The Financial Regulation (FR) is the main point of reference for the principles and procedures governing the establishment, implementation and control of the EU budget. It is accompanied by Rules of Application (RAP) containing more detailed and technical rules.
The European Commission adopted on 14 September 2016 a proposal for a new Financial Regulation. This proposal merges the current two legal acts (FR and RAP) into a single set of rules and makes a number of improvements in terms of simplification.
Regulation (EU, Euratom ) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002
Commission Delegated Regulation (EU) No 1268/2012 of 29 October 2012 on the rules of application of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council on the financial rules applicable to the general budget of the Union