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DOCUMENTS "COM"
COM(82)29
Vol.1982/0012

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COMMISSION
OFTHE
EUROPEAN COMMUNITIES
GeneralSecretariatCOM(82)29final
Brussels,3February1982
FOROFFICIAL USEONLY
NEGOTIATIONS FORTHEACCESSION
OFSPAINTOTHECOMMUNITY
CAPITAL MOVEMENTS
Commission Communication totheCouncil
C0M(82)29final

INTRODUCTION
Atthe14thmeetingoftheConferenceatDeputylevel,theSpanishand
Communitydelegations notedtheiragreementinprincipleonsolutions
toSpain*sproblemswithregardtoadoptionoftheacquiscommunautaire
oncapitalmovements.
1
Theagreementmprinciplewasmadesubjecttoagreementbeingreached
onthedf-tailedarrangements andthedurationofthetemporaryderogations
envisagedforSpain.
Havingregardtothespecificnatureoftheproblemsinvolved,theCommission
isnowreadytoputitsproposalsforthedurationofthesederogations.
C0NF-E/39/8l|CONF-E/47/81andSummaryofConclusionsofthe14thmeeting
oftheConferenceatDeputylevel(CONP-E/52/8I).

I.MAINPOINTSOFTHENEGOTIATIONS ONCAPITALMOVEMENTS
1.Innegotiations onthecapitalmovementschapter,theSpanishdelegation
agreedtoaccepttheacquiscommunautaire ,togetherwithany
transitional measuresandtemporaryderogations whichmight"beagreed
withaviewtofacilitating harmoniousintegration ,thedetailed
arrangements ofwhichwillhaveto"besetdownintheinstruments
ofaccession .
2.TheConferencenotedtheSpanishdelegation'sagreementtoliberalize
onaccessionallcurrentpaymentsandalloperationsrelatingto
2invisibletransactions .
3.TheConferencefurthernotedthatSpainwouldliberalizefromthe
dateofaccessionallcapitalmovementsspecifiedinListsAandB
oftheDirectiveof11MayI960,assupplemented andamendedbythe
Directiveof18December1962,andnotincludedinthelistoftemporary
ΡderogationspresentedbytheSpanishdelegation .
4.Agreementontheprincipleoftemporaryderogations wasrecordedin
respectofthefollowingoperations .
(i)AccfuisitionbyresidentsofSpainofforeignsecuritiestradedat
stockexchange,exceptwheresuchoperationsarealreadyliberalized
underSpanishlaw^
Jtwasagreedthatthepresentprovisionsrelatingtooperationsconcerning
securitiescarriedoutbyinsurancecompanies,depositbanks,industrial
banksandbyinvestmentfundsandcompanies,asreferredtoinArticlell(l)
oftheRoyalDecreeof14September1979,wouldstand.
CONF-E/3/8OandCONF-E/71/80
^CONF-E/52/81
Jn ,/ .RoyalDecree2236/1979of14September1979-Articles11(l)and12.

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Article12ofthissaneRoyalDecreeof14September1979further
laysdownthatSpanishinvestorsmayapplyforandfreelyacquire
fixedyieldsecuritiesdenominatedinforeigncurrenciesandissued
"byinternational organizations ofwhichSpainisamember.Thecommitment
toliberalizethesesecuritiesisthereforeonlytheapplication
toaspecialcase,theCommunityandtheEIB,ofthecurrent
Spanishrégulations .
(ii)InvestmentsinrealestateintheMemberStates,madeby
residentsofSpain,wheresuchinvestments arenotconnected
withemigrationinthecontextoffreedomofmovementfor
workersandtherightofestablishment
(iii)DirectinvestmentsbyresidentsofSpainintheundertakings
oftheMemberStateswithaviewtotheacquisition andownership
ofsecuritiesortheacquisition ,possession orexploitation of
immovableproperty
5.Thisagreementinprincipleissubjecttoagreementonthedetailed
arrangements andperiodofapplication ,whicharetobefixedat
alaterstageofthenegotiations ,ontheunderstanding thatthe
saidarrangements andperiodshallbesimilarforthethreecategories
ofoperationsconcerned.
6.InaCommunication totheCounciloncapitalmovementsdated
29OctoberI98O,theCommissionexplaineditsassessmentoftheSpanish
situationandtheimplications withregardtotherequestsputforward
bytheSpanishdelegation.Theanalysisremainsvalid.
7.Inparticular,theCommissionreaffirmstheimportanceoftaking
intoaccountthedomesticsavingsandinvestmentobjectiviesoftheSpanish
economyandtheneedtoseethatanover–rapidliberalization ofoperations
withapossiblespeculativedimensiondoesnotcreateproblemsfor
Com(8o)636final

-3-
Spaiji'sinternalfinancialchannelsorbalanceofpayments.
8.TheCommissionnotesthatSpainhascontinued ,topressahead,with
thereformofitsfinancialsystem,adjustingitsteadilytothe
requirements ofamoderneconomyandofaccession.Thereformof
stockmarketoperationscommencedinSeptember1980wascontinuedin
1981,withtheenhancementofthequalityofthemarketandgreater
securityforinvestors.
9.Therehasalso"beenprogressontheliberalization ofexchange
controls,withtheimplementation oftheRoyalDecreeofOctoberI98O
onexchangecontrolrules.InJanuaryI98IthesystemofAandB
pesetaaccountswasabolishedandasystemofconvertibleforeign
currencyaccountsrestored.
10.Giventhespecificnatureoftheproblemsinthisfield,theCommission
feelsabletofixthedurationofthetemporaryderogations envisaged
inconnectionwiththischapter.
II.COMMISSION PROPOSAIS
11.TheCommissionwoulddrawattentiontothefollowingconsiderations :
(i)theaccessionnegotiations mustbeconsideredasanentityand
theagreementsreachedduringthenegotiations inthechapterswhichwill
beexamined ,inturnmayonlybeconsideredasfinalafteroverall
agreementhasbeenreached;
(ii)thespecialtransitionalprovisionswhich,ifnecessary,should
beappliedinrelationsbetweenGreeceandSpainintheeventthat,
onthedateofSpanishaccession,transitional measuresortemporary
derogationsarestillapplicablebetweentheCommunityofNineandGreece
pursuanttoGreece'sAccessionTreaty,willbedealtwithlaterin
theaccessionnegotiations :

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(iii)thearrangements whichSpainwillhavetoapplytoPortugal,
anothercandidatecountryforaccessiontotheCommunities ,will
bedealtwithlaterinthenegotiations .
12.TheCommissionproposesthatthedurationofthetemporary
derogations agreedinthecourseoftheConferencebetweentheCommunities
andSpainbefixedatthreeyears,foreachofthethreecategories
ofoperationconcerned.
Attheendofthistransitional period,allcapitalmovementsspecified
inListsAandBoftheDirectiveof11Mayi960,supplemented and
amendedbytheDirectiveof18December1962,willthereforebeliberalized .