Outline 
   • Securities 
   • Deposit Accounts 
   • Operations in Foreign Exchange
   • Other Operations 
    Securities: Items IV to VII
    Securities:
    - IV: Capital Markets (shares and bonds- original maturity > one yr) 
     List A 
    - V: Operations on Money Markets (original maturity < one yr) List B
    - VI: Other Negotiable Instruments and Non—Securitised Claims List 
     B 
    - VII: Collective Investment Securities List A 
    Freedom for transactions and transfers:
      - No discrimination towards foreign securities
        Securities: Freedom for which transactions 
        and transfers? 
       -Admission of domestic                     -Admission of foreign 
       securities on foreign                      securities on domestic 
       markets                                    markets
          - Introduction & Issue                    - Introduction & Issue
          - Private placement & public              - Private placement & public offer
            offer
       -Residents abroad                           -Non-residents in the 
          - Buy & sell                             country
            On recognised markets as well             - Buy & sell
            as through private transactions             On recognised markets as well 
                                                        as through private transactions 
           Securities 
           • Operations abroad by securities firms on account of clients.
           • Investments abroad of financial institutions. For pension funds and 
              insurance, only rules for share of foreign assets.
           • Currency rules: 
                 •  In the country: subject to domestic legislation.
                 •  Outside the country: according to rules of foreign jurisdiction.
         Securities:
         Liberalisation obligations are qualified:
         - Transactions and transfers may be required to be channelled through 
            authorised resident agents.
         -   Admission is subject to securities market regulations.
         - For operations (buy/sell) in the country: 
               - Measures to protect investors are permitted – including regulation of  promotional 
                 activities – but non-discriminatory.
               - Securities must be “legally marketable”.
         - For operations abroad: regulation of promotional activities is permitted.