Article 1 
From 1 January 2012 to 31 December 2021, the Common Customs Tariff duties applicable to imports into the Canary Islands of capital goods for commercial or industrial use falling under the CN codes listed in Annex I shall be suspended in full. Those goods shall be used in accordance with the relevant provisions of Regulation (EEC) No 2913/92 and of Regulation (EEC) No 2454/93 for a period of at least 24 months after the release into free circulation by economic operators located in the Canary Islands.
Article 2 
From 1 January 2012 to 31 December 2021, the Common Customs Tariff duties applicable to imports into the Canary Islands of raw materials, parts and components falling under the CN codes listed in Annex II and used for industrial transformation or maintenance in the Canary Islands, shall be suspended in full.
Article 3 
The suspension of duties referred to in Articles 1 and 2 shall be subject to end-use in accordance with Articles 21 and 82 of Regulation (EEC) No 2913/92 and to the controls provided for in Articles 291 to 300 of Regulation (EEC) No 2454/93.
Article 4 
1. Where the Commission has reasons to believe that the suspensions laid down in this Regulation have led to a deflection of trade for a specific product, it may adopt implementing acts, temporarily withdrawing the suspension for a period not longer than 12 months. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 8. Import duties for products for which the suspension has been temporarily withdrawn shall be secured by a guarantee, and the release of the products concerned for free circulation in the Canary Islands shall be conditional upon the provision of such guarantee. 2. When the Council decides, in accordance with the procedure laid down in the Treaty, within a 12-month period, that the suspension should definitively be withdrawn, the amounts of duties secured by guarantees shall be collected definitively. 3. If no definitive decision has been adopted within the 12-month period in accordance with paragraph 2, the securities shall be released.
Article 5 
The Commission shall be empowered to adopt delegated acts in accordance with Article 6 concerning amendments and technical adaptations to Annexes I and II as are required as a consequence of amendments to the Combined Nomenclature.
Article 6 
1. The power to adopt the delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The power to adopt the delegated acts referred to in Article 5 shall be conferred on the Commission for an indeterminate period of time as from 1 January 2012. 3. The delegation of power referred to in Article 5 may be revoked at any time by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 4. As soon as it adopts a delegated act, the Commission shall notify it to the Council. 5. A delegated act adopted pursuant to Article 5 shall enter into force only if no objection has been expressed by the Council within a period of two months of notification of that act to the Council or if, before the expiry of that period, the Council has informed the Commission that it will not object.
Article 7 
The European Parliament shall be informed of the adoption of delegated acts by the Commission, of any objection formulated to them, or of the revocation of the delegation of powers by the Council.
Article 8 
1. The Commission shall be assisted by the Customs Code Committee, established by Article 247a(1) of Regulation (EEC) No 2913/92. That committee shall be a committee within the meaning of Regulation (EU) No 182/2011. 2. Where reference is made to this paragraph, Article 5 of Regulation (EU) No 182/2011 shall apply.
Article 9 
This Regulation shall enter into force on the third day following its publication in the Official Journal of the European Union . It shall apply from 1 January 2012.