http://www.legislation.gov.uk/eur/2014/907/article/16Commission 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 euroCommission Delegated Regulation (EU) No 907/2014Commission 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 euroKing's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0907-20180730texttext/xmlen2026-03-23Expert Participation2026-02-16 CHAPTER IV<Strong>SECURITIES</Strong>SECTION 1<Strong><Emphasis>Scope and Use of terms</Emphasis></Strong>Terms used in this ChapterArticle 16For the purposes of this Chapter:‘competent authority’ means either a party authorised to accept a security or a party authorised to decide in accordance with the relevant regulation if a security is to be released or forfeited;‘block security’ means a security made available to the competent authority with the purpose of ensuring that more than one obligation is met;‘the relevant part of the sum secured’ means the part of the sum secured corresponding to the quantity for which a requirement has been breached.