLUDED IN THE PRESENT EDITION OF THE CODE

1.            Code of Liberalisation of Capital Movements [OECD/C(61)96], adopted by the Council on 12th December, 1961.

2.            C(62)96/FINAL amending Annexes A and B to the Code of Liberalisation of Capital Movements, adopted by the Council on 3rd July, 1962.

3.            C(62)97/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 3rd July, 1962.

4.            C(63)15/FINAL amending Annex B to the Code of Liberalisation of Current Invisible Operations and Annexes A and B to the Code of Liberalisation of Capital Movements, adopted by the Council on 26th March, 1963.

5.            The Memorandum of Understanding between the Organisation for Economic Co operation and Development and the Government of Japan, of 26th July, 1963 [C(63)112].

6.            C(64)85/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 28th July, 1964.

7.            C(65)26/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 13th April, 1965.

8.            C(65)54/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27th July, 1965.

9.            C(65)96/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 9th November, 1965.

10.          C(66)10/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 15th February 1966.

11.          C(67)49/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 25th July, 1967.

12.          C(67)69/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 25th July, 1967.

13.          C(67)71/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 15th December, 1967.

14.          C(67)136 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 15th December, 1967.

15.          C(68)113/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 26th November, 1968.

16.          C(68)178/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28th January, 1969.

17.          C(68)111/FINAL amending Annex B to the Code of Liberalisation of Current Invisible Operations and Annex B to the Code of Liberalisation of Capital Movements adopted by the Council on 4th February, 1969.

18.          C(69)41/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18th March, 1969.

19.          C(69)90/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 8th July, 1969.

20.          C(69)134/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 17th November, 1969.

21.          C(69)157/FINAL amending Annex B to the Code of Liberalisation of Current Invisible Operations and Annex B to the Code of Liberalisation of Capital Movements adopted by the Council on 3rd February, 1970.

22.          C(69)176/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 24th February, 1970.

23.          C(70)2/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 10th March, 1970.

24.          C(70)21/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 17th March, 1970.

25.          C(70)100/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd June, 1970.

26.          C(70)126/FINAL amending Annexes A and B to the Code of Liberalisation of Capital Movements, adopted by the Council on 17th September, 1970.

27.          C(70)161/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 3rd November, 1970.

28.          C(70)212/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd February, 1971.

29.          C(71)3/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd February, 1971.

30.          C(71)11/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd February, 1971.

31.          C(71)24/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 30th March, 1971.

32.          C(71)72/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 2nd June, 1971.

33.          C(71)90/FINAL amending Annexes B to the Code of Liberalisation of Current Invisible Operations and to the Code of Liberalisation of Capital Movements, adopted by the Council on 24th May, 1971.

34.          C(71)127/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 7th October, 1971.

35.          C(71)128/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 7th October, 1971.

36.          C(71)177/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 3rd December, 1971.

37.          C(71)178/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 3rd December, 1971.

38.          C(71)203/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 26th January, 1972.

39.          C(71)241/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 22nd February, 1972.

40.          C(72)111/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 9th June, 1972.

41.          C(72)173/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 31st October, 1972.

42.          C(72)208/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 6th February, 1973.

43.          C(73)11/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27th February, 1973.

44.          C(72)103/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 27th February, 1973.

45.          C(72)118/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 27th February, 1973.

46.          C(73)12/FINAL amending the Code of Liberalisation of Current Invisible Operations and the Code of Liberalisation of Capital Movements, adopted by the Council on 27th February, 1973.

47.          C(73)13/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 21st February, 1973.

48.          C(73)49/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 15th May, 1973.

49.          C(73)60/FINAL amending Annex B to the Code of Liberalisation of Current Invisible Operations and Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 15th May, 1973.

