6.—(1) The amount of the security to be lodged, in accordance with Article 40(b) of Regulation (EU) No 2016/1240(1) (submission etc. of applications for aid for private storage), by an eligible operator who makes a PSA application is to be determined in accordance with this regulation.
(2) The amount of the security is an amount, in sterling, corresponding to 20% of (A × T) where—
(a)“A” is the specified rate;
(b)“T” is the quantity, in tonnes, of eligible products which are to be stored.
(3) Article 20 and Chapter 5 of Commission Delegated Regulation (EU) No 907/2014 of 11 March 2014 supplementing Regulation 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(2) (use of euro) do not apply in relation to the security to be lodged by an eligible operator who makes a PSA application.
Commencement Information
I1Reg. 6 in force at 16.11.2021, see reg. 1(2)
Article 40(b) was amended by S.I. 2019/823. Further provision about securities is made in Chapter 4 of Commission Delegated Regulation (EU) No 907/2014 (EUR 2014/907).
EUR 2014/907.