CELEX: 31976D0343
Language: en
Date: 1976-03-31 00:00:00
Title: Council Decision of 31 March 1976 on the interim measures applicable to the overseas countries and territories associated with the European Economic Community in matters of establishment, services, payments and capital movements

31 . 3 . lb                        Official Journal of the European Communities                            No L 85 / 15
                                                          II
                                      (Acts whose publication is not obligatory)
                                                 COUNCIL
                                                COUNCIL DECISION
                                                  of 31 March 1976
              on the interim measures applicable to the overseas countries and territories associated
                   with the European Economic Community in matters of establishment, services,
                                           payments and capital movements
                                                     (76/343 /EEC)
 THE COUNCIL OF THE EUROPEAN COMMUNITIES ,                     as the proposed Decision on the association of the
                                                               overseas countries and territories enters into force,
 Having regard to the Treaty establishing the Euro­            HAS DECIDED AS FOLLOWS :
 pean Economic Community, and in particular
 Article 136 thereof,
                                                                                       Article 1
 Whereas the ACP-EEC Convention of Lome between
 the African, Caribbean and Pacific States and the             As regards the arrangements that may be applied in
 European Economic Community enters into force on              matters of establishment and provision of services,
                                                               the relevant authorities of the countries and territories
 1 April 1976 and will incorporate provisions relating
                                                               listed in the Annex shall treat nationals and
 to establishment, services, payments and capital
 movements ;                                                   companies or firms of Member States on a non­
                                                               discriminatory basis.
 Whereas a Council Decision on the association of the          However, if, for a given activity, a Member State is
 overseas countries and territories to the European            unable to provide similar benefits to nationals or
 Economic Community is envisaged and will include              companies or firms of the French Republic, the
 provisions relating to the same areas ;                       Kingdom of the Netherlands or the United Kingdom
                                                               of Great Britain and Northern Ireland, established
 Whereas interim arrangements in matters of                    in a country or territory, or to companies or firms
 establishment, services, payments and capital move­           subject to the laws of the country or territory
 ments applicable in relations with the overseas               concerned and established therein, the relevant
 countries and territories associated with the European        authorities of that country or territory shall not be
 Economic Community, hereinafter called 'the                   bound to respect the obligation contained in the
  countries and territories', should be laid down, due         first paragraph .
 regard being paid to those laid down for the relations
 with the ACP States ;                                                                 Article 2
 Whereas a provision should be laid down to the                For the purposes of this Decision, 'companies or
 effect that this Decision will cease to apply as soon         firms' means companies or firms constituted under
 ---pagebreak--- No L 85/ 16                        Official! Journal of the European Communities                             31.3.76
civil or commercial law, including cooperative                 (EEC) No 1957/75 relating to trade in goods, and
societies and other legal persons governed by public           of the provisions of this Decision relating to services
or private law, save for those which are non-profit­           and establishment.
making.
                                                               These obligations shall not however prevent imple­
For the purposes of the first paragraph of Article 1 ,         mentation of the necessary protective measures, in
'companies or firms of Member States' means                    conformity with Article 4, should this be justified by
companies or firms formed in accordance with the               reasons relating to serious economic difficulties or
law of a Member State and whose registered office,             severe balance of payments problems.
central administration or principal place of business
is in a Member State; however, a company or firm
having only its registered office in a Member State                                    Article 4
must, in order to set up agencies, branches or
subsidiaries therein, be engaged in an activity which          In respect of foreign exchange transactions linked
has' an effective and continuous        link with the          with investments and current payments, the relevant
economy of that Member State.                                  authorities of the countries and territories on the
                                                               one hand and the Member States on the other shall
For the purposes of the second paragraph of Article 1 ,        avoid, as far as possible, taking discriminatory
'companies or firms of the French Republic, the                measures vis-a-vis each other or according more
Kingdom of the Netherlands or the United Kingdom               favourable treatment to third States, taking full
of Great Britain and Northern Ireland, established in          account of the evolving nature of the international
a country or territory' means companies or firms               monetary system, the existence of specific monetary
formed in accordance with French, Dutch or United               arrangements and balance of payments problems.
Kingdom law, as the case may be, and whose
registered office, central administration or principal         To the extent that such measures or treatment are
place of business is in that country or territory ;             unavoidable they will be maintained or introduced
however, a company or firm having only its registered          in accordance with international monetary rules and
office in a country or territory must, in order to set         every effort will be made to minimize any adverse
up agencies, branches or subsidiaries therein, be              effects on the parties concerned.
engaged in an activity which has an effective and
continuous link with the economy of that country
or territory.                                                                          Article 5
For the purposes of the second paragraph of Article 1 ,        This Decision shall enter into force on 1 April 1976.
'companies or firms subject to the laws of the
country or territory concerned and established
therein' means companies or firms formed under                                         Article 6
the law of a given country or territory and whose
registered office, central administration or principal         This Decision shall apply until the proposed Deci­
place of business is in that country or territory;             sion on the association of the overseas countries and
however, a company or firm having only its registered          territories enters into force and until 31 July 1976
office in that country or territory must, in order to           at the latest.
set up agencies, branches or subsidiaries therein, be
engaged in an activity which has an effective and
continuous link with the economy of that country                                       Article 7
or territory.
                                                                This Decision shall be published in the Official
                        Article 3                               Journal of the European Communities.
With regard to capital movements linked with invest­
ments and to current payments, the relevant authori­           Done at Brussels, 31 March 1976.
ties of the countries and territories and the Member
States shall refrain from taking action in the field of                                            For the Council
foreign exchange transactions which would be in­
                                                                                                    The President
compatible with their obligations resulting from the
application of the provisions of Council Regulation                                                   G. THORN
 ---pagebreak--- 31. 3. 76                        Official Journal of the European Communities                               No L 85/ 17
                                                       ANNEX
                           List of the countries and territories referred to in Article 1
          (This list does not prejudice the status of these countries and territories now or in the future)
          1 . Overseas countries of the Kingdom of the Netherlands :
              — the Netherlands Antilles (Aruba, Bonaire, Curaçao, St Martin, Saba, St Eustatius).
          2. Overseas territories of the French Republic :
              — Saint Pierre and Miquelon,
              — Mayotte,
              — Territory of the Afars and Issas ,
              — New Caledonia and Dependencies,
              — Wallis and Futuna Islands ,
              — French Polynesia,
              — French Southern and Antarctic Territories .
          3 . Overseas countries and territories of the United Kingdom of Great Britain and Northern
              Ireland :
              — Belize,
              — Brunei ,
              — Associated States in the Caribbean (Antigua, Dominica, St Lucia, St Vincent, St Kitts,
                  Nevis and Anguilla),
              — Cayman Islands,
              — Falkland Islands and Dependencies,
              — Gilbert Islands ,
              — Solomon Islands,
              — Turks and Caicos Islands ,
              — British Virgin Islands,
              — Montserrat,
              — Pitcairn ,
              — St Helena and Dependencies,
              — Seychelles,
              — British Antarctic Territory,
              — British Indian Ocean Territory ,
              — Tuvalu .
          4. Anglo-French Condominium of the New Hebrides.
          5. Countries provisionally covered by this Decision :
              — The Comoros ,
              — Surinam .