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Commission Delegated Regulation (EU) No 907/2014Show full title

Commission Delegated Regulation (EU) No 907/2014 of 11 March 2014 supplementing Regulation (EU) No 1306/2013 of the European Parliament and of the Council with regard to paying agencies and other bodies, financial management, clearance of accounts, securities and use of euro

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Article 16Terms used in this Chapter

For the purposes of this Chapter:

(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;

(b)

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

(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.

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