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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.