Council Regulation (EEC) No 3876/92 of 28 December 1992 amending Regulation (EEC) No 4007/87 extending the period referred to in Article 90 (1) and Article 257 (1) of the Act of Accession of Spain and Portugal

COUNCIL REGULATION (EEC) No 3876/92  of 28 December 1992  amending Regulation (EEC) No 4007/87 extending the period referred to in Article 90 (1) and Article 257 (1) of the Act of Accession of Spain and Portugal
THE COUNCIL 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, and in particular Articles 90 (2) and 257 (2) thereof,
Having regard to the proposal from the Commission,
Having regard to the opinion of the European Parliament (1),
Whereas Articles 90 (1) and 257 (1) of the Act of Accession provide for a period during which transitional measures may be adopted to facilitate the passage from the arrangements existing in Spain and Portugal before accession to those resulting from  the application of the common organization of the markets under the conditions laid down in the Act of Accession, and in particular to cope with appreciable difficulties in implementing the new arrangements at the date laid down; whereas the date of  expiry of that period, set at 31 December 1987 in the Act of Accession, was extended by Regulation (EEC) No 4007/87 (2), to 31 December 1992 for Spain and Portugal;
Whereas, despite progress made in recent years, difficulties specific to certain sectors in both Member States cannot be overcome by 31 December 1992; whereas the period in question should therefore be extended by one year for Spain and for Portugal,