1. 2. 88 Official Journal of the European Communities No C 26/1 
II 
(Preparatory Acts) 
COMMISSION 
Proposal for a Council Directive for the implementation of Article 67 of the Treaty — 
Liberalization of capital movements 
COM(87) 550 final 
(Submitted by the Commission to the Council on 4 November 1987) 
(88/C 26/01) 
THE COUNCIL OF THE EUROPEAN COMMUNITIES, 
Having regard to the Treaty establishing the European 
Economic Community, and in particular Article 69 thereof, 
Having regard to the proposal from the Commission, 
which consulted the Monetary Committee for this purpose, 
Having regard to the opinion of the European Parliament, 
Whereas Article 8A of the Treaty stipulates that the 
internal market shall comprise an area without internal 
frontiers in which the free movement of capital is ensured; 
Whereas Member States should be able to take, within the 
framework of appropriate Community procedures, the 
requisite measures to regulate bank liquidity and, if 
necessary, to restrict temporarily short-term capital 
movements which, even where there is no appreciable 
divergence in economic fundamentals, seriously disrupt the 
conduct of their monetary and exchange-rate policies; 
Whereas, in the interests of transparency, it is advisable to 
indicate the scope, in accordance with the nomenclature 
laid down in this Directive, of the transitional measures 
adopted for the benefit of the Kingdom of Spain and the 
Portuguese Republic by the 1985 Act of Accession in the 
field of capital movements; 
Whereas the Kingdom of Spain and the Portuguese 
Republic may, under the terms of Articles 61 to 66 and 222 
to 232 respectively of the 1985 Act of Accession, postpone 
the liberalization of certain capital movements in derog­
ation from the obligations of the Directive of 11 May 1960; 
whereas Council Directive 86/566/EEC of 17 November 
1986 also provides for transitional arrangements to be applied for the benefit of those two Member States in 
respect of their obligations to liberalize capital movements; 
whereas it is appropriate for those two Member States to be 
able to postpone the application of the new liberalization 
obligations resulting from this Directive for the same 
periods and for the same economic reasons; 
Whereas the Hellenic Republic and Ireland are faced, albeit 
to differing degrees, with difficult balance-of-payments 
situations and high levels of external indebtedness; 
whereas the immediate and complete liberalization of 
capital movements by those two Member States would 
make it more difficult for them to continue to apply the 
measures they have taken to improve their external 
positions and to reinforce the capacity of their financial 
systems to adapt to the requirements of an integrated 
financial market in the Community; whereas it is 
appropriate, in accordance with Article 8C of the Treaty, to 
grant to those two Member States, in the light of their 
specific circumstances, further time in which to comply 
with the obligations arising from this Directive, 
HAS ADOPTED THIS DIRECTIVE: 
Article 1 
1. Without prejudice to the following provisions, 
Member States shall abolish restrictions on the movement 
of capital taking place between persons resident in Member 
States. The different categories of capital movement are set 
out in Annex I to this Directive. 
2. Transfers in respect of capital movements shall be 
made on the same exchange-rate conditions as those ruling 
for payments relating to current transactions. 
No C 26/2 Official Journal of the European Communities 1. 2. 88 
Article 2 
Member States shall notify the Commission, the Monetary 
Committee and the Committee of Governors of Central 
Banks, by the date of their entry into force at the latest, of 
measures to regulate bank liquidity which have a specific 
impact on capital operations carried out by credit 
institutions with non-residents and which involve regu­
lation of the net external positions of such institutions or of 
the setting of compulsory reserve ratios on their external 
assets or liabilities. 
Such measures shall be confined to what is necessary for the 
purposes of domestic monetary regulation. 
Article 3 
1. Where short-term capital movements of exceptional 
magnitude impose severe strains on foreign-exchange 
markets and lead to serious disturbances in the conduct of a 
Member State's monetary and exchange-rate policies, 
being reflected in particular in substantial variations in 
domestic liquidity, the Commission may, after consulting 
the Monetary Committee and the Committee of Governors 
of Central Banks, authorize that Member State to take in 
respect of the capital movements listed in Annex II to this 
Directive, protective measures the conditions and details of 
which the Commission shall determine. 
2. The Member State concerned may itself take the 
protective measures referred to above, on grounds of 
urgency, should these measures be necessary. The Commis­
sion and the other Member States shall be informed of such 
measures by the date of their entry into force at the latest. 
The Commission may, after consulting the Monetary 
Committee and the Committee of Governors of Central 
Banks, decide that the Member State concerned shall 
amend or abolish the measures. 
