In late September 2017, the Commission submitted a draft Delegated Regulation to the Council and the EP to amend certain Annexes of Regulation 978/2012 applying a scheme of generalised tariff preferences (the "GSP Regulation"). The draft amendments are proposed in the context of the required annual update of the list of countries that can enjoy GSP benefits, which is based on how countries are ranked by the World Bank. Countries that for three consecutive years are classified as upper-middle income countries lose GSP status, as do countries for which other preferential trade agreements apply, after a transitional period. Under the draft amendments, Cte d'Ivoire, Ghana, Paraguay and Swaziland will lose all GSP preferences as from 1 January 2019, while Equatorial Guinea will do so as from 1 January 2021. The Council and EP have two months (which can be extended by a further two months) to raise objections, if any, following which the Commission can formally adopt and publish its Regulation.