CHAPTER IVSECURITIES

SECTION 1Scope and Use of terms

Article 16Terms used in this Chapter

For the purposes of this Chapter:

  1. (a)

    ‘competent authority’ means either a party authorised to accept a security or a party authorised to decide in accordance with the relevant regulation if a security is to be released or forfeited;

  2. (b)

    ‘block security’ means a security made available to the competent authority with the purpose of ensuring that more than one obligation is met;

  3. (c)

    ‘the relevant part of the sum secured’ means the part of the sum secured corresponding to the quantity for which a requirement has been breached.