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Commission Implementing Regulation (EU) No 908/2014Show full title
Commission Implementing Regulation (EU) No 908/2014 of 6 August 2014 laying down rules for the application of 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, rules on checks, securities and transparency
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Article 53Replacement and assignment
1.Any form of security may be replaced by another.
However, the agreement of the competent authority shall be required in the following cases:
(a)where the original security has been forfeited but not yet realised; or
(b)where the replacement security is of a type listed in Article 51(2).
2.A block security may be replaced by another block security on condition that the new block security covers at least that part of the original block security assigned at the time of replacement to ensure fulfilment of one or more obligations still outstanding.
3.As soon as part of a block security is assigned to a particular obligation, the balance of the block security remaining shall be noted.
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