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 (c. 907)

CHAPTER V U.K. USE OF EURO

Article 38 U.K. Securities

For securities, the operative event for the exchange rate shall be the date on which the security is lodged.

However, the following exceptions shall apply:

(a)

for securities relating to advances, the operative event for the exchange rate shall be the operative event as defined for the amount of the advance, where that event has occurred by the time the security is paid;

(b)

for securities relating to the submission of tenders, the operative event for the exchange rate shall be the day on which the tender is submitted;

(c)

for securities relating to the performance of tenders, the operative event for the exchange rate shall be the closing date of the invitation to tender.