This Regulation establishes a system for the management of fishery effort in ICES divisions Vb, VI, VII, VIII, IX and X and CECAF areas 34.1.1, 34.1.2 and 34.2.0. The maximum fishing effort referred to in Article 2 shall be without prejudice to exchanges of quota carried out pursuant to Article 9 of Regulation (EC) No. 3760/92 and reallocations and/or deductions made pursuant to articles 21, 23 and 32 of Regulation (EC) No. 2847/93. Where Member States decide to exchange all or part of the fishing availabilities allocated to them, they shall notify the Commission not only of that exchange but also of the fishing effort relating thereto as agreed between them. In the event of reallocations and/or deductions of quotas, the Member States shall notify the Commission of the fishing effort corresponding to such reallocations and/or deductions.