, SUBJECT TO CERTAIN CONDITIONS , THE PURCHASE BY ITALIAN RESIDENTS OF SHARES AND BONDS ISSUED OR PAYABLE ABROAD . THOSE CONDITIONS INCLUDE THE COMPULSORY PAYMENT OF A DEPOSIT AND THE LODGING OF THE SECURITIES WITH AN APPROVED BANK .
4 ARTICLE 15 OF THE AFORESAID DECREE PROVIDES THAT RESIDENTS PURCHASING SUCH SECURITIES MUST PAY INTO A BLOCKED , INTEREST-FREE ACCOUNT WITH THE BANK THROUGH WHICH THE TRANSACTION IS CARRIED OUT A SUM EQUAL TO 50% OF THE VALUE OF THE INVESTMENT . IN 1984 THAT AMOUNT WAS REDUCED TO 30% FOR PURCHASES OF BONDS ISSUED BY THE COMMUNITY INSTITUTIONS AND QUOTED ON THE FOREIGN STOCK EXCHANGE . ARTICLE 20 OF THE DECREE PROVIDES THAT BONDS AND SHARES ISSUED OR PAYABLE ABROAD MUST BE ENTRUSTED TO THE CUSTODY OF AN APPROVED BANK . HOWEVER , THAT CONDITION IS DEEMED TO BE FULFILLED WHERE THE APPROVED BANK LODGES THE SECURITIES WITH A FOREIGN BANK IN ITS OWN NAME AND FOR THE ACCOUNT OF THE OWNERS OF THE SECURITIES .
5 THE PLAINTIFFS IN THE MAIN PROCEEDINGS SUBMITTED THAT THAT NATIONAL LEGISLATION WAS CONTRARY TO COMMUNITY LAW AND IN PARTICULAR TO ARTICLES 67 AND 68 OF THE TREATY WHICH DEAL WITH THE FREE MOVEMENT OF CAPITAL . THEY ACKNOWLEDGE THAT THE LIBERALIZATION OF CAPITAL MOVEMENTS WAS TO BE CARRIED OUT ACCORDING TO THE TIMETABLE LAID DOWN BY THE COUNCIL IN DIRECTIVES ADOPTED UNDER ARTICLE 69 OF THE TREATY BUT POINTED OUT THAT THE TWO DIRECTIVES ALREADY ADOPTED IN 1960 AND 1962 FOR THE IMPLEMENTATION OF ARTICLE 67 CONTAINED AN ANNEX CLASSIFYING ALL CAPITAL MOVEMENTS INTO FOUR CATEGORIES IN LIST A , B , C AND D , LIST B SETTING OUT TRANSACTIONS WHICH WERE TO BE UNCONDITIONALLY LIBERALIZED . THOSE TRANSACTIONS INCLUDED THE ACQUISITION BY RESIDENTS OF FOREIGN SECURITIES DEALT IN ON A STOCK EXCHANGE .
6 THE DEFENDANT , THE CASSI DI RISPARMIO , CONTENDED BEFORE THE PRETURA DI GENOVA THAT COMMISSION DECISION NO 85/16/EEC OF 19 DECEMBER 1984 ( OFFICIAL JOURNAL 1985 , L 8 , P . 34 ) HAD SPECIFICALLY AUTHORIZED THE ITALIAN REPUBLIC TO CONTINUE TO APPLY CERTAIN PROTECTIVE MEASURES . THOSE PROTECTIVE MEASURES INCLUDED THE LODGING OF A 30% INTEREST-FREE DEPOSIT ON TRANSACTIONS IN FOREIGN SECURITIES ISSUED BY THE COMMUNITY INSTITUTIONS . THEY ALSO REQUIRED THE SECURITIES IN QUESTION TO BE HELD FOR AT LEAST ONE YEAR ; HENCE THE NECESSITY FOR THEM TO BE KEPT IN SAFE CUSTODY FOR VERIFICATION PURPOSES .
7 THE PRETURA DI GENOVA CONSIDERED THAT IT WAS NECESSARY , FOR THE PURPOSES OF REACHING A CORRECT DECISION IN THE CASE PENDING BEFORE IT , TO REFER THE THREE FOLLOWING QUESTIONS TO THE COURT FOR A PRELIMINARY RULING :
' ( 1 ) IN THE CASE OF THE ACQUISITION BY RESIDENTS OF FOREIGN SECURITIES WHICH ARE DEALT IN ON A STOCK EXCHANGE AND DENOMINATED IN FOREIGN CURRENCY OR OF FOREIGN BONDS DENOMINATED IN FOREIGN CURRENCY , DO SUBJECTS OF COMMUNITY LAW ENJOY RIGHTS WHICH THE MEMBER STATES ARE BOUND TO RESPECT BY