3. The period of application of protective measures taken 
pursuant to this Article shall not exceed six months. 
Article 4 
The provisions of this Directive shall not prejudice the right 
of Member States to take all requisite measures to prevent 
infringements of their laws and regulations or to lay down procedures for the declaration of capital movements for 
purposes of administrative or statistical information. 
Application of those measures and procedures may not 
have the effect of impeding the capital movements in 
question. 
Article 5 
For the Kingdom of Spain and the Portuguese Republic, the 
scope, in accordance with the nomenclature of capital 
movements contained in Annex I to this Directive, of the 
provisions of the 1985 Act of Accession in the field of 
capital movements shall be as indicated in Annex III. 
Article 6 
1. The Member States shall take the measures necessary 
for them to comply with this Directive no later than ... 
They shall forthwith inform the Commission thereof. They 
shall also make known, by the date of their entry into force 
at the latest, any new measure or any amendment made to 
the provisions governing the capital movements listed in 
Annex I to this Directive. 
2. The Kingdom of Spain and the Portuguese Republic, 
without prejudice for these two Member States to Articles 
61 to 66 and 222 to 232 of the 1985 Act of Accession, and 
the Hellenic Republic and Ireland may temporarily 
continue to apply restrictions on the capital movements 
listed in Annex IV to this Directive, subject to the 
conditions and time limits laid down in that Annex. 
Article 7 
The nomenclature of capital movements and the ex­
planatory notes in Annex I, together with Annexes II, III 
and IV, form an integral part of this Directive. 
Article 8 
The Council Directive of 11 May 1960, as last amended by 
Council Directive 86/566/CEE of 17 November 1986, is 
hereby repealed. 
Article 9 
This Directive is addressed to the Member States. 
1. 2. 88 Official Journal of the European Communities No C 26/3 
ANNEX I 
NOMENCLATURE OF THE CAPITAL MOVEMENTS REFERRED TO IN ARTICLE I OF THE 
DIRECTIVE 
In this nomenclature, capital movements are classified according to the economic nature of the assets and 
liabilities they concern, denominated either in national currency or in foreign exchange. 
The capital movements listed in this nomenclature are taken to cover: 
— all the operations necessary for the purposes of capital movements: conclusion and performance of the 
transaction and related transfers. The transaction is generally between residents of different Member States 
although some capital movements are carried out by a single person for his own account (e.g. transfers of 
assets belonging to emigrants), 
— operations carried out by any natural or legal person (*), including operations in respect of the assets or 
liabilities of Member States or of other public administrations and agencies, subject to the provisions of 
Article 68, paragraph 3 of the Treaty, 
— access for the economic operator to all the financial techniques available on the market approached for the 
purpose of carrying out the operation in question. For example, the concept of acquisition of securities and 
other financial instruments covers not only spot transactions but also all the dealing techniques available: 
forward transactions, transactions carrying an option or warrant, swaps against other assets, etc. Similarly, 
the concept of operations in current and deposit accounts with financial institutions, includes not only the 
opening and placing of funds on accounts but also forward foreign exchange transactions, irrespective of 
whether these are intended to cover an exchange risk or to take an open foreign exchange position, 
— operations to liquidate or assign assets built up, repatriation of the proceeds of liquidation thereof (*) or 
immediate use of such proceeds within the limits of Community obligations, 
— operations to repay credits or loans. 
I — DIRECT INVESTMENTS (*) 
1. Establishment and extension of branches or new undertakings belonging solely to the person providing the 
capital, and the acquisition in full of existing undertakings. 
2. Participation in new or existing undertakings with a view to establishing or maintaining lasting economic 
links. 
3. Long-term loans with a view to establishing or maintaining lasting economic links. 
4. Reinvestment of profits with a view to maintaining lasting economic links. 
A. Direct investments on national territory by non-residents (*) 
B. Direct investments abroad by residents (*) 
II — INVESTMENTS IN REAL ESTATE (not included under I) (») 
A. Investments in real estate on national territory by non-residents . 
B. Investments in real estate abroad by residents 
III — OPERATIONS IN SECURITIES NORMALLY DEALT IN ON THE CAPITAL MARKET 
(not included under I, IV or V) 
(a) Shares and other securities of a participating nature (*). 
(b) Bonds (•). 
A. Transaction in securities on the capital market 
(*) See explanatory notes below. 
