By OECD Organisation for Economic Co-operation and Develop
OECD member international locations have devoted themselves to holding and increasing the liberty for foreign capital activities and present invisible operations lower than the legally binding OECD Codes of Liberalisation. This booklet explains the content material and constitution of the OECD Codes and how they're applied to accomplish revolutionary liberalisation.
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Extra info for Oecd Codes of Liberalisation of Capital Movements and of Current Invisible Operations: User's Guide
This difference of approach resulted from the nature of the restrictions involved in each Code. Under the Current Invisibles Code, the restrictive measures maintained by a Member are often unrelated. They are often concentrated in certain services sectors more than in others, although most countries tend to have particular services sectors where they are more restrictive than elsewhere – audio-visual works for some, maritime transport for others, etc. By contrast, Member country reservations under the various items of the Capital Movements Code are often closely related to the country’s specific macro-economic and exchange control policy 43 framework and are therefore being considered as a whole.
Must also be notified as well. Article 12 concerns more specifically the obligation to notify restrictions giving rise to reservations. Members have to explain their reasons for maintaining such restrictions. This need for justification continues to apply as long as the restriction exists. In other words, the initial explanation for the introduction of a restriction is not sufficient; Members are asked to regularly provide justifications for continuing to maintain such a restriction. This is an important element in allowing Members to explore for themselves the possibility for rollback of restrictions.
45 e. If the action taken by a Member in accordance with the provisions of paragraphs a), b) or c) of Article 7 has not been disapproved by the Organisation, then, if that Member subsequently invokes paragraphs a), b) or c) of Article 7 of the Code of Liberalisation of Capital Movements or, having invoked one paragraph of Article 7 of this Code, invokes another paragraph of that Article, its case shall be reconsidered by the Organisation after six months have elapsed since the date of the previous consideration, or on any other date which the latter may deem appropriate.