New Financial Regulation for EU finances and Rules of Application
The Rules of Application (RAP) for the new EU Financial Regulation (FR), which have been adopted by the Commission in October 2012, were published in the Official Journal on 31 December 2012.
The Financial Regulation is the main document containing EU financial rules. It sets the principles of the EU budget and governs the way the EU budget is spent.
The Regulation, which came into effect on 1 January 2013, enables EU funding beneficiaries - businesses, NGOs, researchers, students, municipalities and others - to follow easier, clear rules and simple procedures.
The new Rules of Application replace the current Implementing Rules (IR). The RAP contain more detailed and technical rules, which are essential for the day to day implementation of the FR.
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
Regulation 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
Why was it necessary to change the budgetary and spending rules in the Financial Regulation?