No C 26/4 Official Journal of the European Communities 1. 2. 88 
1. Acquisition by non-residents of domestic securities dealt in on a stock exchange (*). 
2. Acquisition by residents of foreign securities dealt in on a stock exchange. 
3. Acquisition by non-residents of domestic securities not dealt in on a stock exchange (*). 
4. Acquisition by residents of foreign securities not dealt in on a stock exchange. 
B. Admission of securities to the capital market ("') 
(i) Introduction on a stock exchange (*). 
(ii) Issue and placing on a capital market (*). 
1. Admission of domestic securities to a foreign capital market. 
2. Admission of foreign securities to the domestic capital market. 
IV — OPERATIONS IN UNITS OF COLLECTIVE INVESTMENT UNDERTAKINGS (») 
(a) Units of undertakings for collective investment in securities normally dealt in on the capital market (shares, 
other equities and bonds). 
(b) Units of undertakings for collective investment in securities or instruments normally dealt in on the money 
market. 
(c) Units of undertakings for collective investment in other assets. 
A. Transactions in units of collective investment undertakings 
1. Acquisition by non-residents of units of national undertakings dealt in on a stock exchange. 
2. Acquisition by residents of units of foreign undertakings dealt in on a stock exchange. 
3. Acquisition by non-residents of units of national undertakings not dealt in on a stock exchange. 
4. Acquisition by residents of units of foreign undertakings not dealt in on a stock exchange. 
B. Admission of units of collective investment undertakings to the capital market 
(i) Introduction on a stock exchange. 
(ii) Issue and placing on a capital market. 
1. Admission of units of national collective investment undertakings to a foreign capital market. 
2. Admission of units of foreign collective investment undertakings to the domestic capital market. 
V — OPERATIONS IN SECURITIES AND OTHER INSTRUMENTS NORMALLY DEALT IN ON 
THE MONEY MARKET (*) 
A. Transactions in securities and other instruments on the money market 
1. Acquisition by non-residents of domestic money market securities and instruments. 
2. Acquisition by residents of foreign money market securities and instruments. 
B. Admission of securities and other instruments to the money market 
(i) Introduction on a recognized money market (*). 
(ii) Issue and placing on a recognized money market. 
1. Admission of domestic securities and instruments to a foreign money market. 
2. Admission of foreign securities and instruments to the domestic money market. 
(*) See explanatory notes below. 
1. 2. 88 Official Journal of the European Communities No C 26/5 
VI — OPERATIONS IN CURRENT AND DEPOSIT ACCOUNTS WITH FINANCIAL 
INSTITUTIONS (*) 
A. Operations carried out by non-residents with domestic financial institutions 
B. Operations carried out by residents with foreign financial institutions 
VII — CREDITS RELATED TO COMMERCIAL TRANSACTIONS OR TO THE PROVISION OF 
SERVICES IN WHICH A RESIDENT IS PARTICIPATING (*) 
1. Short-term (less than one year). 
2. Medium-term (from one to five years). 
3. Long-term (five years or more). 
A. Credits granted by non-residents to residents 
B. Credits granted by residents to non-residents 
VIII — FINANCIAL LOANS AND CREDITS (not included under I, VII and XI) (*) 
1. Short-term (less than one year). 
2. Medium-term (from one to five years). 
3. Long-term (five years or more). 
A. Loans and credits granted by non-residents to residents 
B. Loans and credits granted by residents to non-residents 
IX — SURETIES, OTHER GUARANTEES AND RIGHTS OF PLEDGE 
A. Granted by non-residents to residents 
B. Granted by residents to non-residents 
X — TRANSFERS IN PERFORMANCE OF INSURANCE CONTRACTS 
A. Premiums and payments in respect of life assurance 
1. Contracts concluded between domestic life assurance companies and non-residents. 
2. Contracts concluded between foreign life assurance companies and residents. 
B. Premiums and payments in respect of credit insurance 
1. Contracts concluded between domestic credit insurance companies and non-residents. 
2. Contracts concluded between foreign credit insurance companies and residents. 
C. Other transfers of capital in respect of insurance contracts 
XI — PERSONAL CAPITAL MOVEMENTS 
A. Loans 
B. Gifts and endowments 
C. Dowries 
D. Inheritances and legacies 
E. Settlement of debts by immigrants in their previous country of residence 
F. Transfers of assets constituted by residents, in the event of emigration, at the time of their installation or 
during their period of stay abroad 
G. Transfers, during their period of stay, of immigrants' savings to their previous country of residence 
XII — PHYSICAL IMPORT AND EXPORT OF FINANCIAL ASSETS 
A. Securities 
B. Means of payment of every kind 
(*) See explanatory notes below. 
