ARCHIVES HISTORIQUES
DELACOMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (80)578
Vol.1980/0185

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COMMISSION OF THE EUROPEAN COMMUNITIES
COM(80)578 final
Brussels ,13^October 1980
/r'
1
N. •
ij ; cx-
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y _
v(
X-..
DRAFT FINANCIAL REGULATION
applicable tothefifth European
Development Raid .
(Presented bythe Commission totheCouncil )
CCW(80 )578final

COMMUNICATION FROM THE COMMISSION TO THE COUNCIL
Subject :draft Financial Regulation relating tothe 5th EDF
Under the provisions ofArticle 28ofthe Internal Agreement
onthe financing and administration ofCommunity aid (5th EDF)signed in
Brussels on28November 1979,the Commission begs totransmit tothe Council
the draft Financial Regulation ofthe 5th EDF ..
rInaccordance with theprovisions ofthe above-mentioned Article
this draft must bethe subject ofanopinion delivered bythe Court ofAuditors .

DRAFT FINANCIAL REGULATION
applicable tothe fifth European Development Fund
THE COUNCIL OF THE EUROPEAN ■COMMUNITIES , ■ -
».
Having regard tothe Treaty establishing the European Economic Community­
'.• . •. • .. . . .1Having regard tothe ACP-EEC Convention ofLome ,signed on31October 1979,
hereinafter referred toasthe "Convention ",
Having regard toCouncil Decision /EEC onthe association ofthe
overseas countries andterritories with theEuropean Economic Community ^,
hereinafter referred toasthe "Decision ",
Having regard toCouncil Decision 75/250/EEC of21April 1975 onthe
definition and conversion ofthe European unit ofaccount used for
expressing the amounts ofaid mentioned inArticle 42ofthefirst
ACP-EEC Convention ofLome-^, .
Having regard tothe Internal Agreement onthe financing and administration
4ofCommunity aid signed on20November 1979 ,hereinafter referred toas
the "Internal Agreement ",and inparticular Article 28thereof .
Having regard tothedraft .Financial Regulation submitted bythe Commission ,
Having regard tothe opinion ofthe European Investment Bank ,hereinafter
referred toasthe "Bank ",
v
Having regard tothe opinion ofthe Court ofAuditors ,
Whereas pursuant toArticle 1(1)ofthe Internal Agreement the Member
States have set upafifth European Development Fund,hereinafter referred .
toasthe "EDF", '
1_0J No -
!lOJ No
^OJNoL104,24.4.1975 ,p.35
OJ No

Whereas under Article 28ofthe Internal Agreement the provisions
for implementing that Agreement shall bethe subject ofaFinancial
Regulation adopted ,upon the entry into force ofthe Convention ,bythe
Council acting bythe qualified majority laid down inArticle 17(4 )ofthe
said Agreement , B
_ I
v • '
HAS ADOPTED THIS FINANCIAL REGULATION : -
TITLE I
FINANCIAL ARRANGEMENTS
Arti cle 1
1.The Council shall notify the Commission by31October each year of
the decision which itadopts pursuant tothefirst subparagraph of
Article 6(2 )ofthe Internal Agreement and which relates tothe schedule
ofcalls for contributions .
2.Annual contributions shall normally bepayable :
(a)on15January for the requirements ofthe EDF asforecast for the
first seven months ofthe year inquestion ; . ;
(b)on 1July for .the balance ofthe annual contribution .
Ν
3.Supplementary payments decided upon pursuant tothe second subparagraph
ofArticle "6(2 )ofthe Internal Agreement shall ,unless otherwise decided
bythe Council ,bedue and bemade within asbrief aperiod aspossible ,
which may not inany case bemore than three months .
4.Each Member State shall make the payments referred toinparagraphs 2
and 3above inproportion toits contributions tothe EDF asfixed in
Article 1(2)ofthe Internal Agreement .

Article 2
1.The financial contributions ofthe Member States shall beexpressed in
the European unit ofaccount ,hereinafter referred toas"EUA",referred
toinArticle 3ofthe Internal Agreement .
Should the .EUA bereplaced bythe ECU inaccordance with Article 3(2 )
ofthe Internal Agreement ,theinitials ECUwill automatically be
substituted fortheinitials EUA ineach Oftherelevant' provisions of
the Financial Regulation .
2.Each Member State shall pay the amount ofits contribution inits
• «
national currency onthe basis ofthe conversion rate ofthe EUA inforce
ten days prior tothe due date .
3. Financial contributions shall becredited byeach Member State to
a.special -account entitled "Commission ofthe European Commuhities -
European Development Fund "opened with the Treasury ofthat Member State
orthe body designated byit.
4.Upon expiry ofthe Convention .and the Decision ,that part ofthe
contributions which the Member States remain obliged tomake shall be
called upbythe Commission ,asrequired ,onthe conditions laid down in
this Financia IRegulat ion.
Article 3
1.Ineach Member State the Commission shall hold ,with the bank ofissue
orthe financial institution designated bythat Member State ,accounts under
the same name asthat opened pursuant toArticle 2(3).
2.Foroperations which are not currently undertaken bybanks ofissue or
bypost office giro centres ,orinorder tofacilitate the payments which
ithas tomake ,the Commission shall open accounts atone ormore banks .

