B. Credits and loans granted by residents to non-residents.
Remarks: Transactions and transfers under IX/A shall be free if the debtor is an enterprise.
Transactions and transfers under IX/B shall be free if the creditor is an enterprise permitted to extend credits and loans on its national market.
X. Sureties, guarantees and financial backup facilities
i) In cases directly related to international trade or international current invisible operations, or in cases related to international capital movement operations in which a resident participates.
(See List A)
ii) In cases not directly related to international trade, international current invisible operations, or international capital movement operations, or where no resident participates in the underlying international operation concerned.
A. Sureties and guarantees: (See List A)
B. Financial back-up facilities:
1. By non-residents in favour of residents.
2. By residents in favour of non-residents.
XI. Operation of deposit accounts (15)
A. Operation by non-residents of accounts with resident institutions:
(See List A)
B. Operation by residents of accounts with non-resident institutions:
1. In domestic currency.
2. In foreign currency.
XII. Operations in foreign exchange (16)
A. In the country concerned by non-residents:
1. Purchase of domestic currency with foreign currency.
2. Sale of domestic currency for foreign currency.
3. Exchange of foreign currencies.
B. Abroad by residents:
1. Purchase of foreign currency with domestic currency.
2. Sale of foreign currency for domestic currency.
3. Exchange of foreign currencies.
Remark: Transactions and transfers under XII/A and B shall be free provided the operations are carried out through authorised resident agents.
XIV. Personal capital movements A. to F. (See List A)
G. Gaming.
Remark: Transfers under G shall be free only in respect of winnings. The provision does not cover the stakes wagered.
H. (See List A)
1. All items in the General List of International Capital Movements and Certain Related Operations (see Annex D to the Code) appear on either List A or List B in this Annex A.
2. Other than operations falling under Sections I or II of the General List.
3. Other than operations falling under Section IV of the General List.
4. Other than operations falling under Section IV of the General List.
5. Other than operations falling under Sections IV, V or VII of the General List.
6. Other than credits and loans falling under Sections I, II, VIII or XIV of the General List.
7. Other than operations falling under Section V of the General List.
8. Other than operations falling under any other Section of the General List.
9. Transfers of premiums and pensions and annuities, other than annuities certain, in connection with life assurance contracts are governed by the Code of Liberalisation of Current Invisible Operations (Item D/3). Transfers of whatever kind or size under other than life assurance contracts are always considered to be of a current nature and are consequently governed by the Current Invisibles Code.
10. All items in the General List of International Capital Movements and Certain Related Operations (see Annex D to the Code) appear on either List A or List B in this Annex A.
11. Other than operations falling under Sections I or II of the General List.
12. Other than operations falling under Sections IV of the General List.
13. Other than operations falling under Sections IV, V or VII of the General List.
14. Other than credits and loans falling under Sections I, II, VIII or XIV of the General List.
15. Other than operations falling under Section V of the General List.
16. Other than operations falling under any other Section of the General List.
Annex B Reservations to the Code of Liberalisation of Capital Movements
The present Annex contains the reservations that individual Member countries have lodged in accordance with Article 2 (b) to the Code. The reservations have been accepted by the Council and constitute authority for Members to derogate, from the provisions of Article 2 (a) of the Code with regard to transactions and transfers enumerated in the Liberalisation Lists A and B.
Reservations on items in List A will be withdrawn as Members are able to accept the liberalisation obligations under such items; additional reservations may not be lodged on List A items. Reservations on items in List B may also be withdrawn; additional reservations may be lodged if need be. The present Annex will be amended accordingly by Decisions of the Council, as the need arises.
In the country pages that follow, the asterisks added to the mention of item I/A of List A refer to measures or practices, described in Annex E thereafter, allowing inward direct investment or establishment under conditions of reciprocity (i.e. allowing residents of another Member country to invest or establish in the Member country concerned under terms similar to those applied by the other Member country to investors resident in the Member country concerned) and/or involving discrimination among investors originating in various Member countries (other than the exceptions to the principle of non- discrimination referred to in Article 10 of the Code of Liberalisation of Capital Movements). Annex E also includes a Council Decision relating to these measures and practices.
Where Member countries permit or prescribe that payment in connection with certain items be made by means other than transfer through the official foreign exchange market, such restrictions would be recorded under âNotes concerning Payments Channelsâ. No Member country presently maintains restrictions concerning payments channels.
Australia
General Remark: The Australian Government accepts the enlarged obligations on banking and financial services in the Code of Liberalisation of Capital Movements consistent with its constitutional powers and the reservations it has lodged in respect of some of the enlarged obligations.