No C 26/6 Official Journal of the European Communities 1. 2. 88 
XIII — OTHER CAPITAL MOVEMENTS 
A. Death duties 
B. Damages (where these can be considered as capital) 
C. Refunds in the case of cancellation of contracts and refunds of uncalled-for payments (where these can be 
considered as capital) 
D. Authors' royalties: patents, designs, trade marks and inventions (assignments and transfers arising out of 
such assignments) 
E. Transfers of the moneys required for the provision of services (not included under VI) 
F. Miscellaneous 
EXPLANATORY NOTES 
For the purposes of this nomenclature, the following expressions have the meanings assigned to them 
respectively: 
Direct investments 
Investments of all kinds by natural persons or commercial, industrial or financial undertakings, and which serve 
to establish or to maintain lasting and direct links between the person providing the capital and the entrepreneur 
to whom or the undertaking to which the capital is made available in order to carry on an economic activity. 
This concept must therefore be understood in its widest sense. 
The undertakings mentioned under 1-1 of the nomenclature include legally independent undertakings (wholly-
owned subsidiaries) and branches. 
As regards those undertakings mentioned under 1-2 of the nomenclature which have the status of companies 
limited by shares, there is participation in the nature of direct investment where the block of shares held by a 
natural person or another undertaking or any other holder enables the shareholder, either pursuant to the 
provisions of national laws relating to companies limited by shares or otherwise, to participate effectively in the 
management of the company or in its control. 
Long-term loans of a participating nature, mentioned under 1-3 of the nomenclature, means loans for a period of 
more than five years which are made for the purpose of establishing or maintaining lasting economic links. The 
main examples which may be cited are loans granted by a company to its subsidiaries or to companies in which 
it has a share, and loans linked with a profit-sharing arrangement. Loans granted by financial institutions with a 
view to establishing or maintaining lasting economic links are also included under this heading. 
Investments in real estate 
Purchases of buildings and land and the construction of buildings by private persons for gain or personal use. 
This category also includes rights of usufruct, easements and building rights. 
Introduction on a stock exchange or on a recognized money market 
Access — in accordance with a specified procedure — for securities and other negotiable instruments to 
dealings, whether controlled officially or unofficially, on an officially recognized stock exchange or in an 
officially recognized segment of the money market. 
Securities dealt in on a stock exchange (quoted or unquoted) 
Securities the dealings in which are controlled by regulations, the prices for which are regularly published, either 
by official stock exchanges (quoted securities) or by other bodies attached to a stock exchange — e.g. 
committees of banks (unquoted securities). 
Issue of securities and other negotiable instruments 
Sale by way of an offer to the public. 
Placing of securities and other negotiable instruments 
The direct sale of securities by the issuer or by the consortium which the issuer has instructed to sell them, with 
no offer being made to the public. 
1. 2. 88 Official Journal of the European Communities No C 26/7 
Domestic or foreign securities and other instruments 
Securities according to the country in which the issuer has his principal place of business. Acquisition by 
residents of domestic securities and other instruments issued on a foreign market ranks as the acquisition of 
foreign securities. 
Shares and other securities of a participating nature 
Including rights to subscribe to new issues of shares. 
Bonds 
Negotiable securities with a maturity of two years or more from issue for which the interest rate and the terms 
for the repayment of the principal and the payment of interest are determined at the time of issue. 
Collective investment undertakings 
Undertakings: 
— the object of which is the collective investment in transferable securities or other assets of the capital they 
raise and which operate on the principle of risk-spreading, and 
— the units of which are, at the request of holders, under the legal, contractual or statutory conditions 
governing them, repurchased or redeemed, directly or indirectly, out of those undertakings' assets. Action 
taken by a collective investment undertaking to ensure that the stock exchange value of its units does not 
significantly vary from their net asset value shall be regarded as equivalent to such repurchase or 
redemption. 
Such undertakings may be constituted according to law either under the law of contract (as common funds 
managed by management companies) or trust law (as unit trusts) or under statute (as investment companies). 
For the purposes of this Directive, 'common funds' shall also include unit trusts. 
Securities and other instruments normally dealt in on the money market 
Treasury bills and other negotiable bills, certificates of deposit, bankers' acceptances, commercial paper and 
other like instruments. 
