CELEX: 51987PC0550(01)
Language: en
Date: 1987-11-04
Title: PROPOSAL FOR A COUNCIL DIRECTIVE FOR THE IMPLEMENTATION OF ARTICLE 67 OF THE EEC TREATY ( LIBERALIZATION OF CAPITAL MOVEMENTS )

1. 2. 88                              Official Journal of the European Communities                                   No C 26/1
                                                                II
                                                       (Preparatory Acts)
                                                   COMMISSION
                   Proposal for a Council Directive for the implementation of Article 67 of the Treaty —
                                              Liberalization of capital movements
                                                       COM(87) 550 final
                            (Submitted by the Commission to the Council on 4 November           1987)
                                                          (88/C 26/01)
 THE COUNCIL OF THE EUROPEAN COMMUNITIES,                          applied for the benefit of those two Member States in
                                                                   respect of their obligations to liberalize capital movements;
                                                                   whereas it is appropriate for those two Member States to be
Having regard to the Treaty establishing the European
                                                                   able to postpone the application of the new liberalization
Economic Community, and in particular Article 69 thereof,
                                                                   obligations resulting from this Directive for the same
                                                                   periods and for the same economic reasons;
Having regard to the proposal from the Commission,
which consulted the Monetary Committee for this purpose,           Whereas the Hellenic Republic and Ireland are faced, albeit
                                                                   to differing degrees, with difficult balance-of-payments
                                                                   situations and high levels of external indebtedness;
Having regard to the opinion of the European Parliament,
                                                                   whereas the immediate and complete liberalization of
                                                                   capital movements by those two Member States would
Whereas Article 8A of the Treaty stipulates that the               make it more difficult for them to continue to apply the
internal market shall comprise an area without internal            measures they have taken to improve their external
frontiers in which the free movement of capital is ensured;        positions and to reinforce the capacity of their financial
                                                                   systems to adapt to the requirements of an integrated
                                                                   financial market in the Community; whereas it is
Whereas Member States should be able to take, within the           appropriate, in accordance with Article 8C of the Treaty, to
framework of appropriate Community procedures, the                 grant to those two Member States, in the light of their
requisite measures to regulate bank liquidity and, if              specific circumstances, further time in which to comply
necessary, to restrict temporarily short-term capital              with the obligations arising from this Directive,
movements which, even where there is no appreciable
divergence in economic fundamentals, seriously disrupt the
conduct of their monetary and exchange-rate policies;
                                                                   HAS ADOPTED THIS DIRECTIVE:
Whereas, in the interests of transparency, it is advisable to
indicate the scope, in accordance with the nomenclature
laid down in this Directive, of the transitional measures                                    Article 1
adopted for the benefit of the Kingdom of Spain and the
Portuguese Republic by the 1985 Act of Accession in the
field of capital movements;                                        1. Without prejudice to the following provisions,
                                                                   Member States shall abolish restrictions on the movement
                                                                   of capital taking place between persons resident in Member
Whereas the Kingdom of Spain and the Portuguese                    States. The different categories of capital movement are set
Republic may, under the terms of Articles 61 to 66 and 222         out in Annex I to this Directive.
to 232 respectively of the 1985 Act of Accession, postpone
the liberalization of certain capital movements in derog-
ation from the obligations of the Directive of 11 May 1960;        2. Transfers in respect of capital movements shall be
whereas Council Directive 86/566/EEC of 17 November                made on the same exchange-rate conditions as those ruling
1986 also provides for transitional arrangements to be             for payments relating to current transactions.
 ---pagebreak--- No C 26/2                                Official Journal of the European Communities                                  1. 2. 88
                           Article 2                                procedures for the declaration of capital movements for
                                                                    purposes of administrative or statistical information.
