Commission Implementing Regulation (EU) No 908/2014Show full title

SECTION 3 U.K. Release and forfeiture

Article 54 U.K. Partial release

Where specific [F1 sectoral agricultural legislation does] not specify a minimum quantity, the competent authority may itself restrict the number of partial releases of any one security and may specify a minimum sum for any such release.

Before releasing all or part of a security the competent authority may require that a written request for release be provided.

In the case of securities covering more than 100 % of the sum required to be secured, that part of the security exceeding 100 % shall be released when the remainder of the sum secured is finally released or forfeited.

Textual Amendments

F1 Words in Art. 54 substituted (31.12.2020 in so far as it 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, 4(26); 2020 c. 1, Sch. 5 para. 1(1)

Article 55 U.K. Forfeiture

1. Once the competent authority is aware of circumstances giving rise to forfeiture of the security, in whole or in part, it shall without delay demand the party required to meet the obligation to pay the sum forfeited, allowing up to 30 days from the day of receipt of demand for payment.

Where payment has not been made at the end of that period, the competent authority shall:

(a) without delay clear any security of the type described in Article 51(1)(a) to the appropriate account;

(b) without delay require the guarantor referred to in Article 51(1)(b) to pay, allowing up to 30 days from the day of receipt of demand for payment;

(c) without delay take steps to:

(i)

convert the securities described in Article 51(2)(b) and (c) into money sufficient to recover the sum due;

(ii)

clear pledged cash deposits referred to in Article 51(2)(a) to its own account.

The competent authority may without delay clear any security of the type described in Article 51(1)(a) to the appropriate account without first requiring the person concerned to effect payment.

2. Without prejudice to paragraph 1,

(a) where the decision to forfeit a security is taken but on appeal is subsequently postponed in accordance with [F2 the law applying in the constituent nation], the party concerned shall pay interest on the sum actually forfeited over the period starting 30 days from the day of receipt of the demand for payment as referred to in paragraph 1 and ending on the day prior to the payment of the sum actually forfeited;

(b) where following the outcome of the appeal procedure the party concerned is asked to pay within 30 days the sum forfeited, for the purposes of calculating interest the [F3 relevant authority] may consider payment to be made on the 20th day following the date of such request;

(c) the rate of interest applicable is calculated in accordance with [F4 the law applying in the constituent nation], but shall in no case be lower than the interest rate applicable in case of recovery of national amounts;

F5 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e) [F6 A relevant authority] may claim periodically an increase of the security in respect of the interest involved.

F7 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 Words in Art. 55(2)(a) substituted (31.12.2020 in so far as it 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, 4(27)(a)(i); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in Art. 55(2)(b) substituted (31.12.2020 in so far as it 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, 4(27)(a)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F4 Words in Art. 55(2)(c) substituted (31.12.2020 in so far as it 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, 4(27)(a)(iii); 2020 c. 1, Sch. 5 para. 1(1)

F5 Art. 55(2)(d) omitted (31.12.2020 in so far as it 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, 4(27)(a)(iv); 2020 c. 1, Sch. 5 para. 1(1)

F6 Words in Art. 55(2)(e) substituted (31.12.2020 in so far as it 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, 4(27)(a)(v); 2020 c. 1, Sch. 5 para. 1(1)

F7 Art. 55(3) omitted (31.12.2020 in so far as it 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, 4(27)(b); 2020 c. 1, Sch. 5 para. 1(1)