50.          C(73)91/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 3rd July, 1973.

51.          C(73)119/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18th September, 1973.

52.          C(73)164/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 16th October, 1973.

53.          C(74)20/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12th March, 1974.

54.          C(74)10/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18th April, 1974.

55.          C(74)56/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18th April, 1974.

56.          C(74)57/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 21st May, 1974.

57.          C(74)39/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18th June, 1974.

58.          C(74)97/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18th June, 1974.

59.          C(74)94/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27th June, 1974.

60.          C(74)95/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27th June, 1974.

61.          C(74)149/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 22nd November, 1974.

62.          C(74)225/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 9th January, 1975.

63.          C(75)10/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 29th April, 1975.

64.          C(75)13/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 29th April, 1975.

65.          C(75)89 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12th May, 1975.

66.          C(75)112/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 19th August, 1975.

67.          C(75)172/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 20th November, 1975.

68.          C(75)143/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28th November, 1975.

69.          C(76)199/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 30th December, 1976.

70.          C(76)160/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 15th February, 1977.

71.          C(77)2/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 10th March, 1977.

72.          C(77)3/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 11th May, 1977.

73.          C(77)15/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 11th May, 1977.

74.          C(77)106/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd December, 1977.

75.          C(77)172/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28th February, 1978.

76.          C(77)187/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28th February, 1978.

77.          C(77)219/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28th February, 1978.

78.          C(77)220/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28th February, 1978.

79.          C(78)104/FINAL amending the Code of Liberalisation of Current Invisible Operations and the Code of Liberalisation of Capital Movements, adopted by the Council on 7th August, 1978.

80.          C(78)132/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 7th August, 1978.

81.          C(78)163/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27th December, 1978.

82.          C(78)164/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27th December, 1978.

83.          C(79)14/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 2nd June, 1979.

84.          C(79)15/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 2nd June, 1979.

85.          C(79)142/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 6th August, 1979.

86.          C(79)133/FINAL amending the Code of Liberalisation of Current Invisible Operations and the Code of Liberalisation of Capital Movements, adopted by the Council on 25th September, 1979.

87.          C(79)227/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 30th January, 1980.

88.          C(79)208/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 25th February, 1980.

89.          C(80)21/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 17th April, 1980.

90.          C(80)22/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 17th April, 1980.

91.          C(80)90/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 25th July, 1980.

92.          C(80)91/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 25th July, 1980.

93.          C(80)28/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 25th August, 1980.

94.          C(80)89/FINAL concerning the Liberalisation of Capital Movements by Greece, adopted by the Council on 28th October, 1980.

95.          C(80)168/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd March, 1981.

96.          C(80)173/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd March, 1981.

97.          C(81)120/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 15th December, 1981.

98.          C(81)146/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 15th December, 1981.

99.          C(81)148/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 15th December, 1981.

100.        C/M(81)21, item 222 (e) amending Annex B to the Code of Liberalisation of Capital Movements and Annex B to the Code of Liberalisation of Current Invisible Operations, adopted by the Council on 15th December, 1981.

101.        C(81)139/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 16th December, 1981.

102.        C(81)140/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 16th December, 1981.

103.        C(81)141/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 16th December, 1981.

104.        C(81)168/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 16th December, 1981.

105.        C(81)100/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 6th April, 1982.

106.        C(82)3/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 26th July, 1982.

107.        C(82)73/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd August, 1982.

108.        C(82)103/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd August, 1982.

109.        C(82)119/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 6th January, 1983.

110.        C(82)125/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 6th January, 1983.

111.        C(82)192/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 6th April, 1983.

112.        C(83)5/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 7th July, 1983.

113.        C(83)110/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 16th December, 1983.

114.        C(83)106/FINAL amending Annex A to the Code of Liberalisation of Capital Movements, adopted by the Council on 4th April, 1984.

115.        C(83)174/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 29th February, 1984.

116.        C(83)156/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 26th March, 1984.

117.        C(84)3/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 24th April, 1984.

118.        C(84)7/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 24th April, 1984.

119.        C(84)12/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 24th April, 1984.

120.        C(84)69/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 31st July, 1984.

121.        C(84)109/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 17th October, 1984.

122.        C(84)80/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18th October, 1984.

123.        C(84)82/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18th October, 1984.

124.        C(84)106/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18th October, 1984.

125.        C(84)108/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18th October, 1984.

126.        C(84)154/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28th December, 1984.

127.        C(84)165/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 1st July, 1985.

128.        C(84)169/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 1st July, 1985.

129.        C(85)54/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 1st July, 1985.

130.        C(85)57/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 17th 18th July, 1985.

131.        C(85)30/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 25th September, 1985.

132.        C(85)180/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 24th March, 1986.

133.        C(86)12/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 24th March, 1986.

134.        C(86)11/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 26th March, 1986.

135.        C(86)29/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 7th April, 1986.

136.        C(86)86/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 16th July, 1986.

137.        C(86)89/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 16th July, 1986.

138.        C(86)119 regarding measures and practices concerning reciprocity and/or involving discrimination among investors originating in various OECD Member countries in the area of inward direct investment and establishment, adopted by the Council on 16th July, 1986.

