OFFERED BY THE CONVERTIBLE ACCOUNTS TO EFFECT ' ' ARBITRAGE ' ' TRANSACTIONS IN WHICH THEY BOUGHT FOREIGN CURRENCY ON THE REGULATED MARKET AND THEN IMMEDIATELY RESOLD IT ON THE FREE MARKET , THEREBY MAKING A PROFIT IN BELGIAN OR LUXEMBOURG FRANCS BASED ON THE DIFFERENCE BETWEEN THE TWO RATES . IN ORDER TO STOP THAT PRACTICE , ON 21 DECEMBER 1981 THE INSTITUT BELGO-LUXEMBOURGEOIS DU CHANGE ( BELGO-LUXEMBOURG EXCHANGE INSTITUTE , HEREINAFTER REFERRED TO AS ' ' THE EXCHANGE INSTITUTE ' ' ) AMENDED THE EXISTING SYSTEM SO THAT IN FUTURE , IN THE ABSENCE OF SPECIAL AUTHORIZATION , ONLY 25% OF SUMS PAID AS SALARY OR ALLOWANCES COULD BE CREDITED TO THE SPECIAL CONVERTIBLE ACCOUNTS WHICH PLACED A CORRESPONDING LIMITATION ON THE POSSIBILITY FOR OFFICIALS TO BUY FOREIGN CURRENCY FREELY ON THE REGULATED MARKET .
5 FOLLOWING THE ADOPTION OF THOSE MEASURES , THE COMMUNITY INSTITUTIONS RECEIVED NUMEROUS REQUESTS FOR ASSISTANCE FROM THEIR OFFICIALS AND THEN COMPLAINTS SUBMITTED UNDER ARTICLE 90 OF THE STAFF REGULATIONS . FOR THEIR PART , THE INSTITUTIONS MADE REPRESENTATIONS TO THE EXCHANGE INSTITUTE TO HAVE THE POSSIBILITY FOR OFFICIALS OF OTHER THAN BELGIAN OR LUXEMBOURG NATIONALITY TO HAVE ALL THEIR SALARY AND ALLOWANCES PAID INTO A CONVERTIBLE ACCOUNT RESTORED .
6 ON 1 JUNE 1982 , AFTER NEGOTIATIONS WITH THE COMMUNITY INSTITUTIONS , THE EXCHANGE INSTITUTE PUBLISHED A CIRCULAR STATING THAT SUCH OFFICIALS WERE ONCE MORE AUTHORIZED TO HAVE ALL THEIR SALARY AND ALLOWANCES CREDITED TO A SPECIAL CONVERTIBLE FOREIGN ACCOUNT , PROVIDED , HOWEVER , THAT THEY SIGNED A DECLARATION - WHICH HAD TO BE COUNTERSIGNED BY THE INSTITUTION EMPLOYING THEM - IN WHICH THE HOLDER OF THE CONVERTIBLE ACCOUNT :
' ' ACKNOWLEDGES THAT HE IS AWARE . . . ( THAT HE ) IS OBLIGED TO RECEIVE HIS REMUNERATION EITHER IN A CONVERTIBLE ACCOUNT OR IN FOREIGN CURRENCY WHICH MUST BE SOLD WITHIN EIGHT DAYS TO AN APPROVED BANK OPERATING ON THE REGULATED MARKET . . .;
. . .
ACKNOWLEDGES THAT HE HAS BEEN INFORMED THAT FUNDS IN BELGIAN OR LUXEMBOURG FRANCS STANDING TO THE CREDIT OF THE AFORESAID ACCOUNTS MAY BE USED WITHOUT RESTRICTION , EITHER IN ORDER TO EFFECT ANY PAYMENTS WITHIN THE TERRITORY OF THE BELGO-LUXEMBOURG ECONOMIC UNION OR IN ORDER TO BUY , ON THE REGULATED MARKET , THE FOREIGN CURRENCY NEEDED TO MEET , OUTSIDE THE TERRITORY OF THE UNION , ANY OBLIGATIONS ENTERED INTO OR TO BUILD UP SAVINGS OF WHICH HE WILL PROVIDE EVIDENCE AT THE EXCHANGE INSTITUTE ' S REQUEST ;
UNDERTAKES TO USE FUNDS STANDING TO THE CREDIT OF THE SAID ACCOUNT ONLY ON THE CONDITIONS STIPULATED ABOVE AND NOT TO CARRY OUT ANY TRANSACTION DESIGNED TO CIRCUMVENT THOSE PROVISIONS , SUCH AS ARBITRAGE TRANSACTIONS , THAT IS TO SAY , BUYING FOREIGN CURRENCY ON THE REGULATED MARKET OR TRANSFERRING FUNDS TO CONVERTIBLE FOREIGN ACCOUNTS WITH THE AIM OF PROCURING THE MEANS OF PAYMENT TO COVER CURRENT EXPENDITURE WITHIN THE TERRITORY OF THE BELGO-LUXEMBOURG ECONOMIC UNION ;
ACKNOWLEDGES THAT IF