The Trade Remedies (Dumping and Subsidisation) (EU Exit) Regulations 2019

Currency conversion U.K.

18.—(1) This regulation applies where the TRA is required to make a comparison between the normal value and the export price for the purpose of regulation 6(2)(c).

(2) Subject to paragraphs (3) and (4), where the TRA is required to make a currency conversion in order to carry out the comparison referred to in paragraph (1), it must use the rate of exchange on the date of sale of the goods.

(3) When a sale of foreign currency on forward markets is directly linked to the export sale involved, the TRA must use the applicable rate in the forward sale of the goods.

(4) In conducting a currency conversion, the TRA—

(a) must disregard short-term fluctuations in exchange rates; and

(b) may consider sustained movements in exchange rates during the period of investigation, provided that it allows overseas exporters at least 60 days to adjust their export prices to reflect such movements.

(5) For the purpose of this regulation—

(a) “the rate of exchange” means the currency exchange rate that the TRA considers to be most appropriate taking into account, among other things, the material terms of the sale; and

(b) the TRA may treat the “date of sale” for the purpose of paragraph (2) as the date of either the—

(i) invoice;

(ii) contract;

(iii) purchase order; or

(iv) order confirmation,

that establishes the material terms of sale.

Commencement Information

I1 Reg. 18 in force at 6.3.2019, see reg. 1(2)