Credits related to commercial transactions or to the provision of services 
Contractual trade credits (advances or payments by instalment in respect of work in progress or on order and 
extended payment terms, whether or not involving subscription to a commercial bill) and their financing by 
credits provided by credit institutions. This category also includes factoring operations. 
Financial loans and credits 
Financing of every kind granted by financial institutions, including financing related to commercial transactions 
or to the provision of services in which no resident is participating. 
This category also includes mortgage loans, consumer credit and financial leasing, as well as back-up facilities 
and other note-issuance facilities. 
Residents or non-residents 
Natural and legal persons according to the definitions laid down in the exchange control regulations in force in 
each Member State. 
Proceeds of liquidation (of investments, securities, etc.) 
Proceeds of sale including any capital appreciation, amount of repayments, proceeds of execution of 
judgements, etc. 
Natural or legal persons 
As defined by the national rules. 
Financial institutions 
Banks, savings banks and institutions specializing in the provision of short-term, medium-term and long-term 
credit, and insurance companies, building societies, investment companies and other institutions of like 
character. 
No C26/8 Official Journal of the European Communities 1. 2. 88 
Credit institutions 
Banks, savings banks and institutions specializing in the provision of short-term, medium-term and long-term 
credit. 
ANNEX II 
LIST OF OPERATIONS REFERRED TO IN ARTICLE 3 OF THE DIRECTIVE 
Nature of operation 
Operations in securities and other instruments normally dealt in on the money 
market 
Operations in current and deposit accounts with financial institutions 
Operations in units of collective investment undertakings 
— undertakings for investment in securities or instruments normally dealt in 
on the money market 
Financial loans and credits 
— short-term 
Personal capital movements 
— loans 
Physical import and export of financial assets 
— securities normally dealt in on the money market 
— means of payment Heading 
V 
VI 
IV-A and B(c) 
VIII-A and B-l 
XI-A 
XII 
ANNEX III 
REFERRED TO IN ARTICLE 5 OF THE DIRECTIVE 
Scope of the provisions of the 1985 Act of Accession relating to capital movements, in accordance with the 
nomenclature of capital movements set out in Annex I to the Directive: 
Articles of the 
Act of Accession 
(dates of expiry 
of transitional 
provisions) Nature of operation Heading 
Article 62 
(31.12.1990) 
Article 63 
(31.12.1990) 
Article 64 
(31.12.1988) (a) Provisions concerning the Kingdom of Spain 
Direct investments abroad by residents 
Investments in real estate abroad by residents 
Operations in securities normally dealt in on the capital market 
— Acquisition by residents of foreign securities dealt in on a 
stock exchange 
— excluding bonds issued on a foreign market and 
denominated in national currency 
Operations in units of collective investment undertakings 
— Acquisitions by residents of units of collective investment 
undertakings dealt in on a stock exchange 
— excluding units of undertakings taking the form of 
common funds I-B 
II-B 
III-A-2 
IV-A-2 
1. 2. 88 Official Journal of the European Communities No C 26/9 
Articles of the 
Act of Accession 
(dates of expiry 
of transitional 
provisions) Nature of operation Heading 
(b) Provisions concerning the Portuguese Republic 
Article 222 
(31.12.1989) 
Article 224 
(31.12.1992) 
Articles 225 and 226 
(31.12.1990) 
Article 227 
(31.12.1992) 
Article 228 
(31.12.1990) 
Article 229 
(31.12.1990) Direct investments on national territory by non-residents 
Direct investments abroad by residents 
Investments in real estate on national territory by non-residents 
Investments in real estate abroad by residents 
Personal capital movements 
(i) for the purpose of applying the higher amounts specified in 
Article 228 paragraph 2 : 
— Dowries 
— Inheritances and legacies 
— Transfers of assets built up by residents in case of 
emigration at the time of their installation or during 
their period of stay abroad 
(ii) for the purpose of applying the lower amounts specified in 
Article 228 paragraph 2 : 
— Gifts and endowments 
— Settlement of debts by immigrants in their previous 
country of residence 
— Transfers of immigrants' savings to their previous 
country of residence during their period of stay 
Operations in securities normally dealt in on the capital market 
— Acquisitions by residents of foreign securities dealt in on a 
stock exchange 
— excluding bonds issued on a foreign market and 
denominated in national currency 
Operations in units of collective investment undertakings 
— Acquisition by residents of units of foreign collective 
investment undertakings dealt in on a stock exchange 
— excluding units of undertakings taking the form of 
common funds I-A 
I-B 
II-A 
II-B 
XI-C 
XI-D 
XI-F 
XI-B 
XI-E 
XI-G 
III-A-2 
IV-A-2 
ANNEX IV 
REFERRED TO IN ARTICLE 6 paragraph 2 OF THE DIRECTIVE 
I. The Kingdom of Spain and the Portuguese Republic may continue to apply or reintroduce, until 1 October 
1989 and 31 December 1990 respectively, restrictions existing on the date of entry into force of this Directive 
on capital movements given in List I below: 
No C 26/10 Official Journal of the European Communities 1. 2. 88 
LIST I 
Nature of operation 
Operations in units of collective investment undertakings 
— Acquisition by residents of units of foreign collective investment 
undertakings dealt in on a stock exchange 
— undertakings subject to Directive 85/611/EEC (j) and taking the form of 
common funds 
— Acquisition by residents of units of foreign collective investment 
undertakings not dealt in on a stock exchange 
— undertakings subject to Directive 85/611/EEC (J) Heading 
IV-A-2(a) 
IV-A-4(a) 
(') Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to 
undertakings for collective investment in transferable securities (UCITS) (OJ No L 375, 31. 12. 1985). 