Bearing in mind that the Australian Constitution provides for a federal system of government and State and Territory Governments have powers in relation to some matters within the scope of the enlarged obligations, Australia reserves its position in respect of the enlarged obligations insofar as these obligations relate to actions, including any action in relation to taxation, undertaken by Australian State or Territory Governments. This applies to the enlarged obligations under Items IV to XI, XV and XVI of the Revised Capital Movements Code.
The Australian authorities will take steps to encourage the States and Territories to achieve the liberalisation of operations covered by the enlarged obligations of the Codes that fall within their jurisdiction and will call their attention to the basic principles underlying the liberalisation obligations under the Code. The Australian authorities will also seek the cooperation of the States and Territories in providing information on any existing restrictions applied at the State or Territory level, as well as any new measures that might be taken at that level.
In the event that a Member of the OECD considers that its interests under the Codes are being prejudiced by the actions of an Australian State or Territory Government, the Australian authorities will consult with the Member and the State or Territory Government concerned. They will bring the provisions of the Code and the circumstances of the case in question to the attention of the competent authorities of any State or Territory concerned together with an appropriate recommendation. They will also inform the Organisation of the action taken in this regard and of the results thereof.
*List A, Direct investment:
I/A —In the country concerned by non-residents.
Remark: The reservation:
i) applies only to:
a) investments in banking, real estate, civil aviation and uranium;
b) proposals falling within the scope of Australia's Foreign Acquisitions and Take-overs Act 1975, which broadly covers acquisitions of partial or controlling interests in Australian companies or businesses with total assets valued over A$100 million or A$200 million for foreign offshore takeovers and other arrangements relating to foreign control of companies and businesses;
c) foreign life insurers, which are not allowed to operate by way of branches in Australia;
d) proposals to establish new businesses or projects where the total investment is A$ 10 million or more;
e) proposals involving direct investment by foreign governments or their agencies;
f) investments to the extent that constituent States or Territories of Australia exercise legislative and administrative control over such investment;
g) ownership of Australian flag vessels, except through an enterprise incorporated in Australia;
h) telecommunications to the extent that the Telstra Corporation Act 1991 limits aggregate foreign ownership in Telstra to 35 per cent of the Telstra shares that are not Commonwealth held. The maximum individual foreign ownership allowed in Telstra is 5 per cent of the Telstra shares that are not Commonwealth held.
ii) does not apply to acquisitions of shares in relevant corporations and interests in Australian urban land by foreign custodian companies when acting at the direction of clients.
List B, Operations in real estate:
III/A1 —In the country concerned by non-residents.
Remark: The reservation applies to foreign ownership of residential dwellings subject to additional charges if vacant for more than 183 days in a year; foreign ownership of Australian land subject to land tax surcharges; and all proposals to acquire any type of Australian urban land, residential land or property, and land used for primary production, except the following acquisition types to the extent that they are not subject to additional purchaser duties:
i) acquisitions of direct interests in non-residential commercial real estate valued under $5 million or $50 million where such real estate is not heritage listed;
ii) acquisitions of interests in time-share schemes where the entitlement of the foreign interest and any associates is less than four weeks per year;
iii) acquisitions of residential real estate by approved migrants, special category visa holders, and other foreign nationals entitled to permanent residence in Australia, including Australian permanent residents, not ordinarily resident in Australia and special category visa holders buying through Australian companies and trusts;
iv) acquisition of the following categories of residential real estate by temporary residents in Australia, either directly or through Australian companies and trusts:
a) an established dwelling, provided the acquisition is for their primary place of residence;
b) single blocks of vacant land; and
c) new dwellings.
v) acquisitions by non-resident Australian citizens, either directly or indirectly through Australian companies and trusts;
vi) acquisitions of offices and residences by foreign government missions for use as official missions or residences for staff subject to sale to Australians or other eligible purchasers when no longer being used for those purposes;
vii) acquisitions of minority interests in public companies and trusts whose principal assets are comprised of real estate, to the extent permitted by regulations under the Foreign Acquisitions and Take-overs Act;
vii) acquisitions of real estate by general insurance companies operating in Australia where the acquisitions are made from the reserves of the companies and are within the prudential guidelines of the Insurance Commissioner;
ix) acquisitions by life assurance companies, representing investment of their Australian statutory funds, by Australian pension funds of foreign employers and by foreign-controlled charities or charitable trusts operating in Australia for the primary benefit of Australians;
x) acquisitions of residential real estate by Australian citizens and their foreign spouses where they purchase as joint tenants;
xi) acquisitions of Australian urban land by foreign owned responsible entities acting on behalf of managed unit trusts and other public investment schemes registered under Chapter 5C of the Corporations Law, where they are investing for the benefit of fund investors or unit holders ordinarily resident in Australia;
xii) acquisitions of interests in Australian urban land by foreign custodian companies when acting at the direction of clients.