Member States shall notify the Commission, the Monetary
Committee and the Committee of Governors of Central                 Application of those measures and procedures may not
Banks, by the date of their entry into force at the latest, of      have the effect of impeding the capital movements in
measures to regulate bank liquidity which have a specific           question.
impact on capital operations carried out by credit
institutions with non-residents and which involve regu-                                      Article 5
lation of the net external positions of such institutions or of
the setting of compulsory reserve ratios on their external          For the Kingdom of Spain and the Portuguese Republic, the
assets or liabilities.                                              scope, in accordance with the nomenclature of capital
                                                                    movements contained in Annex I to this Directive, of the
Such measures shall be confined to what is necessary for the        provisions of the 1985 Act of Accession in the field of
purposes of domestic monetary regulation.                           capital movements shall be as indicated in Annex III.
                           Article 3                                                         Article 6
                                                                    1. The Member States shall take the measures necessary
1. Where short-term capital movements of exceptional                for them to comply with this Directive no later than ...
magnitude impose severe strains on foreign-exchange                 They shall forthwith inform the Commission thereof. They
markets and lead to serious disturbances in the conduct of a        shall also make known, by the date of their entry into force
Member State's monetary and exchange-rate policies,                 at the latest, any new measure or any amendment made to
being reflected in particular in substantial variations in          the provisions governing the capital movements listed in
domestic liquidity, the Commission may, after consulting            Annex I to this Directive.
the Monetary Committee and the Committee of Governors
of Central Banks, authorize that Member State to take in            2. The Kingdom of Spain and the Portuguese Republic,
respect of the capital movements listed in Annex II to this         without prejudice for these two Member States to Articles
Directive, protective measures the conditions and details of        61 to 66 and 222 to 232 of the 1985 Act of Accession, and
which the Commission shall determine.                               the Hellenic Republic and Ireland may temporarily
                                                                    continue to apply restrictions on the capital movements
2. The Member State concerned may itself take the                   listed in Annex IV to this Directive, subject to the
protective measures referred to above, on grounds of                conditions and time limits laid down in that Annex.
urgency, should these measures be necessary. The Commis-
sion and the other Member States shall be informed of such
                                                                                             Article 7
measures by the date of their entry into force at the latest.
The Commission may, after consulting the Monetary                   The nomenclature of capital movements and the ex-
Committee and the Committee of Governors of Central                 planatory notes in Annex I, together with Annexes II, III
Banks, decide that the Member State concerned shall                 and IV, form an integral part of this Directive.
amend or abolish the measures.
3. The period of application of protective measures taken                                    Article 8
pursuant to this Article shall not exceed six months.
                                                                    The Council Directive of 11 May 1960, as last amended by
                                                                    Council Directive 86/566/CEE of 17 November 1986, is
                           Article 4                                hereby repealed.
The provisions of this Directive shall not prejudice the right                               Article 9
of Member States to take all requisite measures to prevent
infringements of their laws and regulations or to lay down          This Directive is addressed to the Member States.
 ---pagebreak--- 1. 2. 88                              Official J o u r n a l of the E u r o p e a n C o m m u n i t i e s                  No C 26/3
                                                               ANNEX I
             NOMENCLATURE OF THE CAPITAL MOVEMENTS REFERRED T O IN ARTICLE I OF THE
                                                              DIRECTIVE
         In this nomenclature, capital movements are classified according to the economic nature of the assets and
         liabilities they concern, denominated either in national currency or in foreign exchange.
         The capital movements listed in this nomenclature are taken to cover:
         — all the operations necessary for the purposes of capital movements: conclusion and performance of the
             transaction and related transfers. The transaction is generally between residents of different Member States
             although some capital movements are carried out by a single person for his own account (e.g. transfers of
             assets belonging to emigrants),
         — operations carried out by any natural or legal person (*), including operations in respect of the assets or
             liabilities of Member States or of other public administrations and agencies, subject to the provisions of
             Article 68, paragraph 3 of the Treaty,
         — access for the economic operator to all the financial techniques available on the market approached for the
             purpose of carrying out the operation in question. For example, the concept of acquisition of securities and
             other financial instruments covers not only spot transactions but also all the dealing techniques available:
             forward transactions, transactions carrying an option or warrant, swaps against other assets, etc. Similarly,
             the concept of operations in current and deposit accounts with financial institutions, includes not only the
             opening and placing of funds on accounts but also forward foreign exchange transactions, irrespective of
             whether these are intended to cover an exchange risk or to take an open foreign exchange position,
         — operations to liquidate or assign assets built up, repatriation of the proceeds of liquidation thereof (*) or
             immediate use of such proceeds within the limits of Community obligations,
         — operations to repay credits or loans.
