Join Date: Feb 2010
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COLREGS Annex I (9)(b)(i):
All-round lights shall be so located as not to be obscured by masts, topmasts or structures within angular sectors of more than 6 degrees, except anchor lights prescribed in Rule 30, which need not be placed at an impracticable height above the hull.
In other words, hanging an LED lantern as an anchor light well above the deck (e.g., halfway up the forestay) is kosher.