Commission Regulation (EC) No 2810/98 of 22 December 1998 introducing transitional measures relating to agricultural conversion rates fixed in advance before 1 January 1999

COMMISSION REGULATION (EC) No 2810/98 of 22 December 1998 introducing transitional measures relating to agricultural conversion rates fixed in advance before 1 January 1999
THE COMMISSION OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Community,
Having regard to Council Regulation (EC) No 2799/98 of 15 December 1998 establishing agrimonetary arrangements for the euro (1), and in particular Article 10 thereof,
Whereas Regulation (EC) No 2799/98 repeals Council Regulation (EEC) No 3813/92 (2), as last amended by Regulation (EC) No 150/95 (3), Article 6(2a) of which stipulates that the agricultural conversion rate may be fixed in advance;
Whereas the possibility of fixing the agricultural conversion rate in advance expires on 31 December 1998; whereas, however, the term of validity of agricultural conversion rates fixed in advance is equal to that of the advance fixing of the amount concerned or that of the award;
Whereas it should be specified that the agricultural conversion rate fixed in advance during the last reference period of 1998 is the same as that resulting from the quotations of the representative rate for that period;
Whereas the conversion rate for participating Member States and the exchange rate for non-participating Member States may diverge from the agricultural conversion rate fixed in advance; whereas too large a gap may distort competition; whereas, therefore, the agricultural conversion rate fixed in advance must be adjusted where it diverges by more than 4 % from the above conversion rate or the above exchange rate which would have been applied had the rate not been fixed in advance;
Whereas the validity of the certificates is not restricted to the territory of a single Member State; whereas it is, therefore, advisable to lay down appropriate measures to avoid speculation;
Whereas the measures provided for in this Regulation are in accordance with the opinion of the relevant management committees,