List A, Operations in securities on capital markets:
IV/B1, B2, C1 —Issue through placing or public sale of foreign securities on the domestic capital market.
Remark: The reservation applies only to the issue of bearer securities by foreign central banks, foreign governments, foreign government agencies not akin to private sector commercial entities, and international governmental organisations. In addition, for borrowings in excess of A$ 200 million, these categories of borrowers are required to consult with the Australian authorities prior to undertaking any borrowing in the Australian capital market.
—Introduction of foreign securities on a recognised domestic security market.
Remark: The reservation applies only to the issue of bearer securities by foreign central banks, foreign governments, foreign government agencies not akin to private sector commercial entities, and international governmental organisations.
—Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and other securities of a participating nature which may be affected by laws on inward direct investment and establishment.
List B, V/B1, B2
Operations on money markets
—Issue through placing or public sale of foreign securities and other B2 instruments on the domestic money market.
Remark: The reservation applies only to the issue of bearer securities by foreign central banks, foreign governments, foreign government agencies not akin to private sector commercial entities, and international governmental organisations.
—Introduction of foreign securities and other instruments on a recognised domestic money market.
Remark: The reservation applies only to the issue of bearer securities by foreign central banks, foreign governments, foreign government agencies not akin to private sector commercial entities, and international governmental organisations.
List B, VI/B1, B2
Other operations in negotiable instruments and non-securitised claims
—Issue through placing or public sale of foreign instruments and B2 claims on a domestic financial market.
Remark: The reservation applies only to the issue of bearer securities by foreign central banks, foreign governments, foreign government agencies not akin to private sector commercial entities, and international governmental organisations.
—Introduction of foreign instruments and claims on a recognised domestic financial market.
Remark: The reservation applies only to the issue of bearer securities by foreign central banks, foreign governments, foreign government agencies not akin to private sector commercial entities, and international governmental organisations.
Austria
List A, Direct investment:
I/A —In the country concerned by non-residents.
Remark: The reservation applies only to:
i) real estate to the extent that the authorities of the Lander have the right to restrict the acquisition of real estate;
ii) auditing;
iii) investment by non-EU residents in accountancy services exceeding 49 per cent;
iv) investment by non-EU nationals in legal services and in engineering and architectural services exceeding 49 per cent;
v) energy;
vi) majority ownership in the maritime sector by non-EU residents,
vii) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory;
viii) acquisition by non-EU residents of 49 per cent or more in ships registered in Austria;
ix) the extent that under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
List B, III/A1
Operations in real estate:
—In the country concerned by non-residents.
Remark: The reservation applies only to the extent that the authorities of Federal Provinces have the right to restrict the acquisition of real estate.
Belgium
*List A Direct investment:
I/A —In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the acquisition of Belgian flag vessels by shipping companies not having their principal office in Belgium;
ii) investment by non-EU nationals in accountancy and legal service,
iii) airlines established in the country that must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory;
iv) the extent that under EU Directive 85/611/EEC, a depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country.
Canada
General remark: The Canadian authorities undertake to carry out the provisions of the Code to the fullest extent compatible with the constitutional system of Canada in that the latter provides that individual provinces may have jurisdiction to act with respect to certain matters under the purview of the Code. In particular, the authorities undertake to make every effort to ensure that measures for the liberalisation of capital movements are applied in their provinces; they will notify the Organisation of any measure taken by a province that would affect capital movements and, if necessary, they will bring to the attention of the provincial authorities any concerns expressed in this respect by a country subscribing to the Code.
*List A, Direct investment:
I/A —In the country concerned by non-residents.
