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Annex I NOMENCLATURE OF THE CAPITAL MOVEMENTS REFERRED TO IN ARTICLE 1 OF THE DIRECTIVE

United Kingdom

Original text. Later amendments are not shown.

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 personf1, 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 (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.

This Nomenclature is not an exhaustive list for the notion of capital movements — whence a heading XIII — F. ‘Other capital movements — Miscellaneous’. It should not therefore be interpreted as restricting the scope of the principle of full liberalization of capital movements as referred to in Article 1 of the Directive.

  1. I —DIRECT INVESTMENTS
  2. II —INVESTMENTS IN REAL ESTATE (not included under I)
  3. III —OPERATIONS IN SECURITIES NORMALLY DEALT IN ON THE CAPITAL MARKET (not included under I, IV and V)
  4. IV —OPERATIONS IN UNITS OF COLLECTIVE INVESTMENT UNDERTAKINGS
  5. V —OPERATIONS IN SECURITIES AND OTHER INSTRUMENTS NORMALLY DEALT IN ON THE MONEY MARKET
  6. VI —OPERATIONS IN CURRENT AND DEPOSIT ACCOUNTS WITH FINANCIAL INSTITUTIONS
  7. VII —CREDITS RELATED TO COMMERCIAL TRANSACTIONS OR TO THE PROVISION OF SERVICES IN WHICH A RESIDENT IS PARTICIPATING
  8. VIII —FINANCIAL LOANS AND CREDITS (not included under I, VII and XI)
  9. IX —SURETIES, OTHER GUARANTEES AND RIGHTS OF PLEDGE
  10. X —TRANSFERS IN PERFORMANCE OF INSURANCE CONTRACTS
  11. XI —PERSONAL CAPITAL MOVEMENTS
  12. XII —PHYSICAL IMPORT AND EXPORT OF FINANCIAL ASSETS
  13. XIII —OTHER CAPITAL MOVEMENTS
  14. EXPLANATORY NOTES

Annotations

Footnotes

f1

See Explanatory Notes below.