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1. In order to take account of the landing obligation and to make quotas for certain by-catches available to Member States without a quota, the quota exchange mechanism set out in paragraphs 2 to 5 shall apply to the TACs identified in Annex IA.

2. 6 % of each quota from the TACs for cod (Gadus morhua) in the Celtic Sea (COD/7XAD34), cod in the West of Scotland (COD/5BE6A), whiting in the Irish Sea (WHG/07A.) and plaice in ICES divisions 7h, 7j and 7k (PLE/7HJK.), and 3 % of each quota from the TAC for whiting in the West of Scotland (WHG/56-14), allocated to each Member State, shall be made available for a pool for quota exchanges (‘the pool’), which shall open on 1 January 2024. Member States without a quota shall have exclusive access to the pool until 31 March 2024.

3. The quantities drawn from the pool may not be exchanged or transferred to the following year. After 31 March 2024, any unused quantities shall be returned to the Member States that initially contributed to the pool.

4. Member States without a quota shall provide in return quotas for stocks listed in Annex IA, Part C, unless the Member State without a quota and the Member State contributing to the pool agree otherwise.

5. The quotas referred to in paragraph 4 shall be of equivalent commercial value, determined on the basis of a market exchange rate or other mutually acceptable exchange rates. In the absence of alternatives, the equivalent commercial value shall be determined on the basis of average Union prices from the previous year, as provided by the European Market Observatory for Fisheries and Aquaculture Products.

6. Where the quota exchange mechanism set out in paragraphs 2 to 5 does not allow Member States to cover their unavoidable by-catches to a similar extent, Member States shall endeavour to agree on quota exchanges pursuant to Article 16(8) of Regulation (EU) No 1380/2013, ensuring that quotas exchanged are of equivalent commercial value.