Commission Regulation (EEC) No 3503/92 of 3 December 1992 laying down special measures for applying the system of accession compensatory amounts for olive oil

COMMISSION REGULATION (EEC) No 3503/92  of 3 December 1992  laying down special measures for applying the system of accession compensatory amounts for olive oil
THE COMMISSION OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Economic Community,
Having regard to the Act of Accession of Spain and Portugal,
Having regard to Council Regulation (EEC) No 473/86 of 25 February 1986 laying down the general rules for the system of accession compensatory amounts for olive oil (1), and in particular Article 7 thereof,
Whereas the Commission has presented to the Council a proposal under which the intervention price for olive oil in Spain and Portugal would be reduced to the level in the Community of Ten with effect from 1 January 1993;
Whereas, as a result of the announcement of this rapid realignment, there may be deflection of trade and distortion of competition; whereas, therefore, the application of measures to avoid such phenomena is justified;
Whereas it is appropriate for the measures to take into account the volume of traditional imports of olive oil and olive-residue oil and to provide for the lodging of a security intended to guarantee that the accession compensatory amount is paid for a  product put up for consumption on the Spanish or Portuguese market prior to 1 January 1993;
Whereas the measures provided for in this Regulation are in accordance with the opinion of the Management Committee for Oils and Fats,