II. The Kingdom of Spain and the Portuguese Republic may continue to apply or reintroduce, until 31 
December 1990 and 31 December 1992 respectively, restrictions existing on the date of entry into force of 
this Directive on capital movements given in List II below: 
LIST II 
Nature of operation 
Operations in securities normally dealt in on the capital market 
— Acquisition by residents of foreign securities dealt in on a stock exchange 
— bonds issued on a foreign market and denominated in national currency 
— Acquisition by residents (non-residents) of foreign (domestic) securities not 
dealt in on a stock exchange 
— Admission of securities to the capital market 
— where they are dealt in on or in the process of introduction to a stock 
exchange in a Member State 
Operations in units of collective investment undertakings 
— Acquisition by residents of units of foreign collective investment 
undertakings dealt in on a stock exchange 
— undertakings not subject to Directive 85/611/EEC (J) and taking the 
form of common funds 
— Acquisition by residents (non-residents) of units of foreign (domestic) 
collective investment undertakings not dealt in on a stock exchange 
— undertakings not subject to Directive 85/611/EEC (J) and the sole object 
of which is the acquisition of assets that have been liberalized 
— Admission to the capital market of units of collective investment 
undertakings 
— undertakings subject to Directive 85/611/EEC (*) 
Credits related to commercial transactions or to the provision of services in 
which a resident is participating 
— Long-term credits Heading 
III-A-2(b) 
III-A-3 and 4 
III-B-1 and 2 
IV-A-2 
IV-A-3 and 4 
IV-B-1 and 2(a) 
VII-A and B-3 
(*) See footnote to List I. 
1. 2. 88 Official Journal of the European Communities No C 26/11 
III. The Kingdom of Spain and Ireland, until 31 December 1990, and the Hellenic Republic and the Portuguese 
Republic, until 31 December 1992, may continue to apply or reintroduce restrictions existing at the date of 
entry into force of this Directive on capital movements given in List III below: 
LIST III 
Nature of operation 
Operations in securities dealt in on the capital market 
— Admission of securities to the capital market 
— where they are not dealt in on or in the process of introduction to a stock 
exchange in a Member State 
Operations in units of collective investment undertakings 
— Admission to the capital market of units of collective investment 
undertakings 
— undertakings not subject to Directive 85/611/EEC (J) and the sole object 
of which is the acquisition of assets that have been liberalized 
Financial loans and credits 
— medium-term and long-term Heading 
III-B-1 and 2 
IV-B-1 and 2 
VIII-A, B-2 and 3 
(') See footnote to List I. 
IV. The Kingdom of Spain and Ireland, until 31 December 1990, and the Hellenic Republic and the Portuguese 
Republic, until 31 December 1992, may defer liberalization of the capital movements given in List IV below: 
LIST IV 
Nature of operation 
Operations in securities and other instruments normally dealt in on the money 
market 
Operations in current and deposit accounts with financial institutions 
Operations in units of collective investment undertakings 
— undertakings for investment in securities or instruments normally dealt in 
on the money market 
Financial loans and credits 
— short-term 
Personal capital movements 
— loans 
Physical import and export of financial assets 
— securities normally dealt in on the money market 
— means of payment Heading 
V 
VI 
IV-A and B(c) 
VIII-A and B-l 
XI-A 
XII