# 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, Article 16: Terms used in this Chapter

Extent: E+W+S+N.I.

For the purposes of this Chapter:
(a)‘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;
(b)‘block security’ means a security made available to the competent authority with the purpose of ensuring that more than one obligation is met;
(c)‘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.

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Source: https://www.legislation.gov.uk/eur/2014/907/article/16 (the official version)
Page: https://openlegislation.uk/eu-regulation-2014-907/article-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.