Article 1 
From 1 January to 31 December each year, the customs duties applicable to imports into the Community of products listed in the Annex and originating in the Faroe Islands shall be suspended at the levels and within the limits of the Community tariff quotas specified therein.
Article 2 
The tariff quotas provided for in this Regulation shall be managed in accordance with Articles 308a, 308b and 308c of Regulation (EEC) No 2454/93.
Article 3 
Where an importer enters a product covered by this Regulation for free circulation in a Member State accompanied by: — a request for preferential treatment, and — a movement certificate, complying with the rules laid down in the Protocol concerning the definition of the concept of originating products and methods of administrative cooperation annexed to Decision 97/126/EC ( 7 ), and his declaration is accepted by the customs authorities, the Member State concerned shall, by notifying the Commission accordingly, draw a quantity from the quota concerned to satisfy the requirement. Applications for drawings from the quotas shall indicate the date on which the declarations were accepted and shall be sent to the Commission forthwith. Drawings shall be granted by the Commission on the basis of the date when the declarations for free circulation were accepted by the customs authorities of the Member State concerned, provided the available balance is sufficient. Where a Member State fails to use the quantities drawn, it shall return them as soon as possible to the relevant quota. Where the quantities applied for are in excess of the available balance, allocation shall be made in proportion to the requirements. The Member State shall be informed by the Commission of the quantities drawn.
Article 5 
2. The provisions adopted pursuant to paragraph 1 do not authorize the Commission to: — carry over preferential quantities from one quota period to another, — amend the timetables laid down in the Agreements or protocols, — transfer quantities from one quota to another, — open and administer quotas resulting form new agreements, — adopt legislation affecting the administration of quotas subject to import certificates.
Article 6 
1. The Commission shall be assisted by the Customs Code Committee. 2. The representative of the Commission shall submit to the Committee a draft of the measures to be taken. The Committee shall deliver its opinion on the draft within a time limit which the chairman may lay down according to the urgency of the matter. The opinion shall be delivered by the majority as laid down in Article 148 (2) of the Treaty in the case of decisions which the Council is required to adopt on a proposal from the Commission. The votes of the representatives of the Member States within the Committee shall be weighted in the manner set out in that Article. The chairman shall not vote. The Commission shall adopt measures which shall apply immediately. However, if these measures are not in accordance with the opinion of the Committee, they shall forthwith be communicated by the Commission to the Council. In that event the Commission shall defer application of the measures which it has adopted for three months from the date of such communication. The Council, acting by a qualified majority, may take a different decision within the time limit specified in the previous subparagraph. 3. The Committee may examine any question concerning the application of this Regulation which is raised by its chairman either at the latter's initiative or at the request of a Member State.
Article 8 
The Commission shall adopt all appropriate measures, in close cooperation with the Member States, to apply this Regulation.
Article 9 
Regulation (EC) No 1983/95 shall be repealed.
Article 10 
This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Communities . It shall apply from 1 January 1997.