                                                I — DIRECT INVESTMENTS (*)
         1. Establishment and extension of branches or new undertakings belonging solely to the person providing the
             capital, and the acquisition in full of existing undertakings.
         2. Participation in new or existing undertakings with a view to establishing or maintaining lasting economic
             links.
         3. Long-term loans with a view to establishing or maintaining lasting economic links.
         4. Reinvestment of profits with a view to maintaining lasting economic links.
         A. Direct investments on national territory by non-residents (*)
         B. Direct investments abroad by residents (*)
                              II — INVESTMENTS IN REAL ESTATE (not included under I) (»)
         A. Investments in real estate on national territory by non-residents           .
         B. Investments in real estate abroad by residents
              III — OPERATIONS IN SECURITIES NORMALLY DEALT IN ON THE CAPITAL MARKET
                                                  (not included under I, IV or V)
         (a) Shares and other securities of a participating nature (*).
         (b) Bonds (•).
         A. Transaction in securities on the capital market
         (*) See explanatory notes below.
 ---pagebreak--- No C 26/4                              Official Journal of the European Communities                                          1. 2. 88
          1. Acquisition by non-residents of domestic securities dealt in on a stock exchange (*).
          2. Acquisition by residents of foreign securities dealt in on a stock exchange.
          3. Acquisition by non-residents of domestic securities not dealt in on a stock exchange (*).
          4. Acquisition by residents of foreign securities not dealt in on a stock exchange.
          B. Admission of securities to the capital market ("')
          (i) Introduction on a stock exchange (*).
          (ii) Issue and placing on a capital market (*).
          1. Admission of domestic securities to a foreign capital market.
          2. Admission of foreign securities to the domestic capital market.
                   IV — OPERATIONS IN UNITS OF COLLECTIVE INVESTMENT UNDERTAKINGS (»)
          (a) Units of undertakings for collective investment in securities normally dealt in on the capital market (shares,
               other equities and bonds).
          (b) Units of undertakings for collective investment in securities or instruments normally dealt in on the money
               market.
          (c) Units of undertakings for collective investment in other assets.
          A. Transactions in units of collective investment     undertakings
          1. Acquisition by non-residents of units of national undertakings dealt in on a stock exchange.
          2. Acquisition by residents of units of foreign undertakings dealt in on a stock exchange.
          3. Acquisition by non-residents of units of national undertakings not dealt in on a stock exchange.
          4. Acquisition by residents of units of foreign undertakings not dealt in on a stock exchange.
          B. Admission of units of collective investment undertakings to the capital market
          (i) Introduction on a stock exchange.
          (ii) Issue and placing on a capital market.
          1. Admission of units of national collective investment undertakings to a foreign capital market.
          2. Admission of units of foreign collective investment undertakings to the domestic capital market.
             V — OPERATIONS IN SECURITIES AND OTHER INSTRUMENTS NORMALLY DEALT IN ON
                                                    THE MONEY MARKET (*)
          A. Transactions in securities and other instruments on the money market
          1. Acquisition by non-residents of domestic money market securities and instruments.
          2. Acquisition by residents of foreign money market securities and instruments.
          B. Admission of securities and other instruments to the money market
          (i) Introduction on a recognized money market (*).
          (ii) Issue and placing on a recognized money market.
          1. Admission of domestic securities and instruments to a foreign money market.
          2. Admission of foreign securities and instruments to the domestic money market.
          (*) See explanatory notes below.
