About the Codes
The Code of Liberalisation of Capital Movements and the Code of Liberalisation of Current Invisible Operations constitute legally binding rules, stipulating progressive, non-discriminatory liberalisation of capital movements, the right of establishment and current invisible transactions (mostly services).
Implementation of the Codes, in particular by removal of restrictions on cross-border capital flows and trade in services and the concomitant lifting of country reservations against the Codes, involves "peer pressure" exercised through policy reviews and country examinations to encourage unilateral rather than negotiated liberalisation.
Code of Capital Movements
For over 50 years, the OECD Code of Liberalisation of Capital Movements has provided a balanced framework for countries to progressively remove unnecessary barriers to the movement of capital, while providing flexibility to cope with situations of economic and financial instability. This publication presents the full text of the Code, setting out the rights and obligations of adhering countries. It also shows how far each of the adhering countries is open to international capital movements. Download the full text (PDF)
Capital flows and the OECD Code of Liberalisation of Capital Movements - Read more about how the Code promotes orderly capital flows.
Making the most of international capital flows - Secretary-General Angel Gurría describes OECD work in this field.
Code of Current Invisible Operations
This publication presents the full text of the Code of Liberalisation of Current Invisible Operations and shows all changes in the positions of members as updated by Decisions of the OECD Council. It allows a comparison of the degree of liberalisation achieved by each country in regard to the international transactions covered by the Code, including services related to business, industry and foreign trade, transport, insurance and pensions, banking and finance, cinema and television, and travel and tourism. Dowload the full text (PDF)
July 2012 - The OECD Council has adopted a landmark decision on governance of the Codes of Liberalisation. Full decision-making powers have been delegated to the Investment Committee which will be enlarged to include non members willing and able to meet the standards of adherence; all adherents will have equal rights and obligations.
Download a full description of the governance arrangements (pdf), including the role of the Codes, benchmarks for adherence, governance arrangements, and the procedures to follow to join the Codes.
This self-assessment report looks at South Africa's investment regime in the light of the Codes of Liberalisation and the principle of National Treatment
Tokyo Roundtable on capital market reform in Asia 4-5 April 2013
Session 2 of this roundtable was devoted to understanding the relationship between liberalisation, capital flow measure and macro-prudential measures.
Participants at this seminar advanced shared understandings on policies to make the most of cross-border capital flows in support of growth and development and on the value of international co-operation in the current context of global financial turbulence.
Advisory Task Force on the Codes of Liberalisation
Created in 2012, this Task Force meets regularly to address questions relating to the heightened international co-operation and policy dialogue that the Codes are generating. Special attention is devoted to issues arising in financial markets and financial services including insurance.