Remark: The reservation applies only to:
i) a review requirement under the Investment Canada Act applying to acquisitions of large Canadian businesses by foreign investors. For private investors from WTO member countries, the review threshold is $1 billion in enterprise value in 2018. For investors that are state-owned enterprises from WTO member countries, the review threshold is $398 million in asset value in 2018. Indirect acquisitions of Canadian businesses by WTO investors are not reviewable, except for those relating to Canadian cultural businesses. The review threshold for investors who are from non-WTO member countries is $5 million in asset value for direct acquisitions of Canadian businesses and $50 million in asset value for indirect acquisitions. For all non- Canadian investors, acquisitions of Canadian cultural businesses are also reviewable at these lower thresholds ($5 million and $50 million in asset value). The thresholds for direct acquisitions of non-cultural Canadian businesses by WTO members is also automatically adjusted annually according to a formula in the Act to reflect changes in GDP;
ii) activities related to Canada's cultural heritage or national identity, in particular:
a) the publication, distribution or sale of books, magazines, periodicals or newspapers in print or machine readable form, but not including the sole activity of printing or typesetting any of the above;
b) the production, distribution, sale or exhibition of film or video recordings,
c) the production, distribution, sale or exhibition of audio or video music recordings;
d) the publication, distribution or sale of music in print or machine readable form; or
e) radio-communication in which the transmissions are intended for direct reception by the general public, and all radio, television and cable broadcasting undertakings and all satellite programming and broadcast network services;
iii) banking and financial services;
iv) insurance;
v) acquisition air transport: only Canadians (citizens, permanent residents or companies incorporated in Canada that are controlled by Canadians and of which at least 75 per cent of the voting interests are owned and controlled by Canadians) may register an aircraft as âCanadianâ and obtain Operator Certificates to provide the following commercial air services: 1) domestic air services; 2) scheduled international air services where those services have been reserved to Canadian carriers under air services agreements; 3) non-scheduled international air services where those services have been reserved to Canadian carriers under the Canada Transportation Act; and 4) speciality air services;
vi) maritime transport;
vii) telecommunications: Foreign ownership of voting shares of Canadian common carriers is limited to 20 per cent direct and 33% per cent indirect (46.7 per cent combined direct and indirect). Facilities-based telecommunications __ service suppliers must be controlled by Canadians. There are no restrictions on foreign ownership of non-voting shares;
viii) uranium: 51 per cent minimum Canadian ownership requirement in individual uranium mining properties at the stage of first production unless the project is in fact controlled by Canadian nationals, as defined in the Investment Canada Act. The Cabinet may grant exemption to the policy when Canadian partners cannot be found;
ix) fish harvesting.
List A, Operations in securities on capital markets: IV/Cl
—Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and other securities of a participating nature which may be affected by laws on inward direct investment and establishment.
Chile
List A, Direct investment:
I/A —In the country concerned by non-residents.
Remark: The reservation applies only to:
i) the requirement of incorporation in Chile for auditors of financial institutions;
ii) establishment of branches of non-resident financial institutions except banks and insurance companies;
iii) the registration of aircraft which is reserved for Chilean natural persons or Chilean enterprises that are majority-owned by Chilean nationals;
iv) the registration of shipping vessels for which there is a requirement of incorporation in Chile and, in the case of vessels for water transportation, fishing, cabotage and tugging activities performed in Chilean ports which is reserved for Chilean natural persons or Chilean enterprises that are majority-owned by Chilean nationals, and - in the case of vessels - to co-ownerships in which a majority of members are Chilean naturals residing in Chile and in which the majority of rights belong to Chilean nationals;
v) international land transport which must be carried out by enterprises that are majority-owned by Chileans or by nationals of Argentina, Bolivia, Brazil, Paraguay, Peru or Uruguay;
vi) stowage and dockage which must be carried out by enterprises that are majority-owned by Chileans;
vii) small scale fishing, which must be carried out by enterprises that are constituted by Chileans or permanent resident foreigners;
viii) granting and use of concessions for radio broadcasting, which is limited to enterprises with no more than 10% foreign ownership;
ix) mining (including exploration, exploitation and treatment) of hydrocarbons, liquid or gaseous, of uranium and lithium is subject to prior authorisation.
Operations in securities on capital markets
—Admission of foreign securities on the domestic capital market.
List A, IV/B C1,D1
Remark: The reservation applies only to:
i) foreign currency denominated securities that are not denominated in either euros or US dollars;
ii) shares or other securities of a _ participating nature denominated in Chilean pesos, for which admission on the domestic market is subject to authorisation by the Central Bank.
—Purchase in the country concerned by non-residents.
Remark: The reservation applies only to the purchase of shares and other securities of a participating nature, which may be affected by laws on inward direct investment.
—Purchase abroad by residents.
Remark: The reservation applies only to the purchase of foreign securities by insurance companies that would cause foreign assets to have a share in technical reserves or own funds greater than 20%; by managers of DL3500 pension funds and the Retirement Bonus Fund of Law 19882 that would cause foreign assets or convertible bonds to represent an amount greater than the limits established for them in DL3500 as amended in 2008; by the Unemployment Fund of Law 19728 to represent an amount greater than the limits established in such law; and by managers of housing funds that would cause foreign assets to have a share of more than 30% in total assets under administration.
