OECD Code of Liberalisation of Capital Movements (1961)
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221. C(95)128/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 20th July, 1995.

222. C(95)188/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 24th November, 1995.

223. C(95)239/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 12th February, 1996.

224. C(96)3/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 12th February, 1996.

225. C(96)19/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 28th March, 1996.

226. C(96)59/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 24th May, 1996.

227. C(96)147/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 22nd November, 1996.

228. C(96)198/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 28th November, 1996.

229. C(96)199/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 28th November, 1996.

230. C(96)215/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 28th November, 1996.

231. C(96)256/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 12th December, 1996.

232. C(97)51/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 4th April, 1997.

233. C(97)55/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd April, 1997.

234. C(97)67/FINAL amending AnnexB to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd April, 1997.

235. C(97)164/FINAL amending AnnexB to the Code of Liberalisation of Capital Movements, adopted by the Council on 26 September, 1997.

236. C(98)7/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 26 February, 1998.

237. C(98)64/FINAL amending AnnexB to the Code of Liberalisation of Capital Movements, adopted by the Council on 23rd April 1998.

238. C(98)90/FINAL amending AnnexB to the Code of Liberalisation of Capital Movements, adopted by the Council on 10 September 1998.

239. C(98)155/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12 November 1998.

240. C(99)21/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18 February 1999.

241. C(2000)120/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 13 July 2000.

242. C(2000)123/FINAL amending the Code of Liberalisation of Capital Movements, adopted by the Council on 28 July 2000.

243. C(2000)128/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 July 2000.

244. C(2000)150/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 September 2000.

245. C(2000)151/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 September 2000.

246. C(2000)158/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 September 2000.

247. C(2000)54 and CORRI amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 4 October 2000.

248. C(2000)121 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 4 October 2000.

249. C(2000)114 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 14 December 2000, on the occasion of the Slovak Republic’s accession to the OECD.

250. C(2000)180 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 6 November 2000.

251. C(2001)72 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 26 April 2001.

252. C(2001)241 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 November 2001.

253. C(2001)243 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 November 2001.

254. C(2001)242 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 5 December 2001.

255. C(2002)30 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 28 March 2002.

256. C(2002)120 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 25 July 2002.

257. C(2002)100 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 23 September 2002.

258. C(2002)233 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 12 December 2002.

259. C(2003)28 and CORR2 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 27 March 2003.

260. C(2003)106 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 18 September 2003.

261. C(2004)3 amending the Code of Liberalisation of Capital Movements, adopted by the Council on 12 February 2004.

262. C(2005)112 Foreign ownership restrictions in the Telecommunications Sector — Modification of Positions under the Code of Liberalisation of Capital Movements and the National Treatment Instrument, adopted by the Council on 14 October 2005.

263. C(2009)95 amending Annex B and Annex E to the Code of Liberalisation of Capital Movements, adopted by the Council on 16 July 2009.

264. C(2009)186 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 15 December 2009.

265. C(2010)46 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 11 May 2010.

266. C(2010)66 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 11 May 2010.

267. C(2010)76 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 11 May 2010.

268. C(2011)80 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on 19 May 2011.

269. DAF/INV(2011)10/REV1 amending Annex B the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 8 December 2011.

270. C(2012)88/REV2 Decision of the Council on the Governance of the Codes of Liberalisation of Capital Movements and of Current Invisible Operations.

271. DAF/INV(2013)3 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 21 March 2013.

272. DAF/INV(2014)9 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 25 June 2014.

273. DAF/INV(2014)17 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 3 December 2014.

274. DAF/INV(2016)1 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 18 March 2016.

275. C(2016)54/REV1 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on the occasion of Latvia's accession to the Organisation on 25 April 2016.

276. DAF/INV(2017)11/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 2 June 2017.

277. DAF/INV(2017)2/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 2 June 2017.

278. DAF/INV(2018)3 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 15 March 2018.

290. DAF/INV(2018)4 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 15 March 2018.

291. DAF/INV(2018)24 amending Annex E to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 26 April 2018.

292. C(2018)69 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on the occasion of Lithuania's accession to the Organisation on 5 July 2018.

293. DAF/INV/ICC(2019)3/REV3 and C/MIN(2019)4 amending Articles 7, 16 and 19 of the Code of Liberalisation of Capital Movements, adopted by double consensus by the Investment Committee on 10 April 2019 and by the Council on 22 May 2019.

294. DAF/INV/ICC(2019)6 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 05 September 2019.

295. DAF/INV/ICC(2019)11 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 30 October 2019.

296. C(2018)81/FINAL amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Council on the occasion of Colombia's accession to the Organisation on 28 April 2020.

