Licences and special fishing permits may be cancelled with a view to the issue of new licences and special fishing permits. Such cancellations shall take effect on the day before the date of issue of the new licences and special fishing permits by the Commission. New licences and special fishing permits shall take effect from their date of issue.

Licences and special fishing permits shall be wholly or partially withdrawn before the date of expiry if the quota for the stock in question provided for in Annex I has been exhausted.

Licences and special fishing permits shall be withdrawn in the event of any failure to meet the obligations laid down in this Regulation.