The competent authority may waive the security requirement where the party responsible for meeting the obligation is either:

1. (a)

   a public body responsible for executing the duties of a public authority; or

2. (b)

   a private body executing duties referred to in point (a) under State supervision.

The competent authority may waive the security requirement where the value of the sum secured is less than EUR 500. In that case, the party concerned shall undertake in writing to pay a sum equal to the security waived if the corresponding obligation is not met.

In applying the first subparagraph, the value of the security shall be calculated as comprising all the relevant obligations linked with a same operation.