139.        C(86)83/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 29th July, 1986.

140.        C(86)171/FINAL amending the Code of Liberalisation of Current Invisible Operations and the Code of Liberalisation of Capital Movements, adopted by the Council on 26th November 1986.

141.        C(87)25/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 6th March 1987.

142.        C(87)6/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 17th March 1987.

143.        C(87)33/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 19th June 1987.

144.        C(87)71/FINAL amending Annex B to the Code of Liberalisation of Capital Movements and the Decision reproduced in Annex E to the Code, adopted by the Council on 10th July 1987.

145.        C(87)158/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 30th December 1987.

146.        C(87)159/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 30th December 1987.

147.        C(87)160/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 30th December 1987.

148.        C(87)161/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 30th December 1987.

149.        C(87)140/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 22nd January 1988.

150.        C(87)170/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 22nd January 1988.

151.        C(87)180/FINAL amending Annex B and the Decision reproduced in Annex E to the Code of Liberalisation of Capital Movements, adopted by the Council on 22nd January 1988.

152.        C(88)19/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 30th June 1988.

153.        C(88)42/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 30th June 1988.

154.        C(88)64/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 30th June 1988.

155.        C(88)63/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 8th July 1988.

156.        C(88)122/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 29th December 1988.

157.        C(88)147/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 29th December 1988.

158.        C(88)153/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 14th April 1989.

159.        C(89)46/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27th June 1989.

160.        C(89)57/FINAL amending the Code of Liberalisation of Current Invisible Operations, adopted by the Council on 10th May 1989.

161.        C(89)111/FINAL amending Annex B and the Decision reproduced in Annex E to the Code of Liberalisation of Capital Movements, adopted by the Council on 18th 20th July 1989.

162.        C(89)114/FINAL amending Annex B and the Decision reproduced in Annex E to the Code of Liberalisation of Capital Movements, adopted by the Council on 12th October 1989.

163.        C(89)137/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12th October 1989.

164.        C(89)138/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12th October 1989.

165.        C(89)178/FINAL amending Annex B and the Decision reproduced in Annex E to the Code of Liberalisation of Capital Movements, adopted by the Council on 26th October 1989.

166.        C(89)131/FINAL amending Annex B and the Decision reproduced in Annex E to the Code of Liberalisation of Capital Movements, adopted by the Council on 26th October 1989.