297. DAF/INV/ICC(2020)2/REV1 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 08 May 2020.

298. DAF/INV/ICC(2020)4 amending Annex B to the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 16 December 2020.

299. DAF/INV(2021)1 amending Annex B of the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 2 February 2021.

300. C(2020)45 amending Annex B of the Code of Liberalisation of Capital Movements, adopted by the Council on the occasion of Costa Rica's accession to the Organisation on 25 May 2021.

301. DAF/INV/ICC(2021)1 amending Annex B of the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 31 May 2021.

302. DAF/INV/ICC(2021)2/REV1 amending Annex B of the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 02 July 2021.

303. DAF/INV/ICC(2021)3 amending Annex B of the Code of Liberalisation of Capital Movements, adopted by the Investment Committee on 5 November 2021.

APPENDIX 2. Decision on Adherence of Non-OECD Countries to the Code

Decision of the Council on the governance of the Codes of Liberalisation of Capital Movements [OECD/C(61)96, as amended] and of Current Invisible Operations [OECD/C(61)95, as amended]

THE COUNCIL,

Having regard to the Convention establishing the OECD and in particular its Articles 6 and 12 ¢);

Having regard to the Decision of the Council to amend the Codes of Liberalisation of Capital Movements and Current Invisible Operations to make adherence by non-OECD countries possible, adopted on 19 May 2011 [C(2011)80], and to the fact that on that occasion the Council noted that “agreement on the terms and conditions for non-Member adherence to the Codes of Liberalisation will be required before an invitation is issued” [C/M(2011)10/PROV, Item 98];

Having regard to the Council conclusions of the meeting of 16 February 2012 [C/M(2012)2, Item 32] regarding the governance issues raised by Decision C(2011)80;

Having regard to the proposals made by the Investment Committee on these governance issues and the subsequent discussions in the Executive Committee;

Recognising that adherents to the Codes which are not Members of the Organisation shall fully participate in decision-making on all matters relating to the Codes, through the Investment Committee meeting in “an enlarged session” (hereafter and for the purpose of this Decision the “Enlarged Investment Committee”) which comprises all the members of the Investment Committee and the non-Member(s) which have adhered to the Code(s);

Conscious of the need to preserve Council’s own prerogatives in regard to the Codes;

DECIDES: 1. Adherents to the Codes which are not Members of the Organisation shall fully participate in decision-making on all matters relating to the Codes, through the

Enlarged Investment Committee.

2. Invitation to a non-Member to adhere to either or both of the Codes and any change in the text of the Codes, other than amendments to country-specific

OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2021

APPENDIX 2. | 169

reservations in Annex B of either Code or to country-specific entries in Annex E of the Code of Liberalisation of Capital Movements, shall require the consensus of both the Enlarged Investment Committee and the OECD Council.

3. The authority to take all other decisions concerning the Codes of Liberalisation than those mentioned in article 2 above is delegated by the Council to the Enlarged Investment Committee.

4. Any divergence of views on the interpretation and application of the present Decision shall be settled as far as possible amongst the adherents to the Codes. If no solution can be found in a reasonable timeframe, the matter can be brought to the attention of the Chair of the Council by any adherent to the Codes, who may conduct consultations and make proposals as he considers appropriate with a view to finding consensus among all adherents.

5. The Enlarged Investment Committee shall in a timely manner inform the Council of any action taken in the exercise of its delegated authority.

6. This Decision shall be reviewed no later than three years after the first adherence by a non-Member to the Codes.

BIBLIOGRAPHY

Further information about the OECD Code of Liberalisation of Capital Movements and other investment instruments, including the Declaration on International Investment and Multinational

Enterprises, is available at www.oecd.org/daf/inv.

OECD (2021), OECD Code of Liberalisation of Current Invisible Operations.

OECD (2021), OECD Codes of Liberalisation of Capital Movements and Current Invisible Operations: Users' Guide.

OECD (2018), Measurement and Identification of Capital Inflow Surges, www.oecd.org/daf/inv/Measurement-identification-of-capital-inflow-surges-

technical-note.pdf

OECD (2018), Reserve Requirements: Current Use, Motivations and Practical Considerations, www.oecd.org/daf/inv/Reserve-Requirements-Current-Use- Motivations-and-Practical-Considerations-technical-note.pdf

OECD (2015), Currency-based measures targeting banks - Balancing national regulation of risk and financial openness, www.oecd-ilibrary.org/finance-and- investment/currency-based-measures-targeting-banks-balancing-national- regulation-of-risk-and-financial-openness_5jrp0z91p1zr-en

OECD (2009), “OECD countries improve their investment commitments under the Codes of Liberalisation”, www.oecd.org/daf/inv/investment- policy/oecdcountriesimprovetheirinvestmentcommitmentsunderthecodesoflibe ralisation.htm

OECD (2002), Foreign Direct Investment for Development: Maximising benefits — Minimising costs, www.oecd.org/investment/investmentfordevelopment/foreigndirectinvestment fordevelopmentmaximisingbenefitsminimisingcosts.htm

OECD (2002), Forty Years' Experience with the OECD Code of Liberalisation of Capital Movements, www.oecd.org/daf/inv/investment- policy/fortyyearsexperiencewiththeoecdcodeofliberalisationofcapitalmovemen ts.htm

OECD (1999), The Experience of the OECD with the Code of Liberalisation of Capital Movements; Current Developments in Monetary and Financial Law, Vol. 1.