 ---pagebreak--- 1. 2. 88                             Official J o u r n a l of the E u r o p e a n C o m m u n i t i e s                   No C 26/5
                  VI — OPERATIONS IN CURRENT AND DEPOSIT ACCOUNTS WITH FINANCIAL
                                                         INSTITUTIONS (*)
         A. Operations carried out by non-residents with domestic financial               institutions
         B. Operations carried out by residents with foreign financial            institutions
           VII — CREDITS RELATED T O COMMERCIAL TRANSACTIONS OR T O THE PROVISION OF
                                SERVICES IN WHICH A RESIDENT IS PARTICIPATING (*)
         1. Short-term (less than one year).
         2. Medium-term (from one to five years).
         3. Long-term (five years or more).
         A. Credits granted by non-residents to residents
         B. Credits granted by residents to non-residents
                    VIII — FINANCIAL LOANS AND CREDITS (not included under I, VII and XI) (*)
         1. Short-term (less than one year).
         2. Medium-term (from one to five years).
         3. Long-term (five years or more).
         A. Loans and credits granted by non-residents to residents
         B. Loans and credits granted by residents to non-residents
                           IX — SURETIES, OTHER GUARANTEES AND RIGHTS OF PLEDGE
         A. Granted by non-residents to residents
         B. Granted by residents to non-residents
                         X — TRANSFERS IN PERFORMANCE OF INSURANCE CONTRACTS
         A. Premiums and payments in respect of life assurance
         1. Contracts concluded between domestic life assurance companies and non-residents.
         2. Contracts concluded between foreign life assurance companies and residents.
         B. Premiums and payments in respect of credit insurance
         1. Contracts concluded between domestic credit insurance companies and non-residents.
         2. Contracts concluded between foreign credit insurance companies and residents.
         C. Other transfers of capital in respect of insurance contracts
                                         XI — PERSONAL CAPITAL MOVEMENTS
         A. Loans
         B. Gifts and    endowments
         C. Dowries
         D. Inheritances and legacies
         E. Settlement of debts by immigrants in their previous country of residence
         F. Transfers of assets constituted by residents, in the event of emigration, at the time of their installation or
             during their period of stay abroad
         G. Transfers, during their period of stay, of immigrants' savings to their previous country of residence
                            XII — PHYSICAL IMPORT AND EXPORT OF FINANCIAL ASSETS
         A. Securities
         B. Means of payment of every kind
         (*) See explanatory notes below.
 ---pagebreak--- No C 26/6                                Official J o u r n a l of the E u r o p e a n C o m m u n i t i e s                   1. 2. 88
                                              XIII — OTHER CAPITAL MOVEMENTS
          A. Death duties
          B. Damages (where these can be considered as capital)
          C. Refunds in the case of cancellation of contracts and refunds of uncalled-for payments (where these can be
              considered as capital)
          D. Authors' royalties: patents, designs, trade marks and inventions (assignments and transfers arising out of
              such assignments)
          E. Transfers of the moneys required for the provision of services (not included under VI)
          F.   Miscellaneous
                                                       EXPLANATORY NOTES
          For the purposes of this nomenclature, the following expressions have the meanings assigned to them
          respectively:
          Direct investments
          Investments of all kinds by natural persons or commercial, industrial or financial undertakings, and which serve
          to establish or to maintain lasting and direct links between the person providing the capital and the entrepreneur
          to whom or the undertaking to which the capital is made available in order to carry on an economic activity.
          This concept must therefore be understood in its widest sense.
          The undertakings mentioned under 1-1 of the nomenclature include legally independent undertakings (wholly-
          owned subsidiaries) and branches.
          As regards those undertakings mentioned under 1-2 of the nomenclature which have the status of companies
          limited by shares, there is participation in the nature of direct investment where the block of shares held by a
          natural person or another undertaking or any other holder enables the shareholder, either pursuant to the
          provisions of national laws relating to companies limited by shares or otherwise, to participate effectively in the
          management of the company or in its control.
          Long-term loans of a participating nature, mentioned under 1-3 of the nomenclature, means loans for a period of
          more than five years which are made for the purpose of establishing or maintaining lasting economic links. The
          main examples which may be cited are loans granted by a company to its subsidiaries or to companies in which
          it has a share, and loans linked with a profit-sharing arrangement. Loans granted by financial institutions with a
          view to establishing or maintaining lasting economic links are also included under this heading.
