Decision of the European Central Bank of 15 May 2008 on security accreditation procedures for manufacturers of euro secure items for euro banknotes (ECB/2008/3) (2008/402/EC) (repealed)

Article 14 U.K. Revocation of full or temporary security accreditation

1. The ECB shall take a decision to revoke a manufacturer’s full security accreditation in the following circumstances:

(a) where the final report referred to in Article 9(4) identifies an instance of non-compliance with the security rules that:

(i)

is deemed to present an immediate and serious threat to the security of euro banknotes or their components, and the manufacturer failed to demonstrate during the security inspection that no loss, theft or publication of euro secure items had occurred;

(ii)

indicates to the security inspection team that an instance of non-compliance which led the ECB to take a decision pursuant to Article 13 had not been remedied within the time limit laid down in that ECB decision; or

(iii)

is of the same type as an instance of non-compliance with respect to which a warning has already been issued pursuant to Article 12; or

(b) where:

(i)

a manufacturer refuses to grant a security inspection team immediate access to a manufacturing site;

(ii)

there is a breach of Article 3(1), 3(5), or 3(6); or

(iii)

for any other reason it is reasonable for the ECB to deem that the manufacturer’s conduct could put the integrity of euro banknotes as a means of payment at risk.

2. The ECB shall take a decision to revoke a manufacturer’s temporary security accreditation where:

(i)

there is a breach of Article 4(4); or

(ii)

for any other reason it is reasonable for the ECB to deem that the manufacturer’s conduct could put the integrity of euro banknotes as a means of payment at risk.

3. In its revocation decision, the ECB shall specify the date following which the manufacturer may reapply for full or temporary security accreditation under Article 5.

4. Where the possession of euro secure items by the manufacturer after revocation could put the integrity of euro banknotes as a means of payment at risk, the ECB may require the manufacturer to take measures, such as delivery to the ECB or an NCB of specified euro secure items or destruction thereof, to ensure that the manufacturer does not possess any such euro secure items after revocation becomes effective.