Article 19U.K.Conditions applying to securities
1.The competent authority shall refuse to accept or shall require the replacement of any security which it considers inadequate or unsatisfactory or which does not provide cover for a sufficient period.
2.Where cash is deposited by transfer, it shall not be regarded as establishing a security until the competent authority is satisfied that it has the amount at its disposal.
3.A cheque for a sum whose payment is guaranteed by a financial institution recognised for that purpose by the F1... competent authority concerned shall be treated as a cash deposit. The competent authority need not to present such a cheque for payment until the period for which it is guaranteed is about to expire.
A cheque, other than as referred to in the first subparagraph, shall constitute a security only when the competent authority is satisfied that it has the amount at its disposal.
4.Any charges by a financial institution shall be borne by the party giving the security.
5.No interest shall be paid to the party giving a security in the form of a cash deposit.
Textual Amendments
F1Words in Art. 19(3) omitted (31.12.2020 insofar as relates to common organisation of the markets and rural development measures) by virtue of The Common Agricultural Policy (Financing, Management and Monitoring Supplementary Provisions) (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/765), regs. 1, 3(8); 2020 c. 1, Sch. 5 para. 1(1)