OECD Observer (1997) The New OECD Members and Liberalisation, No.205.

OECD (1993), Exchange Control Policy, http://oecd.records.oecd.org/LES_RM/livelink.exe/fetch/2000/15439 1/164596 7/1645881/1995122/1_ 7 x MICRO OCR _%281993%29 Exchange control policy.pdf?nodeid=4655044&vernum=-2

OECD (1990), Liberalisation of Capital Movements and Financial Services in the OECD Area, https://one.oecd.org/sight/?mode=defined&searchProfileld=generic&uri=http: ~2F~2Frecords.oecd.org~2F publications~2F 1987034

OECD CODE OF LIBERALISATION OF CAPITAL MOVEMENTS © OECD 2019

www.oecd.org/investment/codes.htm

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  • Part   I UNDERTAKINGS WITH REGARD TO CAPITAL MOVEMENTS 1
  • Article   1 General Undertakings 1
  • Article   2 Measures of Liberalisation 1
  • Article   3 Public Order and Security 1
  • Article   4 Obligations In Existing Multilateral International Agreements 1
  • Article   5 Controls and Formalities 1
  • Article   6 Execution of Transfers 1
  • Article   7 Clauses of Derogation 1
  • Article   8 Right to Benefit from Measures of Liberalisation 1
  • Article   9 Non-discrimination 1
  • Article   10 Exceptions to the Principle of Non-discrimination: Special Customs or Monetary Systems 1
  • Part   II PROCEDURE 1
  • Article   11 Notification and Information from Members 1
  • Article   12 Notification and Examination of Reservations Lodged Under Article 2(b) 1
  • Article   13 Notification and Examination of Derogations Made Under Article 7 1
  • Article   14 Examination of Derogations Made Under Article 7: Members In Process of Economic Development 1
  • Article   15 Special Report and Examination Concerning Derogations Made Under Article 7 1
  • Article   16 Reference to the Organisation - Internal Arrangements 1
  • Article   17 Reference to the Organisation - Retention, Introduction or Reintroduction of Restrictions 1
  • Part   III TERMS OF REFERENCE 1
  • Article   18 Investment Committee - General Tasks 1
  • Article   19 Investment Committee - Special Tasks. 1
  • Part   IV MISCELLANEOUS 1
  • Article   20 Definitions 1
  • Article   21 Title of Decision 1
  • Article   22 Withdrawal 1
  • Annex A  Liberalisation Lists of Capital Movements  (1) 1
  • Annex B  Reservations to the Code of Liberalisation of Capital Movements 3
  • Australia 3
  • Austria 3
  • Belgium 3
  • Canada 3
  • Chile 3
  • Colombia 4
  • Costa Rica 4
  • CZECH REPUBLIC 4
  • DENMARK 5
  • ESTONIA 5
  • Finland (1) 5
  • FRANCE 5
  • GERMANY 5
  • GREECE 5
  • HUNGARY 5
  • ICELAND 5
  • IRELAND 5
  • ISRAEL 6
  • ITALY 6
  • JAPAN 6
  • KOREA 6
  • LATVIA 6
  • LITUANIA 6
  • LUXEMBOURG 6
  • MEXICO 6
  • NETHERLANDS 7
  • NEW ZEALAND 7
  • NORWAY 7
  • POLAND 7
  • PORTUGAL 7
  • SLOVAK REPUBLIC 7
  • SLOVENIA 7
  • SPAIN 8
  • SWEDEN 8
  • SWITZERLAND 8
  • TURKEY 8
  • UNITED KINGDOM 8
  • UNITED STATES 9
  • Annex C  Decision of the Council Regarding the Application of the Provisions of the Code of Liberalisation of Capital Movements to Action Taken by the States of the United States 9
  • Annex D  General List of International Capital Movements and Certain Related Operations  (1) 9
  • Annex E: Decision of the Council Regarding Measures and Practices Concerning Reciprocity and/or involving Discrimination among Investors Originating in Various Member Countries in the Area of Inward Direct Investment and Establishment 10
  • APPENDIX 1. List of Council Acts Included in the Present Edition of the Code 10
  • APPENDIX 2. Decision on Adherence of Non-OECD Countries to the Code 12
  • BIBLIOGRAPHY 12