No L 148/48 Official Journal of the European Communities 30. 6. 95 COUNCIL REGULATION (EC) No 1554/95 of 29 June 1995 laying down the general rules for the system of aid for cotton and repealing Regulation (EEC) No 2169/81 THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, Having regard to the Act of Accession of Greece, and in particular paragraph 9 of Protocol 4 on cotton, as last amended by Regulation (EC) No 1553/95 (1), Having regard to the proposal by the Commission (2), Whereas Protocol 4 of the Act of Accession of Greece and Council Regulation (EEC) No 1964/87 of 2 July 1987 adjusting the system of aid for cotton introduced by Protocol 4 annexed to the Act of Accession of Greece (%) have been amended by Regulation (EC) No 1553/95; whereas Council Regulation (EEC) No 2169/81 of 27 July 1981 laying down the general rules for the system of aid for cotton (*} should accordingly be amended; whereas the significance of the adjustments that need to be made to Regulation (EEC) No 2169/81 and the large number of amendments already made to it make it appropriate to recast this Regulation for the purposes of clarity and transparence; whereas Regulation (EEC) No 2169/81 should therefore be repealed; Whereas, pursuant to paragraph 9 of the Protocol, it is necessary to lay down the rules of procedure and sound management for its application, the general rules of the system of production aid, the criteria for determining the world market price and the rules concerning the financing of the measures envisaged; Whereas, in order to facilitate the management and control of the aid system, provision should be made for a procedure establishing close cooperation between the Member States and the Commission within a Management Committee; whereas it is advisable to use by Regulation (EEC) No 1554/93 {O] No L 154, 25. 6. 1993, p. 23). the Management Committee for Flax and Hemp as provided for in Council Regulation (EEC) No 1308/70 of 29 June 1970 on the common organization of the market in flax and hemp (5); Whereas, in accordance with Article 2 of Regulation (EEC) No 1964/87, the aid shall be altered by adjustments yet to be determined where the Community production exceeds a quantity fixed in advance; whereas, in consequence, the amount of aid to be granted cannot be determined until the actual quantity produced is itself known; whereas, to offset the adverse effects of late payment of aid for the parties involved, provision should be made for the part of the aid to be paid in advance; Whereas, pursuant to the third subparagraph of paragraph 3 of the Protocol, the aid is determined on the basis of the difference between a guide price for unginned cotton and the world market price; whereas, since there is no international trade in unginned cotton, and there are therefore no offers or quotations, provision should be made to enable a world market price for this product to be determined; whereas this price may be established on the basis of the historical relationship between the price agreed for ginned cotton and that calculated for unginned cotton; Whereas, when calculating the price of ginned cotton, account should be taken of the offers made on the world market and of the quotations on those exchanges that are important for international trade; whereas the price on the world market must be calculated using the most favourable offers and quotations on that market among those that are considered representative of the real market trend; Whereas, for the aid system to operate correctly, the world market price must be recorded for a Community frontier crossing point; whereas, in fixing this point, account should be taken of the extent to which it is representative for imports of the products in question; whereas, therefore, in the case of multiple origins the ports of Northern Europe should be chosen and in the case of a limited number of origins, offers or quotations recorded on an exchange outside Europe the port of (*) OJ No L 146, 4. 7. 1970, p. 1. Regulation as last amended by Regulation (EC} No 3290/94 (O] No L 349, 31. 12. 1994, p. 105).