I wonder what are the specific policy changes in 2005, that restrict foreign asset purchases for pension funds and insurance companies, for Germany, Switzerland, Czech, Poland, Finland, Portugal, Belgium, Austria etc. Since I was reading the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions, the capital restrictions document very similar items like the following: "Controls apply to the acquisition of securities issued by collective investment funds not regulated by EU authorities if these assets are to form more than xx% of the cover of the technical reserves of an insurance company or of the assets representative of the liabilities of a private pension fund.", starting to appear in 2005, and ending in 2010 or so. The very funny thing is very similar narratives appear for all those countries in Europe. Since the IMF's AREAER does not release regulatory details, like which particular decrees led to this, I want to consult could there be any regulatory changes that actually commonly applied to all these countries? Below I will list more examples if you're interested: Czech: iv. In all subcategories of “Purchase abroad by residents”in 2005-2011 (not 2012 nor 2004) (starting in 2009, new restrictions are added in the same sectors –pension funds and insurance companies–): “Controls apply to the purchase by (1) a private pension fund of securities other than those issued by governments and central banks of OECD member countries on a foreign market; (2) an insurance company of securities other than those issued by governments and central banks of OECD countries if these assets are to form 75% or less of the cover of its technical reserves and by the EIB, EBRD, and IBRD if these assets are to form 50% or less of the cover of its technical reserves; and (3) an insurance company of securities not traded on a regulated OECD market if these assets are to form 10% or less of the cover of its technical reserves.” Note that there are restrictions on pension funds. In consequence, we take this to be a control. v. In “Financial credits outflow restrictions” 2005-2011 (not 2012 nor 2004) (starting in 2009, new restrictions are added in the same sectors –pension funds and insurance companies–): “Controls apply to credits and loans granted to nonresident borrowers (1) other than governments and central banks of OECD member countries by a private pension fund; and (2) by an insurance company if these assets are to form part of the cover of its technical reserves.” Idem as above. vi. In “Purchase abroad by residents (derivatives)” 2005-2010: “Controls apply to the purchase of or swap operations by a private pension fund in instruments and claims on a foreign financial market other than those issued by or contracted with governments and central banks of OECD member countries, and the purchase of or swap operations by an insurance company in instruments and claims on a foreign financial market other than derivatives publicly traded on an OECD market if these assets are to form 5% or less of the cover of its technical reserves.” Idem as above. Austria: ii.In "purchases abroad by residents" (equity, bonds, money market instruments, collective investment) M. Schindler identified a change in the regime in 2005 that we followed all through the following years: “Controls apply to assets not denominated in euros by a private pension fund that would cause its total assets not denominated in euros to exceed 30% of its total assets. If the exchange risk is eliminated by hedging transactions, these investments may be counted as euro-denominated investments.” We consider that a restriction on pension funds has the potential to bear a significant macro impact. Please note that in 2010 there is only reference to the insurance sector (therefore coded with zeros). iii.In "purchases abroad by residents" (derivatives) 2005-2009: “Controls apply to purchase of derivatives and other instruments and claims not denominated in euros by a private pension fund that would cause its total assets not denominated in euros to exceed 30% of its total assets. If the exchange risk is eliminated by hedging transactions, these investments may be attributed to the euro-denominated investments.” Same reason as above, that is, a restriction on pension funds might have important macroeconomic effects. Belgium: ii.In 2005-2011 (not 2012) all subcategories of "purchase abroad by residents", the coding with ones fails to comply with rule 7(i), as the controls only apply to insurance companies. Consider the following (2005-2006): “Controls apply to the acquisition of securities issued by collective investment funds not regulated by EU authorities if these assets are to form more than 10% of the cover of the technical reserves of an insurance company or of the assets representative of the liabilities of a private pension fund.” In 2007-2011, a second sentence is added: “Royal Decree of February 22, 1991, on General Regulation of the Supervision of Insurance Companies, contains detailed rules governing investments by insurance companies for the assets that cover their technical provisions.” As there is no other sector involved, this is not considered as a control. iii.In "purchase abroad by residents" (derivatives) 2005-2011 (2012 has a different narrative –which I deem to be a clear control): “Controls apply to the purchase of or swap operations in instruments and claims not traded on a regulated foreign financial market (1) negotiable within a period exceeding three months, except liabilities of financial institutions headquartered in the EU, if these assets are to form part of the cover of the technical reserves of an insurance company or of the assets representative of the liabilities of a private pension fund; (2) negotiable within a period exceeding three months, issued by financial institutions headquartered within the EU, if these assets are to form more than 20% of the cover of the technical reserves of an insurance company or of the assets representative of the liabilities of a private pension fund; (3) negotiable within three months, except liabilities of financial institutions headquartered within the EU, if these assets are to form more than 10% of the cover