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.
The current versions of the Financial Regulation applies from 2 August 2018.
The Financial Regulation is reviewed whenever it proves necessary to do so and in any case at the latest two years before the end of each multiannual financial framework.
On 16 May 2022 the Commission proposed targeted adjustments to the Financial Regulation to align existing rules with the current long-term budget 2021-2027 and further reinforce them in view of developing an even more transparent, better protected and more agile budget.
The proposal is now subject to negotiations by the European Parliament and EU Member States in the Council in view of a swift adoption.
On 9 November 2022, the Commission proposed to modify the Financial Regulation to enable use of the diversified funding strategy as put in place for NextGenerationEU, for a support package for Ukraine of up to €18 billion. A press release and a QA document are available online.