          Investments in real estate
          Purchases of buildings and land and the construction of buildings by private persons for gain or personal use.
          This category also includes rights of usufruct, easements and building rights.
          Introduction on a stock exchange or on a recognized money market
          Access — in accordance with a specified procedure — for securities and other negotiable instruments to
          dealings, whether controlled officially or unofficially, on an officially recognized stock exchange or in an
          officially recognized segment of the money market.
          Securities dealt in on a stock exchange (quoted or unquoted)
          Securities the dealings in which are controlled by regulations, the prices for which are regularly published, either
          by official stock exchanges (quoted securities) or by other bodies attached to a stock exchange — e.g.
          committees of banks (unquoted securities).
          Issue of securities and other negotiable instruments
          Sale by way of an offer to the public.
           Placing of securities and other negotiable instruments
           The direct sale of securities by the issuer or by the consortium which the issuer has instructed to sell them, with
           no offer being made to the public.
 ---pagebreak--- 1. 2. 88                              Official J o u r n a l of the E u r o p e a n C o m m u n i t i e s                  No C 26/7
         Domestic or foreign securities and other instruments
         Securities according to the country in which the issuer has his principal place of business. Acquisition by
         residents of domestic securities and other instruments issued on a foreign market ranks as the acquisition of
         foreign securities.
         Shares and other securities of a participating nature
         Including rights to subscribe to new issues of shares.
         Bonds
         Negotiable securities with a maturity of two years or more from issue for which the interest rate and the terms
         for the repayment of the principal and the payment of interest are determined at the time of issue.
         Collective investment undertakings
         Undertakings:
         — the object of which is the collective investment in transferable securities or other assets of the capital they
             raise and which operate on the principle of risk-spreading, and
         — the units of which are, at the request of holders, under the legal, contractual or statutory conditions
             governing them, repurchased or redeemed, directly or indirectly, out of those undertakings' assets. Action
             taken by a collective investment undertaking to ensure that the stock exchange value of its units does not
             significantly vary from their net asset value shall be regarded as equivalent to such repurchase or
             redemption.
         Such undertakings may be constituted according to law either under the law of contract (as common funds
         managed by management companies) or trust law (as unit trusts) or under statute (as investment companies).
         For the purposes of this Directive, 'common funds' shall also include unit trusts.
         Securities and other instruments normally dealt in on the money market
         Treasury bills and other negotiable bills, certificates of deposit, bankers' acceptances, commercial paper and
         other like instruments.
         Credits related to commercial transactions or to the provision of services
         Contractual trade credits (advances or payments by instalment in respect of work in progress or on order and
         extended payment terms, whether or not involving subscription to a commercial bill) and their financing by
         credits provided by credit institutions. This category also includes factoring operations.
         Financial loans and credits
         Financing of every kind granted by financial institutions, including financing related to commercial transactions
         or to the provision of services in which no resident is participating.
         This category also includes mortgage loans, consumer credit and financial leasing, as well as back-up facilities
         and other note-issuance facilities.
         Residents or non-residents
         Natural and legal persons according to the definitions laid down in the exchange control regulations in force in
         each Member State.
         Proceeds of liquidation (of investments, securities, etc.)
         Proceeds of sale including any capital appreciation, amount of repayments, proceeds of execution of
         judgements, etc.
         Natural or legal persons
         As defined by the national rules.
         Financial institutions
         Banks, savings banks and institutions specializing in the provision of short-term, medium-term and long-term
         credit, and insurance companies, building societies, investment companies and other institutions of like
         character.
 ---pagebreak--- No C26/8                             Official Journal of the European Communities                                     1. 2. 88
         Credit institutions
         Banks, savings banks and institutions specializing in the provision of short-term, medium-term and long-term
         credit.
