Article 1 
This Regulation provides for adjustments to the system of aid for the production of cotton provided for in paragraphs 3 and 8 of Protocol 4 annexed to the Act of Accession of Greece and adjusted by Regulation (EEC) No 1964/87. Article 2 (1) of Regulation (EEC) No 1964/87 shall be replaced by the following: '1. The Council, acting by a qualified majority on a proposal from the Commission, shall determine the maximum guaranteed quantity for a fixed period. Such quantity shall take into account a reference period and a foreseeable trend in demand. However, for each of the 1992/93 to 1995/96 marketing years, the maximum guaranteed quantity shall be fixed at 701 000 tonnes of unginned cotton.' Article 3 The second and third subparagraphs of Article 2 (2) of Regulation (EEC) No 1964/87 shall be replaced by the following: 'However, without prejudice to the third subparagraph, if the reduction in the amount of aid exceeds 15 % of the guide price, this reduction shall be limited, under the marketing year concerned, to 15 %. Any reduction which exceeds this limit shall be carried forward to the guide price of the following marketing year up to a limit of 5 %. Moreover, the amount of the aid for the marketing year concerned shall be adjusted upwards of a threshold of 3 % on the basis of the relation between, on the one hand, the gap between the estimated production and the actual production and, on the other hand, the maximum quantity guaranteed for the preceding marketing year. However for the 1992/93 marketing year, the reduction in the guide price may in no case exceed 15 %.' Article 4 In paragraph 8 of Protocol 4, the phrase 'before 1 August for the marketing year beginning the following year' is hereby deleted. Article 5 Not later than the beginning of the 1996/97 marketing year, the Commission shall submit to the Council a report on the operation of the cotton aid system. If the report shows this to be necessary, the Council, acting by a qualified majority on a proposal from the Commission and after consulting the European Parliament, shall decide on changes to the system, taking account of the experience acquired in the operation of the system, on the one hand, and of the system of support for arable crops, on the other. Article 6 This Regulation shall enter into force on the day of its publication in the Official Journal of the European Communities. It shall apply from the 1992/93 marketing year. This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Luxembourg, 30 June 1992. For the Council The President Arlindo MARQUES CUNHA (1) OJ No L 377, 31. 12. 1987, p. 49.(2) OJ No L 184, 3. 7. 1987, p. 14. Regulation as amended by Regulation (EEC) No 1357/90 (OJ No L 134, 28. 5. 1990, p. 22).(3) OJ No C 119, 11. 5. 1992, p. 24.(4) OJ No C 150, 15. 6. 1992.(5) OJ No C 169, 6. 7. 1992.
Article 2 
Article 2 (1) of Regulation (EEC) No 1964/87 shall be replaced by the following: '1. The Council, acting by a qualified majority on a proposal from the Commission, shall determine the maximum guaranteed quantity for a fixed period. Such quantity shall take into account a reference period and a foreseeable trend in demand. However, for each of the 1992/93 to 1995/96 marketing years, the maximum guaranteed quantity shall be fixed at 701 000 tonnes of unginned cotton.' Article 3 The second and third subparagraphs of Article 2 (2) of Regulation (EEC) No 1964/87 shall be replaced by the following: 'However, without prejudice to the third subparagraph, if the reduction in the amount of aid exceeds 15 % of the guide price, this reduction shall be limited, under the marketing year concerned, to 15 %. Any reduction which exceeds this limit shall be carried forward to the guide price of the following marketing year up to a limit of 5 %. Moreover, the amount of the aid for the marketing year concerned shall be adjusted upwards of a threshold of 3 % on the basis of the relation between, on the one hand, the gap between the estimated production and the actual production and, on the other hand, the maximum quantity guaranteed for the preceding marketing year. However for the 1992/93 marketing year, the reduction in the guide price may in no case exceed 15 %.' Article 4 In paragraph 8 of Protocol 4, the phrase 'before 1 August for the marketing year beginning the following year' is hereby deleted. Article 5 Not later than the beginning of the 1996/97 marketing year, the Commission shall submit to the Council a report on the operation of the cotton aid system. If the report shows this to be necessary, the Council, acting by a qualified majority on a proposal from the Commission and after consulting the European Parliament, shall decide on changes to the system, taking account of the experience acquired in the operation of the system, on the one hand, and of the system of support for arable crops, on the other. Article 6 This Regulation shall enter into force on the day of its publication in the Official Journal of the European Communities. It shall apply from the 1992/93 marketing year. This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Luxembourg, 30 June 1992. For the Council The President Arlindo MARQUES CUNHA (1) OJ No L 377, 31. 12. 1987, p. 49.(2) OJ No L 184, 3. 7. 1987, p. 14. Regulation as amended by Regulation (EEC) No 1357/90 (OJ No L 134, 28. 5. 1990, p. 22).(3) OJ No C 119, 11. 5. 1992, p. 24.(4) OJ No C 150, 15. 6. 1992.(5) OJ No C 169, 6. 7. 1992.