CHAPTER I

GENERAL PROVISIONS

Release and forfeit of securities
Article 7
1
The release of security provided for in Article 24(2) of Commission Delegated Regulation (EU) No 907/2014 may be partial in proportion to the quantity of products for which the evidence of fulfilling the obligation to import or export has been furnished. That quantity shall not be less than 5 % of the total quantity specified on the licence.
However, if the quantity imported or exported amounts to less than 5 % of the quantity specified on the licence, the whole security shall be forfeit.
2
When calculating the part of the security to forfeit, where applicable, the licence issuing authority shall deduct an amount corresponding to the quantitative tolerance referred to in Article 5(4).
3
Where the licence issuing authority waives the security requirement where the value of the sum secured is less than £500, as provided for in Article 18(2) of Delegated Regulation (EU) No 907/2014, the amount of the sum equal to the security to forfeit shall be paid by the party concerned on expiry of 60 days following the date on which the validity of the licence expires.
4
If the total amount of the security which would be forfeit comes to £100 or less for a given licence, the licence issuing authority shall release the whole security.
Commission 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 euro (OJ L 255, 28.8.2014, p. 18).
Sum in Art. 7(3) substituted (31.12.2020) by The Common Organisation of the Markets in Agricultural Products (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1452), regs. 1(2)(a), 4(2)(a)
Sum in Art. 7(4) substituted (31.12.2020) by The Common Organisation of the Markets in Agricultural Products (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1452), regs. 1(2)(a), 4(2)(b)