                                                             ANNEX II
                        LIST OF OPERATIONS REFERRED T O IN ARTICLE 3 OF THE DIRECTIVE
                                         Nature of operation                                           Heading
         Operations in securities and other instruments normally dealt in on the money
         market                                                                               V
         Operations in current and deposit accounts with financial institutions               VI
         Operations in units of collective investment undertakings
         — undertakings for investment in securities or instruments normally dealt in
             on the money market                                                              IV-A and B(c)
         Financial loans and credits
         — short-term                                                                         VIII-A and B-l
         Personal capital movements
         — loans                                                                              XI-A
         Physical import and export of financial assets
         — securities normally dealt in on the money market
         — means of payment                                                                   XII
                                                            ANNEX III
                                   REFERRED T O IN ARTICLE 5 OF THE DIRECTIVE
         Scope of the provisions of the 1985 Act of Accession relating to capital movements, in accordance with the
         nomenclature of capital movements set out in Annex I to the Directive:
                  Articles of the
                 Act of Accession
                 (dates of expiry                               Nature of operation                           Heading
                  of transitional
                    provisions)
                                        (a) Provisions concerning the Kingdom of Spain
         Article 62                      Direct investments abroad by residents                             I-B
         (31.12.1990)
         Article 63                      Investments in real estate abroad by residents                     II-B
         (31.12.1990)
         Article 64                      Operations in securities normally dealt in on the capital market
         (31.12.1988)
                                         — Acquisition by residents of foreign securities dealt in on a
                                             stock exchange
                                             — excluding bonds issued on a foreign market and
                                                 denominated in national currency                           III-A-2
                                         Operations in units of collective investment undertakings
                                         — Acquisitions by residents of units of collective investment
                                             undertakings dealt in on a stock exchange
                                             — excluding units of undertakings taking the form of
                                                 common funds                                                IV-A-2
 ---pagebreak--- 1. 2. 88                              Official Journal of the European Communities                                           No C 26/9
                  Articles of the
                 Act of Accession
                 (dates of expiry                                Nature of operation                             Heading
                  of transitional
                    provisions)
                                       (b) Provisions concerning the Portuguese Republic
         Article 222                     Direct investments on national territory by non-residents            I-A
         (31.12.1989)
         Article 224                     Direct investments abroad by residents                               I-B
         (31.12.1992)
         Articles 225 and 226            Investments in real estate on national territory by non-residents    II-A
         (31.12.1990)
         Article 227                     Investments in real estate abroad by residents                       II-B
         (31.12.1992)
         Article 228                     Personal capital movements
         (31.12.1990)
                                         (i) for the purpose of applying the higher amounts specified in
                                              Article 228 paragraph 2 :
                                              — Dowries                                                       XI-C
                                              — Inheritances and legacies                                     XI-D
                                              — Transfers of assets built up by residents in case of
                                                  emigration at the time of their installation or during
                                                  their period of stay abroad                                 XI-F
                                         (ii) for the purpose of applying the lower amounts specified in
                                              Article 228 paragraph 2 :
                                              — Gifts and endowments                                          XI-B
                                              — Settlement of debts by immigrants in their previous
                                                  country of residence                                        XI-E
                                              — Transfers of immigrants' savings to their previous
                                                  country of residence during their period of stay            XI-G
         Article 229                     Operations in securities normally dealt in on the capital market
         (31.12.1990)
                                         — Acquisitions by residents of foreign securities dealt in on a
                                              stock exchange
                                              — excluding bonds issued on a foreign market and
                                                  denominated in national currency                            III-A-2
                                         Operations in units of collective investment undertakings
                                         — Acquisition by residents of units of foreign collective
                                              investment undertakings dealt in on a stock exchange
                                              — excluding units of undertakings taking the form of
                                                  common funds                                                 IV-A-2
                                                             ANNEX     IV
                                REFERRED T O IN ARTICLE 6 paragraph 2 OF THE DIRECTIVE
         I.  The Kingdom of Spain and the Portuguese Republic may continue to apply or reintroduce, until 1 October
             1989 and 31 December 1990 respectively, restrictions existing on the date of entry into force of this Directive
             on capital movements given in List I below:
 ---pagebreak--- No C 26/10                                 Official Journal of the European Communities                                        1. 2. 88
                                                                      LIST I
                                              Nature of operation                                                Heading
           Operations in units of collective investment undertakings
           — Acquisition by residents of units of foreign collective investment
               undertakings dealt in on a stock exchange
               — undertakings subject to Directive 85/611/EEC (j) and taking the form of
                   common funds                                                                       IV-A-2(a)
           — Acquisition by residents of units of foreign collective investment
               undertakings not dealt in on a stock exchange
               — undertakings subject to Directive 85/611/EEC (J)                                     IV-A-4(a)
           (') Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to
               undertakings for collective investment in transferable securities (UCITS) (OJ No L 375, 31. 12. 1985).