-4-
3.The signatures ofthe Commission officials empowered tocarry out
operations onthe EDF'saccounts shall belodged when the
accounts are opened or,inthe case ofofficials who are authorized
subsequently ,when they are designated . . " ■
Article 4
1.The Commission shall use the funds credited -tothe accounts referred
toinArticle 3tomake the necessary payments and transfers .
2.The Commission s-ha-ll, asfar aspossible ,make any withdrawals from
the special accounts referred toinArticle 2(3 )insuch -away asto
maintain adistribution ofits assets amongst the various currencies
corresponding tothe proportion inwhich the currencies ofthe Member
States make upthe EUA.
Article 5 - -
Onthebasis ofthe cash requirements for the execution ofprojects and
programmes ,the Commission shall make the transfers needed toreplenish
the accounts opened inits name inaccordance with Article '124 ofthe
Convention and Article 3ofthis Financial Regulation .
Article 6 - -•
1.Anytransfers ofassets from the currency ofone Member State into
that ofanother Member State which have been requested bythe Commission
for the purposes ofEDF management shall bemade atthe current rate of
exchange bythe banks ofissue orthe financial institutions approved by
the Member States .
2.Any exchange differences and costs shall becharged against EDF resources

Article 7
The Commission shall communicate tothe Council each year astatement of
contribution payments and aprogress report on EDF operations .
TITLE II
MANAGEMENT OF THE EDF
•SECTION I
GENERAL PROVISIONS ^
Article 8
1.The EDF shall beadministered financially inaccordance with the
principle that authorizing officers and accounting officers are
separate individuals . Appropriations shall beadministered by
authorizing officers ,who alone shall have the power .tomake commitments
regarding expenditure ,establish sums due tobecollected and issue proof
ofreceipt and payments out.
»
2.Collection ofsums due and payments out shall bethe responsibility of
the accounting officer .
3.The functions ofauthorizing officer ,financial controller and
accounting officer shall bemutually incompatible .
Article 9
Within the limit ofthe appropriations provided -for inArticle 1ofthe
Internal Agreement the Commission shall ,without prejudice to'Article 10(2 )
thereof ,manage the EDF onits own responsibility inaccordance with the
conditions laid down inthe Convention ,the Decision ,the Internal

-6-
Agreement ar.a this Financial Regulation . Inaccordance with
Article 121(1 )ofthe Contention ,the Commission shall appoint the chief
authorizing officer ofthe EDF . The latter may have recourse zodeputy <
authorizing officers ,whom heshall appoint subject' toapproval bythe
Commission . Each decision todelegate powers shall state the duration
and extent ofthe mandate . \
Those towhom powers are delegated .may act only within the limits ofthe powers
expressly conferred upon them.' Decisions todelegate powers shall be
notified tothose towhom powers are delegated and to -the -accounting officer,'
the financial controller ,-.the authorizing officers and the Court ofAuditors .
Article 10
1.The Commission shall appoint the financial ,controller ,who shall be
responsible •■for monitoring the commitment and authorization of .expenditure and
». -for monitoring revenue . '
2.The special rules applicable tothe financial controller shall be
"formulated insuch away astoensure his independence incarrying out his
duties . Measures taken inrespect ofhis appointment and promotion , .
disciplinary action ortransfer ,and the various methods ofinterruption
ortermination ofhis appointment shall bethe subject ofreasoned decisions
which shall beforwarded tothe Council for its information . .
3.The person concerned orthe Commission mayinstitute proceedings before
the Court ofJustice .
Article 11
The collection ofrevenue and the payment ofexpenditure .shall becarried out .
byanaccounting officer appointed bythe Commission . Subject to
Article 33(2 )this accounting officer alone shall beempowered tomanage
funds andassets . Heshall .beresponsible fortheir care .
Article 12 •
The Commission may delegate part oftheduties ofthe accounting officer and
part bftheresponsibility for monitoring toauthorized agents' appointed by
it. Therules governing responsibilities adopted under this Title shall "
apply tosuch authorized agents within thelimits ofthe powers delegated
tothem *

