Investment policy

OECD Codes of Liberalisation of Capital Movements and of Current Invisible Operations



Code of Liberalisation of Capital Movements

Code of liberalisation capital movements 2019 250x35322/05/2019 - Paris, France

Ministers at the OECD's annual Ministerial Council Meeting adopt a review of the Code.

Text of the revised Code | FR

More about the review



08/06/2019 - Fukuoka, Japan

OECD presents revised Codes on capital flows to the G20



Code of Liberalisation of Current Invisible Operations

Download the Code | FR

Conditions for establishment of subsidiaries and branches in the provision of banking services by non-resident institutions


User's guide

OECD Codes of Liberalisation of Capital Movements and Current Invisible Operations: Users' Guide

Download the User's guide l FR



Contributions to the G20

The G20 is discussing ways to help countries make the most of capital flows. The OECD’s Code of Liberalisation of Capital Movements is an important contribution to this debate.

OECD reports to the G20  June 2019 | September 2018 | July 2018 | June 2017 | March 2017 | February 2017 | April 2016

OECD/IMF update on co-operation on approaches to macro-prudential and capital flow management measures, 2016

OECD/IMF update on co-operation on approaches to macro-prudential and capital flow management measures, 2015

The OECD's approach to capital flow management measures used with a macro-prudential intent, 2015

International capital flows: Structural reforms and experience with the OECD Code of Liberalisation of Capital Movements, 2011

Advisory Task Force

Created in 2012, the Advisory Task Force (ATFC) meets regularly to address questions relating to the heightened international co-operation and policy dialogue that the Codes are generating.

The ATFC examines specific measures by individual adherents with relevance to their obligations under the Codes. It assists in assessing the positions of non-OECD countries applying for adherence to the Codes. It consults with interested non-OECD countries on adherence to the Codes and other matters relating to the Codes.

The ATFC is composed of governmental experts from OECD countries,  non-OECD G20 and FSB Members, other non-OECD countries, as well as experts from relevant international organisations such as the IMF and the BIS.


1st Joint Bank of England - Banque de France - IMF - OECD Workshop on International Captial Flows and Financial Policies, 22 April 2020

High-level Policy Seminar on International Captial Flows, 11 September 2019

Open and Orderly Capital Movements: Interventions from the 2016 OECD High-Level Seminar, 2017

High-level seminar on open and orderly capital movements, 25 October 2016

High-level seminar on capital flow management and liberalisation, 9 October 2012




FDI regulatory restrictiveness index

The broad policy toolkit for financial stability: Foundations, fences and fire doors, 2019

Have currency-based capital flow management measures curbed international banking flows?, 2017

Evaluating capital flow management measures used as macro-prudential tools, 2016

Currency-based measures targeting banks - Balancing national regulation of risk and financial openness, 2015

South Africa's investment regime in relation to the Codes, 2014

Macro-prudential policy, bank systemic risk and capital controls, 2013

Capital controls on inflows, the global financial crisis and economic growth: evidence from emerging economies, 2013


Keeping capital flows orderly - Article by Adrian Blundell-Wignall, 2015

Making the most of international capital flows by Secretary-General Angel Gurría, 2012

Problems in the international financial system, 2014






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