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

SECTION 2 U.K. Requirement of a Security

Article 17 U.K. Responsible party

A security shall be given by or on behalf of the party responsible for paying the sum of money due if an obligation is not met.

Article 18 U.K. Waiver of a security requirement

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

(a)

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

(b)

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

2. 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.

Article 19 U.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

F1 Words 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)

Article 20 U.K. Use of euro

1. Securities shall be constituted in euro [F2 or sterling].

2. F3 ..., the amount of the security in euro shall be converted into [F4 sterling] in accordance with the provisions of Chapter V. The undertaking corresponding to the security and any amount withheld in the event of irregularities or breaches shall remain fixed in euro [F5 or sterling].

Textual Amendments

F2 Words in Art. 20(1) inserted (31.12.2020 insofar as relates to common organisation of the markets and rural development measures) by The Common Agricultural Policy (Financing, Management and Monitoring Supplementary Provisions) (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/765), regs. 1, 3(9)(a); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in Art. 20(2) 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(9)(b)(i); 2020 c. 1, Sch. 5 para. 1(1)

F4 Word in Art. 20(2) substituted (31.12.2020 insofar as relates to common organisation of the markets and rural development measures) by The Common Agricultural Policy (Financing, Management and Monitoring Supplementary Provisions) (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/765), regs. 1, 3(9)(b)(ii) (as amended by S.I. 2020/1445, regs. 1(2)(b), 6(5)); 2020 c. 1, Sch. 5 para. 1(1)

F5 Words in Art. 20(2) inserted (31.12.2020) by The Common Agricultural Policy (Financing, Management and Monitoring Supplementary Provisions) (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/765), regs. 1, 3(9)(b)(iii); 2020 c. 1, Sch. 5 para. 1(1)

Modifications etc. (not altering text)

C1 Art. 20 excluded (16.11.2021) by The Private Storage Aid for Pigmeat (England) Regulations 2021 (S.I. 2021/1269), regs. 1(2), 6(3)

Article 21 U.K. The guarantor

1. The guarantor shall have his officially registered residence or an establishment in the [F6 United Kingdom] and F7 ... be approved by the competent authority F8 .... The guarantor shall be bound by a written guarantee.

2. The written guarantee shall state at least:

(a)

the obligation or, in the case of a block security, the type(s) of obligation against whose fulfilment it guarantees the payment of a sum of money;

(b)

the maximum liability to pay that the guarantor accepts;

(c)

that the guarantor undertakes jointly and severally with the party responsible for meeting the obligation to pay, within 30 days upon demand by the competent authority, any sum, within the limit of the guarantee, due once a security is declared forfeit.

3. Where a written block security has already been given, the competent authority shall determine the procedure to be followed by which all or part of the block security shall be allocated to a particular obligation.

Textual Amendments

F6 Words in Art. 21(1) substituted (31.12.2020 insofar as relates to common organisation of the markets and rural development measures) by The Common Agricultural Policy (Financing, Management and Monitoring Supplementary Provisions) (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/765), regs. 1, 3(10)(a)(i); 2020 c. 1, Sch. 5 para. 1(1)

F7 Words in Art. 21(1) 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(10)(a)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F8 Words in Art. 21(1) 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(10)(a)(iii); 2020 c. 1, Sch. 5 para. 1(1)

Article 22 U.K. Application of force majeure

Any person responsible for an obligation covered by a security claiming that the non-respect of the obligation is due to force majeure shall prove to the satisfaction of the competent authorities that force majeure applies. If the competent authority recognises a case of force majeure, the obligation is cancelled for the sole purpose of releasing the security.