-7-
The principles ofthe provisions ofthis Financial Regulation relating to
the monitoring and payment ofexpenditure shall beapplicable ,toexpenditure
effected bydelegatipn . Such expenditure may not befinally entered into the
EDF accounts until the Commission hasverified that the expenditure has been
correctly cleared andthat theauthorization and payment are inorder ,in
accordance with the-requirements ofthis Financial Regulation .
SECTION II
REVENUE -
Article 13
1.The recovery ofany sum due tothe EDF shall give rise tothe issue ,
bythe authorizing officer ,ofarecovery order .
2.Recovery orders shall betransmitted bythe authorizing officer tothe
financial controller and shall besubject tothe latter 'sapproval ., The
purpose ofapproval bythe financial controller shall betoestablish that :
(a)the revenue iscorrectly credited ;
(b)the recovery order iscorrect and inconformity with the provisions
applicable tothe management ofthe EDF and with all measures taken
inimplementation ofthose provisions ;
(c)the principles ofsound financial management have been applied .
\ . 'i '
3.The'financia Icontroller may refuse his approval . The Commission may,
bymeans ofadecision giving the reasons therefor and onits sole
responsibility ,disregard this . Such decision
shall beimplemented ;itshail becommunicated tothe financial controller
for information . The Commission shall inform the Court ofAuditors every
ι.three months ofthese decisions .

4.when theauthorizing officer waives theright torecover sums due,he ^
shall asaprior measure send aproposal for cancellation tothe financial
controller for his approval andtothe accounting officer for his .information .
The purpose ofapproval bythe financial controller shall betoestablish
Nthat the waiver isinorder and inaccordance with the principles ofsound
financial management . When ithas been approved ,the proposal shall be
registered bythe accounting officer .
Ifapproval iswithheld ,the Commission may,bymeans ofadecision giving
reasons therefor .and taken onits sole responsibility ,disregard this . ,This
decision shall beimplemented ;itshall becommunicated tothefinancial
controller for his informat ion.The Commission shall inform the Court ofAuditors
every three months ofeach ofthese decisions . :
5.Where the financial controller finds that adocument establishing adebt
has not been drawn uporthat asum due has not been recovered ,heshall
inform the Commission thereof .
Article 14
1.The accounting officer shall assume responsibility for recovery orders .
forwarded tohim bythe authorizing officer .
2.The accounting officer shall doall inhis power toensure that EDF
resources are recovered atthe due dates and toensure that the Community 's
rights are safeguarded . •
3.The accounting officer shall inform theauthorizing officer and the
financial controller ofany revenue not recovered within'the time limits
laid down . ' ,_ f,
Artide 15
Areceipt shall beissued inrespect ofall cash payments made tothe '»
accounting officer .

SECTIONIII
' •
COMMITMENT,CLEARANCE,AUTHORIZATION ANDPAYMENTOFEXPENDITURE
1.Commitment ofexpenditure - ..
.: Artieie16
1.ALLmeasures .whichmaygiverisetoexpenditure payablebytheEDFmust
beprecededbyaproposa.Lforcommitmentofexpenditure fromtheauthorizing
officer.
2.>.Aprovisional commitment maybeenteredintoinrespectofcurrent
expenditure .
3.AnaccountshaLLbekeptofcommitments andauthorizations .. -,
Artieie17
'. ' ' /
ProposaLsforcommitments ,accompanied bythesupporting documents,shallbe•
referredtothefinancialcontroller andtotheaccountingofficer.' They
shalLinparticular "showthepurposeoftheexpenditure ,theestimated amount
involved,the'itemtowhichitistobechargedandthenameanddescription
ofthecreditor.-TheyshaLLberegisteredafterapprovaLbythefinanciaL
controller . x
ArticLe18
Thepurposeofapproval,bythefinanciaLcontroLLer shaLLbe"-to.establishthat
(a)theexpenditure hasbeenchargedtothecorrectitem;
(b)appropriations areavaiLable;
(c)theexpenditure isinorderandinconformitywiththeprovisions
applicabletothemanagementoftheEDFandwithall^measurestaken .
inimplementation ofthoseprovisions,inparticuLarthegeneraland
.specialconditionsofthefinancingagreementrelatingtotheoperation;
(d)the.principlesofsoundfinancial management havebeenapplied.
Article19
1.Wherethefinancialcontroller withholdshisapprovalheshallfurnisha.
writtenstatement ,givingreasonstherefor.Theauthorizingofficershallbe
notifiedaccordingly .

