Revalidation and extension of advance licences allowed with conditions; penalty applies for irregular or unfulfilled export obligations, subject to regional approval. Transitional arrangements permit revalidation and last extensions of advance licences issued prior to 28 February 1995 where exports are completed fully or to specified thresholds, subject to documentary compliance and payment of a penalty on the unfulfilled or irregular export value; licences with no exports/imports, licences endorsed as transferable, or licences affected by misrepresentation or fraud are ineligible, and Regional Licensing Authorities that issued the licences shall grant allowed revalidation/extensions upon submission of regional licences, DEECs and prescribed documents.