No L 332/22 Official Journal of the European Communities 26. 11. 86 (Acts whose publication is not obligatory) COUNCIL COUNCIL DIRECTIVE of 17 November 1986 amending the First Directive of 11 May 1960 for the implementation of Article 67 of the Treaty (86/566/EEC) THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article 69 thereof, Having regard to the proposal from the Commission, submitted after consultation of the Monetary Commit- tee ('), Having regard to the opinion of the European Parli- ament (%), Whereas the Directive of 11 May 1960 (°), as last amended by Directive 85/583/EEC (%), laid down the Member States’ obligations in respect of the liberalization of capital movements ; whereas the degree of liberalization differs according to the categories of capital movements in ques- tion ; Whereas if the objectives of the Treaty and, in particular, completion ‘of the internal market and the Community’s ‘greater financial integration are to be attained, gradual progress must be made towards the liberalization of capital movements; whereas it is important that such progress be made jointly with that made towards the increased convergence of the economic policies of the Member States, greater monetary stability and the deve- lopment of the European Monetary System (EMS); Whereas the reclassification of the operations on List B of Annex I to the Directive of 11 May 1960 so that the liberalization rules applying to operations on List A of the same Annex apply to them also must not make the () OJ No C 229, 10. 11. 1986, p. 3. () OJ No C 297, 24. 11. 1986. () OJ No 43, 12. 7. 1960, p. 921/60. () OJ No L 372, 31. 12. 1985, p. 39. procedures for granting the requisite authonzanons more difficult for such operations ; Whereas the Kingdom of Spain and the Portuguese Republic may, under the terms of Articles 61 to 66 and 222 to 232 respectively- of the 1985 Act of Accession, postpone the liberalization of certain capital movements in derogation from the obligations of the Directive of 11 May 1960 ; whereas those two Member States should be able to postpone the application of the new liberalization obligations resulting from this Directive for periods similar to those laid down in the Act of Accession and for the same economic reasons, HAS ADOPTED THIS DIRECTIVE : Article 1 The Directive of 11 May 1960 is hereby amended as follows : 1. Article 2 is hereby repealed. 2. In Article 3 (1), ‘List C of Annex I’ is replaced by ‘List B of Annex I 3. Article 5 (2) is replaced by the following : ‘2. The Member States shall undertake not to render more difficult the autorization procedures required on the date of entry into force of this Directive. They shall simplify as far as possible the authorization and control formalities applicable to the conclusion and performance of transactions and transfers and shall where necessary consult one another with a view to such simplification.’