167.        C(89)186/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd February 1990.

168.        C(90)1/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 14th April 1990.

169.        C(90)3/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 14th April 1990.

170.        C(90)50/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12th June 1990.

171.        C(90)72/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27th July 1990.

172.        C(90)73/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27th July 1990.

173.        C(90)86/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27th September 1990.

174.        C(90)96/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27th September 1990.

175.        C(90)120/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd October 1990.

176.        C(90)122/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd October 1990.

177.        C(91)2/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 10th April 1991.

178.        C(91)3/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 17th April 1991.

179.        C(91)4/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12th March 1991.

180.        C(91)7/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12th March 1991.

181.        C(91)8/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12th March 1991.

182.        C(91)105/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12th, 13th, 17th and 19th December 1991.

183.        C(91)160/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 4th February 1992.

184.        C(91)90/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27th February 1992.

185.        C(92)4/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 27th February 1992.

186.        C(92)13/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 12th June 1992.

187.        C(92)58/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 17th July 1992.

188.        C(92)60/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 17th July 1992.

189.        C(92)62/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd July 1992.

190.        C(92)57/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd September 1992.

191.        C(92)138/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 24th November 1992.

192.        C(92)170/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 18th December 1992.

193.        C(92)174/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 18th December 1992.

194.        C(92)142/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 18th December 1992.

195.        C(92)219/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 29th March 1993.

196.        C(92)139/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 15th April 1993.

197.        C(93)4/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 9th March 1993.

198.        C(93)7/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 9th March 1993.

199.        C(93)12/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 29th March 1993.

200.        C(93)186/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 1st March, 1993.

201.        C(93)187/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 1st March, 1994.

202.        C(94)4/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 15th April, 1994.

203.        C(94)5/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 15th April, 1994.

204.        C(94)47/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 10th February, 1995.

205.        C(94)49/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 14th and 15th April, 1994.

206.        C(94)64/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 21st April, 1994.

207.        C(94)68/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 19th May 1994.

208.        C(94)83/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 2d June 1994.

209.        C(94)85/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 29th July 1994.

210.        C(94)104/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 3rd June 1994.

211.        C(94)118/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 5th July 1994.

212.        C(94)229/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 22nd February, 1995.

213.        C(94)230/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 18th April, 1995.

214.        C(94)235/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 10th February, 1995.

215.        C(95)4/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 22nd February, 1995.

216.        C(95)23/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 10th March, 1995.

217.        C(95)45/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 19th April, 1995.

218.        C(95)46/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 19th May, 1995.

219.        C(95)48/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 19th May, 1995.

220.        C(95)49/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 2nd May, 1995.

221.        C(95)44/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 27th June, 1995.

222.        C(95)128/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 20th July, 1995.

223.        C(95)188/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 24th November, 1995.

224.        C(95)239/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 12th February, 1996.

225.        C(96)3/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 12th February, 1996.

226.        C(96)19/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 28th March, 1996.

227.        C(96)59/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 24th May, 1996.

228.        C(96)147/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 22nd November, 1996.

229.        C(96)198/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 28th November, 1996.

230.        C(96)199/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 28th November, 1996.

231.        C(96)215/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 28th November, 1996.

232.        C(96)256/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 12th December, 1996.

233.        C(97)51/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 4th April, 1997.

234.        C(97)55/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd April, 1997.

235.        C(97)67/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd April, 1997.

236.        C(97)164/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 26 September, 1997.

237.        C(98)7/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 26 February, 1998.

238.        C(98)64/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd April 1998.

239.        C(98)90/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 10 September 1998.

240.        C(98)155/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12 November 1998.

241.        C(99)21/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18 February 1999.

242.        C(2000)120/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 13 July 2000.

243.        C(2000)123/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 28 July 2000.

244.        C(2000)128/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 July 2000.

245.        C(2000)150/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 September 2000.

246.        C(2000)151/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 September 2000.

247.        C(2000)158/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 September 2000.

248.        C(2000)54 and CORR1 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 4 October 2000.

249.        C(2000)121 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 4 October 2000.

250.        C(2000)114 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 14 December 2000, on the occasion of the Slovak Republic’s accession to the OECD.

251.        C(2000)180 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 6 November 2000.

252.        C(2001)72 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 26 April 2001.

253.        C(2001)241 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 November 2001.

254.        C(2001)243 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 November 2001.

255.        C(2001)242 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 5 December 2001.

256.        C(2002)30 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 March 2002.

257.        C(2002)120 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 25 July 2002.

258.        C(2002)100 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23 September 2002.

259.        C(2002)233 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12 December 2002.

260.        C(2003)28 and CORR2 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27 March 2003.

261.        C(2003)106 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18 September 2003.

262.        C(2004)3 amending the Code of Liberalisation of Capital Movements, adopted by the Council on 12 February 2004.

263.        C(2005)112 Foreign ownership restrictions in the Telecommunications Sector – Modification of Positions under the Code of Liberalisation of Capital Movements and the National Treatment Instrument, adopted by the Council on 14 October 2005.

264.        C(2009)95 amending Annex B and Annex E to the Code of Liberalisation of Capital Movements, adopted by the Council on 16 July 2009.

265.        C(2009)186 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 15 December 2009.

266.        C(2010)46 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 11 May 2010.

267.        C(2010)66 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 11 May 2010.

268.        C(2010)76 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 11 May 2010.

269.        C(2011)80 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 19 May 2011.

270.        DAF/INV(2011)10/REV1 amending Annex B the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 8 December 2011.

271.        C(2012)88/REV2 Decision of the Council on the Governance of the Codes of Liberalisation of Capital Movements and of Current Invisible Operations.

272.        DAF/INV(2013)3 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 21 March 2013.

273.        DAF/INV(2014)9 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 25 June 2014.

274.        DAF/INV(2014)17 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 3 December 2014.

275.        DAF/INV(2016)1 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 18 March 2016.

276.        C(2016)54/REV1 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on the occasion of Latvia's accession to the Organisation on 25 April 2016.

