Article 1 
The Fisheries Partnership Agreement between the European Community on the one hand, and the Government of Denmark and the Home Rule Government of Greenland, on the other, is hereby approved on behalf of the Community. The text of the Agreement is attached to this Regulation.
Article 2 
Detailed rules implementing the administrative measures agreed in accordance with Article 6(3) and Article 10(2)(h), of the Agreement referred to in Article 1 may be adopted in accordance with the procedure referred to in Article 30(2) of Regulation (EC) No 2371/2002.
Article 3 
1. The allocation and management of fishing opportunities including licences obtained under the Agreement referred to in Article 1 shall be conducted in accordance with Article 20 of Regulation (EC) No 2371/2002. 2. Notwithstanding paragraph 1, if licence applications from Member States do not cover all the fishing opportunities allocated to Member States pursuant to paragraph 1 including those exchanged in accordance with Article 20(5) of Regulation (EC) No 2371/2002 by the dates set out in the Annex, the Commission may take into consideration licence applications from any other Member State. The Commission, in close cooperation with the Member States concerned, may then, after the dates set out in the Annex, make the transfer of the non-utilised fishing opportunities from the Member State holding it to another Member State. This reallocation of fishing opportunities shall not prejudice allocation keys for the distribution of fishing opportunities amongst Member States in accordance with relative stability. 3. For each species in the Annex, the Commission shall inform the Member States about the level of utilisation of the fishing opportunities based on licence applications received at the latest: (a) one month before the date set out in the Annex; and (b) by the date set out in the Annex. 4. The Commission shall establish in accordance with the procedure laid down in Article 30(2) of Regulation (EC) No 2371/2002 by 31 December 2007 the detailed rules and criteria under which the redistribution mechanism referred to above shall be exercised. Until such rules are adopted the Commission shall not be prevented from exercising the mechanism as set out in paragraph 2.
Article 4 
The Member States whose vessels fish under this Agreement shall notify the Commission of the quantities of each stock caught within the Greenlandic fishing zone in accordance with Commission Regulation (EC) No 500/2001 of 14 March 2001 laying down detailed rules for the application of Council Regulation (EEC) No 2847/93 on the monitoring of catches taken by Community fishing vessels in third country waters and on the high seas ( 3 ) .
Article 5 
The President of the Council is hereby authorised to designate the persons empowered to sign the Agreement in order to bind the Community.
Article 6 
This Regulation shall enter into force on the seventh day following that of its publication in the Official Journal of the European Union .