List B, Operations on money markets
V/B D1, D3 —Admission of foreign securities and other instruments on the domestic money market.
Remark: The reservation applies only to securities denominated in Chilean pesos, for which admission on the domestic market is subject to authorisation by the Central Bank, and to foreign currency denominated securities that are not denominated in either euros or US dollars.
—Purchase or lending abroad by residents.
Remark: The reservation applies only to the purchase of foreign securities or lending abroad by insurance companies that would cause foreign assets to have a share in technical reserves or own funds greater than 20%; by managers of DL3500 pension funds and the Retirement Bonus Fund of Law 19882 that would cause foreign assets to represent an amount greater than the limits established for them in DL3500 as amended in 2008; by the Unemployment Fund of Law 19728 to represent an amount greater than the limits established in such law; and by managers of housing funds that would cause foreign assets to have a share of more than 30% in total assets under administration.
List B, Other operations in negotiable instruments and non-securitised claims
VI/B D1, D2, D3 —Admission of foreign instruments and claims on a domestic financial D3 > market.
Remark: The reservation applies only to securities denominated in Chilean pesos, for which admission on the domestic market is subject to authorisation by the Central Bank, and to foreign currency denominated securities that are not denominated in either euros or US dollars.
—Purchase, sale or exchange for other assets abroad by residents.
Remark: The reservation only applies to:
i) the acquisition, through purchase or exchange for other assets, by insurance companies that would cause foreign assets to have a share in technical reserves or own funds greater than 20%; by managers of DL3500 pension funds, the Retirement Bonus Fund of Law 19882 that would cause foreign assets to represent an amount greater than the limits established for them in DL3500 as amended in 2008; by the Unemployment Fund of Law 19728 to represent an amount greater than the limits established in such law; and by managers of housing funds that would cause foreign assets to have a share of more than 30% in total assets under administration;
ii) the acquisition, through purchase or exchange for other assets, of foreign financial derivative products that would cause such products to exceed 3% of technical reserves or risk patrimony of insurance companies;
iii) the purchase, sale or exchange for other assets by Chilean stockbrokers on account of Chilean residents.
List A, Operations in collective investment securities
VII/B D1— Admission of foreign collective investment securities on the domestic securities market.
Remark: The reservation applies only to securities denominated in Chilean pesos, for which admission on the domestic market is subject to authorisation by the Central Bank, and to foreign currency denominated securities that are not denominated in either euros or US dollars.
—Purchase abroad by residents.
Remark: The reservation applies only to the purchase of foreign securities by insurance companies that would cause foreign assets to have a share in technical reserves plus required capital greater than 20%; by managers of DL3500 pension funds and the Retirement Bonus Fund of Law 19882 that would cause foreign assets to represent an amount greater than the limits established for them in DL3500 as amended in 2008; by the Unemployment Fund of Law 19728 to represent an amount greater than the limits established in such law, and by managers of housing funds that would cause foreign assets to have a share of more than 30% in total assets under administration.
List B, Credits directly linked with international commercial transactions or with the rendering of international services.
VIII/B —Credits granted by residents to non-residents.
Remark: The reservation applies only to the granting of credits to non-residents by insurance companies that would cause foreign assets to have a share in technical reserves plus required capital greater than 20%; by managers of DL3500 pension funds, the Retirement Bonus Fund of Law 19882 that would cause foreign assets to represent an amount greater than the limits established for them in DL3500 as amended in 2008; by the Unemployment Fund of Law 19728 to represent an amount greater than the limits established in such law; and by managers of housing funds that would cause foreign assets to have a share of more than 30% in total assets under administration.
List B, Financial credits and loans
IX/B—Credits and loans granted by residents to non-residents.
Remark: The reservation applies only to the granting of credits and loans to non-residents by insurance companies that would cause foreign assets to have a share in technical reserves plus required capital greater than 20%; by managers of DL3500 pension funds and the Retirement Bonus Fund of Law 19882 that would cause foreign assets to represent an amount greater than the limits established for them in DL3500 as amended in 2008; by the Unemployment Fund of Law 19728 to represent an amount greater than the limits established in such law; and by managers of housing funds that would cause foreign assets to have a share of more than 30% in total assets under administration.
List A, Sureties, guarantees and financial back-up facilities
X/A2 —Sureties and guarantees granted by residents in favour of non- residents.