277.        DAF/INV(2017)11/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 2 June 2017.

278.        DAF/INV(2017)2/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 2 June 2017.

APPENDIX 2. DECISION ON ADHERENCE OF NON-OECD COUNTRIES TO THE CODE

Decision of the Council on the governance of the Codes of Liberalisation of Capital Movements [OECD/C(61)96, as amended] and of Current Invisible Operations [OECD/C(61)95, as amended]

THE COUNCIL,

Having regard to the Convention establishing the OECD and in particular its Articles 6 and 12 c);

Having regard to the Decision of the Council to amend the Codes of Liberalisation of Capital Movements and Current Invisible Operations to make adherence by non-OECD countries possible, adopted on 19 May 2011 [C(2011)80], and to the fact that on that occasion the Council noted that “agreement on the terms and conditions for non-Member adherence to the Codes of Liberalisation will be required before an invitation is issued” [C/M(2011)10/PROV, Item 98];

Having regard to the Council conclusions of the meeting of 16 February 2012 [C/M(2012)2, Item 32] regarding the governance issues raised by Decision C(2011)80;

Having regard to the proposals made by the Investment Committee on these governance issues and the subsequent discussions in the Executive Committee;

Recognising that adherents to the Codes which are not Members of the Organisation shall fully participate in decision-making on all matters relating to the Codes, through the Investment Committee meeting in “an enlarged session” (hereafter and for the purpose of this Decision the “Enlarged Investment Committee”) which comprises all the members of the Investment Committee and the non Member(s) which have adhered to the Code(s);

Conscious of the need to preserve Council’s own prerogatives in regard to the Codes;

DECIDES:

1.            Adherents to the Codes which are not Members of the Organisation shall fully participate in decision-making on all matters relating to the Codes, through the Enlarged Investment Committee.

2.            Invitation to a non-Member to adhere to either or both of the Codes and any change in the text of the Codes, other than amendments to country-specific reservations in Annex B of either Code or to country-specific entries in Annex E of the Code of Liberalisation of Capital Movements, shall require the consensus of both the Enlarged Investment Committee and the OECD Council.

3.            The authority to take all other decisions concerning the Codes of Liberalisation than those mentioned in article 2 above is delegated by the Council to the Enlarged Investment Committee.

4.            Any divergence of views on the interpretation and application of the present Decision shall be settled as far as possible amongst the adherents to the Codes. If no solution can be found in a reasonable timeframe, the matter can be brought to the attention of the Chair of the Council by any adherent to the Codes, who may conduct consultations and make proposals as he considers appropriate with a view to finding consensus among all adherents.

5.            The Enlarged Investment Committee shall in a timely manner inform the Council of any action taken in the exercise of its delegated authority.

6.            This Decision shall be reviewed no later than three years after the first adherence by a non-Member to the Codes.

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[1]                  All items in the General List of International Capital Movements and Certain Related Operations (see Annex D to the Code) appear on either List A or List B in this Annex A.

[2]                  Other than operations falling under Sections I or II of the General List.

[3]                  Other than operations falling under Section IV of the General List.

[4]                  Other than operations falling under Section IV of the General List.

[5]                  Other than operations falling under Sections IV, V or VII of the General List.

[6]                  Other than credits and loans falling under Sections I, II, VIII or XIV of the General List.

[7]                  Other than operations falling under Section V of the General List.

[8]                  Other than operations falling under any other Section of the General List.

[9]                  Transfers of premiums and pensions and annuities, other than annuities certain, in connection with life assurance contracts are governed by the Code of Liberalisation of Current Invisible Operations (Item D/3). Transfers of whatever kind or size under other than life assurance contracts are always considered to be of a current nature and are consequently governed by the Current Invisibles Code.

[10]                All items in the General List of International Capital Movements and Certain Related Operations (see Annex D to the Code) appear on either List A or List B in this Annex A.

[11]                Other than operations falling under Sections I or II of the General List.

[12]                Other than operations falling under Section IV of the General List.

[13]                Other than operations falling under Sections IV, V or VII of the General List.

[14]                Other than credits and loans falling under Sections I, II, VIII or XIV of the General List.

[15]                Other than operations falling under Section V of the General List.

[16]                Other than operations falling under any other Section of the General List.

[17]                All items on this General List of International Capital Movements and Certain Related Operations appear also on Liberalisation List A or B in Annex A to the Code.

[18]                Other than operations falling under Sections I or II of the General List.

[19]                Other than operations falling under Sections I or II of the General List.

[20]                Other than operations falling under Section IV of the General List.

[21]                Other than operations falling under Sections IV, V or VII of the General List.

[22]                Other than credits and loans falling under Sections I, II, VIII or XIV of the General List.

[23]                Other than operations falling under Section V of the General List.

[24]                Other than operations falling under any other Section of the General List.

[25]                Transfers of premiums and pensions and annuities, other than annuities certain, in connection with life assurance contracts are governed by the Code of Liberalisation of Current Invisible Operations (Item D/3). Transfers of whatever kind or size under other than life assurance contracts are always considered to be of a current nature and are consequently governed by the Current Invisibles Code.