           II. The Kingdom of Spain and the Portuguese Republic may continue to apply or reintroduce, until 31
               December 1990 and 31 December 1992 respectively, restrictions existing on the date of entry into force of
               this Directive on capital movements given in List II below:
                                                                     LIST II
                                              Nature of operation                                                Heading
           Operations in securities normally dealt in on the capital market
           — Acquisition by residents of foreign securities dealt in on a stock exchange
               — bonds issued on a foreign market and denominated in national currency                III-A-2(b)
           — Acquisition by residents (non-residents) of foreign (domestic) securities not
               dealt in on a stock exchange                                                           III-A-3 and 4
           — Admission of securities to the capital market
               — where they are dealt in on or in the process of introduction to a stock
                   exchange in a Member State                                                         III-B-1 and 2
           Operations in units of collective investment undertakings
           — Acquisition by residents of units of foreign collective investment
               undertakings dealt in on a stock exchange
               — undertakings not subject to Directive 85/611/EEC (J) and taking the
                   form of common funds                                                               IV-A-2
           — Acquisition by residents (non-residents) of units of foreign (domestic)
               collective investment undertakings not dealt in on a stock exchange
               — undertakings not subject to Directive 85/611/EEC (J) and the sole object
                   of which is the acquisition of assets that have been liberalized                   IV-A-3 and 4
           — Admission to the capital market of units of collective investment
               undertakings
              — undertakings subject to Directive 85/611/EEC (*)                                      IV-B-1 and 2(a)
           Credits related to commercial transactions or to the provision of services in
           which a resident is participating
           — Long-term credits                                                                        VII-A and B-3
           (*) See footnote to List I.
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         III. The Kingdom of Spain and Ireland, until 31 December 1990, and the Hellenic Republic and the Portuguese
              Republic, until 31 December 1992, may continue to apply or reintroduce restrictions existing at the date of
              entry into force of this Directive on capital movements given in List III below:
                                                              LIST III
                                          Nature of operation                                          Heading
         Operations in securities dealt in on the capital market
         — Admission of securities to the capital market
              — where they are not dealt in on or in the process of introduction to a stock
                  exchange in a Member State                                                 III-B-1 and 2
         Operations in units of collective investment undertakings
         — Admission to the capital market of units of collective investment
              undertakings
              — undertakings not subject to Directive 85/611/EEC (J) and the sole object
                  of which is the acquisition of assets that have been liberalized           IV-B-1 and 2
         Financial loans and credits
         — medium-term and long-term                                                         VIII-A, B-2 and 3
         (') See footnote to List I.
         IV. The Kingdom of Spain and Ireland, until 31 December 1990, and the Hellenic Republic and the Portuguese
              Republic, until 31 December 1992, may defer liberalization of the capital movements given in List IV below:
                                                              LIST IV
                                          Nature of operation                                         Heading
         Operations in securities and other instruments normally dealt in on the money
         market                                                                              V
         Operations in current and deposit accounts with financial institutions              VI
         Operations in units of collective investment undertakings
         — undertakings for investment in securities or instruments normally dealt in
             on the money market                                                             IV-A and B(c)
         Financial loans and credits
         — short-term                                                                        VIII-A and B-l
         Personal capital movements
         — loans                                                                             XI-A
         Physical import and export of financial assets
         — securities normally dealt in on the money market
         — means of payment                                                                  XII