Quota transfers or exchanges with the United Kingdom
Article 55
1. Any quota transfer or exchange between the Union and the United Kingdom shall take place in accordance with this Article. 2. A Member State intending to transfer or exchange quotas with the United Kingdom shall discuss with the United Kingdom an outline of the quota transfer or exchange. The Member State concerned shall notify the Commission of that outline. 3. If the Commission endorses an outline of the quota transfer or exchange referred to in paragraph 2 notified by the Member State concerned, it shall express, without undue delay, its consent to be bound by such quota transfer or exchange. The Commission shall notify the Member States and the United Kingdom of the agreed quota transfer or exchange. 4. The fishing opportunities received from or transferred to the United Kingdom under the agreed quota transfer or exchange shall be deemed to be quotas added to, or deducted from, the allocation of the Member State concerned as of the moment when the quota transfer or exchange has been notified in accordance with paragraph 3. Such transfers or exchanges shall not affect the distribution key for allocating fishing opportunities among Member States in accordance with the principle of relative stability of fishing activities.