CELEX: 31977D0457
Language: en
Date: 1977-06-28 00:00:00
Title: Commission Decision of 28 June 1977 amending the Decision of 23 July 1975 authorizing the United Kingdom to take certain protective measures in accordance with Article 108 (3) of the EEC Treaty

No L 179 /30                             Official Journal of the European Communities                               19 . 7. 77
                                                   COMMISSION DECISION
                                                         of 28 June 1977
              amending the Decision of 23 July 1975 authorizing the United Kingdom to take
               certain protective measures in accordance with Article 108 (3) of the EEC Treaty
                                                (Only the English text is authentic)
                                                           (77/457/EEC)
THE COMMISSION OF THE EUROPEAN                                           (a) direct investments in Member States by United
COMMUNITIES,                                                                  Kingdom residents and the liquidation of such
                                                                              investments ;
Having regard to the Treaty establishing the European
Economic Community, and in particular Article 108                        (b) the following capital movements of a personal
                                                                              nature :
(3) thereof,
                                                                              — transfers of capital belonging to United
Having regard to the Act of Accession, and in parti­                              Kingdom residents who are emigrating,
cular Article 124 thereof,                                                        other than transfers in connection with the
Whereas by Decision 75/487/EEC of 23 July 1975 (J)                                free movement of persons under the provi­
                                                                                  sions of Title III of Part Two of the EEC
the Commission authorized the United Kingdom, on
a temporary basis, to maintain, within the limit of the                           Treaty,
measures actually in force on the date when the above                         — gifts and endowments, dowries, succession
Decision was notified, restrictions on certain capital                            duties, and real estate investments, other
movements ;                                                                       than those in connection with the freedom
                                                                                  of movement of persons under the provi­
Whereas by Decision of 27 July 1976 the Commis­                                   sions of Title III of Part Two of the EEC
sion authorized the United Kingdom to maintain the                                Treaty.'
measures in question until 30 June 1977 ; whereas the
United Kingdom 's balance of payments difficulties
                                                                                              Article 2
have not yet been eliminated ; whereas these diffi­
culties justify the maintenance of those measures,                  Article 2 of the Decision of 23 July 1975 is amended
subject to certain modifications as regards movements                to read as follows :
of personal capital ;
                                                                         ' 1 . The Commission will keep under close
Whereas Decision 75/487/ EEC did not authorize the                       review the development of the economic situation
maintenance of restrictions on capital movements in                      in the United Kingdom . Before 31 December
connection     with    the   freedom       of    movement    of           1977 it will make an examination of the situation
workers, which were liberalized from the date of acces­                  and of the effects of the measures authorized
sion ; whereas the maintenance of restrictions on trans­                 herein .
fers of capital belonging to other persons entitled to                   2.     The Commission reserves the right to amend
freedom of movement hinders such freedom of move­                        or revoke this Decision if it finds that the condi­
ment ; whereas, therefore, the prohibition on the main­                  tions on which it was based have changed or that
tenance of protective measures should be extended to                     the effects of the Decision are more restrictive
cover movements of a personal nature of capital                          than is necessary to achieve its purpose.'
belonging to such persons,
                                                                                              Article 3
HAS ADOPTED THIS DECISION :
                                                                    This Decision is addressed to the United Kingdom .
                           Article 1
Article 1 of the Decision of 23 July 1975 is amended                 Done at Brussels, 28 June 1977.
to read as follows :
                                                                                                 For the Commission
    'The United Kingdom is authorized, on a
     temporary basis, to maintain , within the limit of                                             The President
     the measures actually in force on the date when
     this Decision is notified, the restrictions on :                                               Roy JENKINS
(') OJ No L 211 , 9 . 8 . 1975 , p. 29 .