investment - including investment in real estate - establishment, the
provision of financial services or the admission of securities to capital
markets.
2. Whilst endeavouring to achieve the objective of free movement of
capital between Member States and third countries to the greatest
extent possible and without prejudice to the other Chapters of this
Treaty, the Council may, acting by a qualified majority on a proposal
from the Commission, adopt measures on the movement of capital to
or from third countries involving direct investment - including
investment in real estate -, establishment, the provision of financial
services or the admission of securities to capital markets. Unanimity
shall be required for measures under this paragraph which constitute
a step back in Community law as regards the liberalization of the
movement of capital to or from third countries.
ARTICLE 73d
1. The provisions of Article 73b shall be without prejudice to the right
of Member States:
(a) to apply the relevant provision of their tax law which distinguish
between tax-payers who are not in the same situation with regard to
their place of residence or with regard to the place where their capital
is invested;
(b) to take all requisite measures to prevent infringement of national
law and regulations, in particular in the field taxation and the
prudential supervision of financial institutions, or to lay down
procedures for the declaration of capital movements for purposes of
administrative or statistical information, or to take measures which are
justified on grounds of public policy or public security.
2. The provisions of this Chapter shall be without prejudice to the
applicability of restrictions on the right of establishment which are
compatible with this Treaty.