25As set out in Article 67 of the Treaty, the free movement of capital entails the abolition of restrictions on the movement of capital belonging to persons resident in Member States and any discrimination based on the nationality or on the place of residence of the parties or on the place where such capital is invested. The First Directive provides, for the implementation of Article 67, for the complete liberalisation of certain capital movements and is intended to bring about the elimination of administrative obstacles which, although not taking the form of exchange authorisations or affecting the acquisition of foreign securities, none the less constitute a hindrance to the widest and swiftest liberalisation of capital movements between the Member States which, according to the preamble to the First Directive, is necessary for the attainment of the objectives of the European Community (see Case 157/85 Brugnoni and Ruffinengo [1986] ECR 2013, paragraphs 21 and 22).
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