No L 43/8 Official Journal of the European Communities 20. 2. 86 COUNCIL REGULATION (EEC) No 360/86 of 17 February 1986 laying down rules for the application by Spain and Portugal of quantitative restrictions on fishery products THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, Having regard to the Act of Accession of Spain and Portugal, and in particular Articles 176 and 363 thereof, Having regard to the proposal from the Commission, Whereas the Act of Accession provides that Spain and Portugal may maintain, for a specific period, quantitative restrictions applicable to the import of certain fishery products from third countries ; Whereas the limits and conditions for maintaining such quantitative restrictions in Spain and Portugal should be fixed, within the framework of genral Community rules ; Whereas, with a view to the application of the said quan- titative restrictions, an annual import quota should be set for each product concerned ; whereas, because imports of a given product are spread unevenly over the year, the annual quota set for each product should be divided into quarterly instalments which can be reviewed if necessary ; Whereas the grant of a licence, involving a system of deposits, by each of the new Member States prior to any import into its territory is likely to facilitate monitoring of the imports concerned ; whereas, to take account of the experence acquired by the new Member States in man- aging a system of import licences for fishery products, those States should be allowed to define certain detailed rules relating to the issue of such licences; Whereas, to enable the quantities imported during each quarter to be managed properly, it is necessary to specify the measures to be taken where the sum of quantities imported, or the quantities which are the subject of a licence application, does not correspond to the instalment fixed for the quarter in question, HAS ADOPTED THIS REGULATION : Article 1 This Regulation lays down rules for applying the quanti- tative restrictions provided for in Articles 176 and 363 of the Act of Accession. Article 2 1.  For the purpose of applying the quantitative restric- tions referred to in Article 1, annual import quotas shall be set before the beginning of each marketing year, in accordance with the procedure laid down in Article 33 of Council Regulation (EEC) No 3796/81 of 28 December 1981 on the common organization of the market in fishery products ('), as last amended by Regulation (EEC) No 3655/84 (). When they are set, the abovementioned quotas shall be divided into four quarterly instalments. 2. The quotas shall be set for each of the new Member States and for each product concerned, on the basis of : — the average level of imports of the product in question into Spain and Portugal over the last three years for which statistics are available, — the general market situation for the product in question, — the progressive opening of these markets resulting in particular from the negotiations with third countries. 3. The volume of quotas and their division into quar- terly instalments may be reviewed in the course of the year in accordance with the procedure referred to in paragraph 1. Article 3 1. Any import into Spain and Portugal of the products referred to in Articles 176 (1) and 363 (1) of the Act of Accession must be effected under an import licence issued in advance by the competent agency of the im- porting Member State, for each of the quarters referred to in Article 2 (1). A single licence shall be issued for each transaction. . Licences shall be issued on application by the importer, within five working days of the lodging of the application. Licences shall not be transferable. 2. The issuing of the import licence shall be subject to the lodging of a deposit as a guarantee of the undertaking to import during the period of validity of the licence ; the deposit shall be forfeited in whole or in part if, within that period, the operation is not carried out, or is carried out only partially. The arrangements for applying this paragraph shall be laid down in accordance with the procedure laid down in Article 2 (1). () OJ No L 379, 31. 12. 1981, p. 1. () O] No L 340, 28. 12. 1984, p. 1.