Regulation 26 Lodging of securityI1

The security which is payable in connection with the application for an import licence must be lodged with the Secretary of State within the same period as the period during which the application for the import licence is to be received under regulation 25.

The amount of security to be lodged in connection with the licence application is the amount payable as a result of applying the formula for the quota concerned set out in column (2) of the Licensing Table to the quantity of quota goods specified in the licence application, save that such amount must be rounded down to the nearest pound.

Subject to any decision under regulation 42(3) that the security is forfeited, any security lodged in respect of a quantity of quota goods for which an import licence is not granted must be returned to the person who lodged the security.