14/04/2011 (Agence Europe) - Commission authorises Lithuania and Slovakia to extend their transitional period banning acquisition of agricultural land. On Thursday 14 April, the European Commission decided to grant Lithuania and Slovakia a three-year extension of their transitional period for the acquisition of agricultural land by EU citizens other than Lithuanian and Slovak citizens respectively and legal entities not registered in the respective countries. The decision was taken on the basis of information provided by these countries, whereby the market for agricultural land could be severely upset in the event of expiry of the transitional period. On the basis of the 2003 Act of Accession, both countries were originally granted a seven-year transitional period (i.e. until 30 April 2011) as an exception to EU law that provides for the free movement of capital. The national prohibitions during this period concern the acquisition of agricultural land by natural persons who are not resident in these countries or who are not born there, and by legal persons. This is a temporary exemption to the free movement of capital guaranteed by Articles 63-66 of the Treaty on the Functioning of the European Union. The Commission, moreover, has invited the countries to speed up agricultural reform and to prepare their markets for liberalisation in the field of acquisition of agricultural land. (L.C./transl.jl)