CELEX: 
Language: en
Date: 1986-06-28 00:00:00
Title: Commission Decision of 4 June 1986 amending Decision 85/16/EEC authorizing the Italian Republic to continue to apply certain protective measures pursuant to Article 108 (3) of the Treaty

28 . 6. 86                                Official Journal of the European Communities                                    No L 171 /73
                                                     COMMISSION DECISION
                                                              of 4 June 1986
                 amending Decision 85/16/EEC authorizing the Italian Republic to continue to
                   apply certain protective measures pursuant to Article 108 (3) of the Treaty
                                                 (Only the Italian text is authentic)
                                                                (86/276/EEC)
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                                 whereas the Italian authorities have since relaxed some of
                                                                           the restrictions on capital movements ; whereas, in parti­
Having regard to the Treaty establishing the European                      cular, the Italian Government has reduced the amount
Economic Community, and in particular Article 108 (3)                      which must be lodged in a non-interest-earning bank
thereof,
                                                                           deposit by residents investing in real estate abroad or
Whereas, by Decision 85/ 16/EEC ('), the Commission                        acquiring foreign securities dealt in on a stock exchange ;
authorized the Italian Republic to continue to apply
certain protective measures to capital movements liber­                    Whereas the circumstances underlying the adoption of
alized in accordance with the Council Directive of 1 1                     that Decision have changed and there is accordingly
May 1960 (2), as amended by the Directive of 18                            reason to amend the authorization to apply protective
December 1962 (3) ;                                                        measures ;
                 HAS ADOPTED THIS DECISION :
                                                                  Article 1
                 The Annex to Decision 85/ 16/EEC is hereby replaced by the following :
                      'ANNEX
                        Type of operation       Restrictions authorized by way of derogation from Community provisions
                     Investments in          Residents who construct or purchase real estate abroad are required to
                     real estate             constitute a non-interest-earning bank deposit equivalent to 25 % of the
                                             value of the property.
                     Operations in           (a) Residents acquiring foreign securities dealt in on a stock exchange are
                     securities                  required to constitute a non-interest-earning bank deposit equivalent
                                                 to 25 % of the amount of the acquisition, provided that the securities
                                                 are held for a period of over one year.
                                                 Otherwise, the deposit must be equivalent to 50 % of the amount of
                                                 the acquisition .
                                             (b) Collective investment undertakings for transferable securities which
                                                 acquire foreign securities are not required to constitute a deposit in
                                                 respect of an amount equivalent to 10 % of their portfolio of securi­
                                                 ties .'
                                                                  Article 2
                 This Decision is addressed to the Italian Republic .
                 Done at Brussels, 4 June 1986.
                                                                                      For the Commission
                                                                                           The President
                                                                                        Jacques DELORS
(') OJ No L 8, 10. 1 . 1985, p. 34.
(2) OJ No 43, 12. 7. I960, p. 919/60.
 3) OJ No 9, 22. 1 . 1963, p. 62/63 .