9.8.75 OfficialJournaloftheEuropeanCommunities NoL211/29
II
(Actswhosepublicationisnotobligatory)
COMMISSION
COMMISSION DECISION
of23July1975
authorizingtheUnitedJCingdomtotakecertainprotectivemeasuresinaccor­
dancewithArticle108(3)oftheEECTreaty
(OnlytheEnglishtextisauthentic)
(75/487/EEC)
THECOMMISSION OFTHEEUROPEAN
COMMUNITIES ,
HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity ,andinparticularArticle
108(3)thereof;
HavingregardtotheActofAccession,andinparti­
cularArticle124thereof;
WhereastheUnitedKingdom'seconomicsituation
hasentailedseriousbalanceofpaymentsdifficulties
andconsequently amarkeddepreciationofsterling;
Whereasthesituationisstillworryingandwhereas
theBritisheconomyisfacedwithexceptionalcircum­
stancesbothwithinthecountryandvis-a-visabroad
inrespectofthedisequilibrium inthebalanceof
payments ;
WhereastheUnitedKingdominformedtheCommis­
sionthatithadadoptedmeasurestoreducethedise­
quilibriuminthebalanceofpayments;
Whereas,becauseoftheworseningoftheeconomic
situation,theUnitedKingdomsubsequentlyinformed
theCommissionthatitwasnotinapositiontofulfil
theobligationsarisingfromArticle124(1)(a)and(b)
oftheActofAccession,andinthisconnection
invokedArticle109oftheTreaty;
WhereastheCommission ,afterinvestigatingtheposi­
tionoftheBritisheconomyunderArticle108(1),andthemeasurestakenbytheUnitedKingdom,madea
recommendation toit,on15July1975,underArticle
108(1)oftheTreaty;
Whereas,however,becauseoftheseriousdeterioration
intheBritisheconomicsituation,themeasuresrecom­
mendedtotheUnitedKingdomunderArticle108(1)
oftheTreatyarenotsufficient,sincetheycannot,
alone,makeanyimmediatecontributiontorestoring
equilibriumtothebalanceofpayments;
WhereastheCommission ,havinginformedthe
Councilthatmutualassistancewasnotappropriate
underthecircumstances ,nomutualassistancehas
beengrantedunderArticle108,paragraph2ofthe
Treaty.
WhereasitisthereforetheCommission'sresponsi­
bilitytoauthorizetheimplementation ofappropriate
protectivemeasuresunderArticle108(3)ofthe
Treaty;
Whereastherestorationofitsexternalfinancialposi­
tionrequiresthetemporarymaintenance bythe
UnitedKingdomofthemeasuresinforcederogating
•fromCommunityobligationsinrespectofthefree
movementofcapital;
WhereasthesituationoftheUnitedKingdomandthe
practicaleffectsoftheUnitedKingdommeasures
shouldberegularlyreviewed,

NoL211/30 OfficialJournaloftheEuropeanCommunities 9.8.75
HASADOPTEDTHISDECISION :
Article1
TheUnitedKingdomisauthorized,onatemporary
basis,tomaintain,withinthelimitofthemeasures
actuallyinforceonthedatewhenthisDecisionis
notified,therestrictionson:
—directinvestmentsinMemberStatesbyUnited
Kingdomresidentsandtheliquidationofdirect
investments inMemberStatesbyUnited
Kingdomresidents;
—thefollowingcapitalmovementsofapersonal
nature:
—transfersofcapitalbelongingtoUnited
Kingdomresidentswhoareemigrating,other
thantransfersconnectedwithfreedomofmove­
mentforworkers,liberalizedfromthedateof
accession;
—giftsandendowments ,dowries,succession
duties,andrealestateinvestmentsotherthan
thoseconnectedwithfreedomofmovement
forworkers,liberalizedfromthedateofacces­
sion.Article2
1.TheCommissionwillkeepunderclosereview
thedevelopment oftheeconomicsituationinthe
UnitedKingdom.Before30June1976itwillmake
anexamination ofthesituationandoftheeffectsof
themeasuresauthorizedherein.
2.TheCommissionreservestherighttoamendor
revokethisDecisionifitfindsthattheconditionson
whichitwasbasedhavechangedorthattheeffectsof
theDecisionaremorerestrictivethanisnecessaryto
achieveitspurpose.
Article3
ThisDecisionisaddressedtotheUnitedKingdom.
DoneatBrussels,23July1975.
FortheCommission
ThePresident
Francois-Xavier ORTOLI