Observancia de los derechos de propiedad intelectual
16. Please explain the basis for calculating the security or equivalent assurance stipulated in Article 53 of the TRIPS Agreement that the competent authorities may require an applicant when they suspend the release into free circulation.
In terms of Section 15(7) of the Counterfeit Goods Act, the owner of the intellectual property right may be required to furnish security to the Commissioner in the manner and the amount that the Commissioner may require to indemnify the customs authorities against any liability that may be incurred as a consequence of the seizure and detention, and to cover expenses incurred in effecting the seizure and detention.