of the technical reserves of an insurance company or of the assets representative of the liabilities of a private pension fund; and (4) issued by financial institutions headquartered within the EU, if these assets are to form more than 20% of the cover of the technical reserves of an insurance company or of the assets representative of the liabilities of a private pension fund.” Since there is a restriction on pension funds, we consider this to be a control. iv. "Purchase abroad by residents" (equity, bonds, money market instruments) (in 2005-2011) and "Purchase abroad by residents" (collective investment) (in 2005 and 2011) are coded as 1: “Controls apply to the acquisition of securities issued by collective investment funds not regulated by EU authorities if these assets are to form more than 10% of the cover of the technical reserves of an insurance company or of the assets representative of the liabilities of a private pension fund” since it is considered to be a control imposing restrictions on pension funds. Finland: ii.In "Purchase abroad by residents" (derivatives) 2005-2008: “Controls apply to purchase of or swap operations in instruments and claims issued by or contracted with non-EU residents if these assets are to form more than 5% of the cover of the technical reserves of an insurance company or of the assets representative of the liabilities of a private pension fund administering statutory pension schemes.” This is a control, as it is related to pension funds. In 2009 the restriction for private pension funds was removed. iv."Purchases abroad by residents" (equity, bonds, money market instruments, collective investment), and "Financial credits outflow restrictions" in 2005-2008 are coded as 1, since there are controls involving pension funds: “Controls apply to the purchase of securities issued by non-EU residents if these assets are to form more than 5% of the cover of the technical reserves of an insurance company or of the assets representative of the liabilities of a private pension fund administering statutory pension schemes.“ It is considered to be a control as controls on pension funds are involved. In 2009, “The 5% limit on the purchase of securities issued by non-EU residents if these assets are to form the assets representative of the liabilities of a private pension fund administering statutory pension schemes has been removed. Poland: iii.In "Purchase abroad by residents" (equity, collective investment) 2005-2007: “Controls apply to the purchase of securities issued by nonresidents (1) from third countries (other than EU, EEA, and OECD countries) with which Poland has not entered into agreements for the promotion and protection of investments; and (2) if these assets are to form more than 5% of the cover of the technical reserves of an insurance company, or of the assets representative of the liabilities of a privately managed occupational pension fund.” iv.In "Purchase abroad by residents" (bond, money market instrument) 2005-2007: “Controls apply to the purchase of securities issued by nonresidents if these assets are to form more than 5% of the cover of the technical reserves of an insurance company, or of the assets representative of the liabilities of a privately managed occupational pension fund.” vii.In dii 2005-2012: “Controls apply to (1) the operation of a branch as a “mortgage bank” to the extent that a “mortgage bank” is defined under Polish law as an institution authorized to issue mortgage securities on domestic markets, and thereby reserved to financial institutions incorporated under domestic law; (2) the provision of asset management services by branches of nonresident investors to domestic pension funds; (3) the acquisition of land reserved for agriculture or forests, and acquisition of water areas, unless authorization is granted; (4) investment in an enterprise operating an airline, exceeding 49% of the share capital; (5) investment in a broadcasting company bringing foreign ownership of the share capital above 33%; (6) investment in an enterprise operating in the gambling and betting sector, except through an enterprise incorporated in Poland in which foreign ownership of the capital is 49% or less; and (7) investment in a registered vessel, except through an enterprise incorporated in Poland.” Portugal: ii.In all subcategories of "Purchase abroad by residents" and "Financial credits outflow restrictions" 2005: “Controls apply to the purchase by a private pension fund of securities issued by nonresidents that would cause the sum of its foreign assets to exceed 20% of its total assets.” iv.In "Purchase abroad by residents" (derivatives) 2005 (only this year): “Controls apply to purchases of or swap operations in instruments and claims on a foreign financial market by a private pension fund that would cause the sum of its foreign assets to exceed 20% of its total assets.” Switzerland: iv.In "Purchase abroad by residents" (derivatives) 2005-2012 “Controls apply to the purchase of or swap operations in instruments and claims issued by or contracted with nonresidents if these assets are to form more than 20% of the cover of the technical reserves of an insurance company or of the assets representative of the liabilities of a private pension fund.” v."Purchase abroad by residents" (equity, bond, money market instrument, collective investment) and "Financial credits outflow restrictions" in 2005-2008 are coded as 1: “Controls apply to the purchase of shares or other securities of a participating nature issued by nonresidents if these assets are to form more than 25% of the cover of the technical reserves of an insurance company or of the assets representative of the liabilities of a private pension fund” It is considered to be a control as controls on pension funds are involved. Further “Effective January 1, 2009, the revision of the Ordinance on Occupational Benefit Plans Concerning Old Age, Survivors, and Disability of September 19, 2008, has abolished controls on the purchase of shares or other securities of a participating nature issued by nonresidents when these assets form more than 25% of the assets representative of the liabilities of a private pension fund”.