GROUP OF COUNTRIES SPECIFIED THEREIN .
4 . WHERE THE QUANTITY IMPORTED OR EXPORTED EXCEEDS BY NOT MORE THAN 5 % THE QUANTITY INDICATED IN THE LICENCE OR CERTIFICATE IT SHALL BE CONSIDERED TO HAVE BEEN IMPORTED OR EXPORTED UNDER THAT LICENCE OR CERTIFICATE .
5 . WHERE THE QUANTITY IMPORTED OR EXPORTED FALLS BY NOT MORE THAN 5 % BELOW THE QUANTITY INDICATED IN THE LICENCE , THE OBLIGATION TO IMPORT OR EXPORT SHALL BE CONSIDERED TO HAVE BEEN FULFILLED .
ARTICLE 3
1 . OBLIGATIONS DERIVING FROM LICENCES OR CERTIFICATES SHALL NOT BE TRANSFERABLE . RIGHTS DERIVING FROM LICENCES OR CERTIFICATES SHALL BE TRANSFERABLE BY THE TITULAR HOLDER OF THE LICENCE OR CERTIFICATE DURING THE PERIOD OF ITS VALIDITY . SUCH TRANSFER , WHICH MAY BE MADE IN FAVOUR OF A SINGLE TRANSFEREE ONLY FOR EACH LICENCE OR CERTIFICATE OR EXTRACT THEREFROM , SHALL RELATE TO QUANTITIES NOT YET ATTRIBUTED TO THE LICENCE OR CERTIFICATE OR EXTRACT THEREFROM .
2 . THE TRANSFER SHALL TAKE EFFECT FROM THE TIME WHEN THE AGENCY ISSUING THE LICENCE OR CERTIFICATE ENDORSES THEREON OR WHERE APPROPRIATE ON THE EXTRACT THEREFROM THE NAME AND ADDRESS OF THE TRANSFEREE AND THE DATE OF THE ENTRY , AS CERTIFIED BY THE STAMP OF THE AGENCY .
3 . SUCH ENDORSEMENT SHALL BE MADE ON APPLICATION BY THE TITULAR HOLDER . THE TRANSFEREE MAY NEITHER FURTHER TRANSFER HIS RIGHTS NOR TRANSFER THEM BACK TO THE TITULAR HOLDER .
ARTICLE 4
1 . NO LICENCE OR CERTIFICATE SHALL BE REQUIRED IN RESPECT OF PRODUCTS WHICH ARE NOT PLACED IN FREE CIRCULATION WITHIN THE COMMUNITY OR IN RESPECT OF PRODUCTS THE EXPORTATION OF WHICH CONSTITUTES THE FINAL STAGE OF A CUSTOMS PROCEDURE UNDER WHICH THEY WERE ALLOWED TO BE IMPORTED FREE OF THE RELEVANT CUSTOMS DUTIES , CHARGES HAVING EQUIVALENT EFFECT OR AGRICULTURAL LEVIES .
2 . HOWEVER , WHERE COMPOUND PRODUCTS OR GOODS QUALIFYING FOR AN EXPORT REFUND ON THE BASIS OF ONE OR MORE OF THEIR COMPONENTS ARE EXPORTED , ONLY THE CUSTOMS STATUS OF EACH SUCH COMPONENT SHALL BE TAKEN INTO ACCOUNT FOR THE PURPOSES OF PARAGRAPH 1 .
3 . WHERE ADVANCE FIXING OF A LEVY OR REFUND IS NOT REQUESTED , NO LICENCE SHALL BE REQUIRED FOR THE PURPOSES OF OPERATIONS :
_ AS SPECIFIED IN ARTICLE 3 OF REGULATION ( EEC ) N 192/75 , OR
_ OF A NON-COMMERCIAL NATURE , OR
_ RELATING TO QUANTITIES SUCH THAT THE AMOUNT OF THE SECURITY FOR THE CORRESPONDING LICENCE WOULD BE TWO UNITS OF ACCOUNT OR LESS .
4 . FOR THE PURPOSES OF PARAGRAPH 3 " OPERATIONS OF A NON-COMMERCIAL NATURE " MEANS :
( A ) IMPORTS BY OR CONSIGNED TO PRIVATE INDIVIDUALS , PROVIDED THAT SUCH OPERATIONS SATISFY THE REQUIREMENTS OF SECTION II ( B ) ( 2 ) OF THE PRELIMINARY PROVISIONS OF THE COMMON CUSTOMS TARIFF ;
( B ) EXPORTS BY PRIVATE INDIVIDUALS , PROVIDED THAT SUCH OPERATIONS SATISFY MUTATIS MUTANDIS THE REQUIREMENTS REFERRED TO IN (