Where approval iswithheld and the authorizing officer maintains his
proposal >the refusal shall bereferred for adecision tothe Commission .
2.Except where theavailability ofappropriations isindoubt ,the Commission
may,bymeans ofadecision giving reasons therefor and taken onits sole
responsibility ,overrule such arefusal . This decision shall beimplemented ;
itshall becommunicated tothe financial controller for information .'The
Commission shall inform the Court ofAuditors every three months ofeach of
these decisions .
2.Clearance ofexpenditure :
Article 20
The clearance ofexpenditure shall bethe act whereby the authorizing officer :
(a)verifies theexistence oftherights .ofthe creditor ;
(b)determines orverifies the existence and the amount ofthe debt ;and
(c)verifies the conditions under which payment falls due.
' Arti ele 21
1.Clearance ofany expenditure shall besubject tothe submission of
supporting documents showing the creditor 'sclaim and,where appropriate ,
the service rendered . - '
■Ιι ' '
2.However ,for certain categories ofexpenditure ,advances may begranted
under the conditions laid down bythe Commission ..
3.The Commission shall lay down the nature and contents ofthe supporting
documents tobeenclosed with the payment orders .
4.The supporting documents relating tothe accounts and tothe establishment'
ofthe revenue and expenditure account and the balance sheet referred toin
Article 41shall beretained for aperiod offive years from the'date ofthe
decision giving discharge inrespect ofthe operation ofthe EDF,referred
toinArticle 29ofthe Internal Agreement . '

-11-
However ,the documents relating tooperattons which have not been completed
shall beretained beyond this period .
5.The authorizing officer empowered toclear expenditure shall personally
check the supporting documents or'Shall ,onhis own responsibility ,
ascertain that this has been done .
3.Authorization ofexpenditure
Artide 22
/Authorization shall bethe act whereby the authorizing officer ,by -the issue
ofapayment order ,authorizes the accounting officer topay anitem of
expenditure which hehas cleared .
Article 23
The payment order shall state :
(a)the item against which payment shall becharged ;
(b)the amount tobepaid ,inwords and figures ,with details ofthe
currency inwhich payment istobemade ; ,. ' '
(c)the name^and address ofthe payee ; ,
(d)the method ofpayment ; \
.(e)the purpose ofthe expenditure . - .
The payment order "shall bedated and signed bythe authorizing officer .-
, Article 24 - ; •
1.The payment order shall beaccompanied bytheoriginal supporting documents ,
which shall bear orbeaccompanied bythe approval ofthe authorizing officer
confirming that the amouhts tobepaid are correct andthat the supplies have
.been ,received orthe service performed . The payment order'shall show the
numbers and dates ofthe relevant approvals ofcommitment L'

2.Copies ofthe supporting documents ,certified astrue copies bythe
authorizing officer ,may,induly warranted cases ,beaccepted inplace of
theoriginals . '.
Arti cle 25 ' .
.1.For payments byinstalment ,thefirst payment order shall beaccompanied
bydocuments establishing the creditor 'sright topayment ofthe instalment
inquestion .. - .
2.Subsequent payment orders shall refer tothe.supporti ngdocuments already
-furnished and repeat the reference number ofthefirst payment order .
■ Arti ele 26
κ
Payment orders ,shall besent tothe financial controller for prior approval .
The purpose ofthis prior approval shall betoestablish that :
(a)the payment order was proper lyissued ;
(b)the payment order agrees with the commitment ofexpenditure and that the
amount thereof iscorrect ; "
(c)the expenditure ischarged tothe correct item ; .
(d)the appropriations are available ;
(e)the supporting documents are inorder ; 1-
(f)the payee iscorrectly described .
\ ...
'-" Arti ele 27 '
Should approval bewithheld ,Article 19shall apply .
Article 28
After approval ,the original ofthe payment order ,together with all
supporting documents ,shall beforwarded tothe accounting officer . .

"13
4.Payment ofexpenditure
■Ar1ic'Le 29
1.Without prejudice toArticle 122(3 )ofthe Convention ,payment shall be
the final act whereby the EDF isdischarged ofits obligations resulting
from carrying out the operations financed . ^
2.Payment shall bemade bythe accounting officer within the limits of
the funds available .- > »
Article 30
Inthe event ofasubstantive error orofthevalidity ofthe discharge being
contested orof'failyre toobserve the formalities prescribed bythis
Financial Regulation ,the accounting officer shall suspend payment .
Article 31
1.Ifpayment issuspended ,the accounting officer shall give the reasons
therefor inawritten statement which heshall send forthwith tothe
authorizing officer and,for information ,tothe financial controller .
2.Except where thevalidity ofthe discharge is.contested the authorizing
officer may,where payment issuspended ,-refer the matter tothe Commission .
The latter may require ,inwriting and on ,its own responsibility ,that
payment bemade . •
Ν
Article 32
1.Payments shall ,asageneral rule ,be -effected through abank account
orapost office giro account . The procedure for opening ,administering
and using such accounts shall bedetermined bythe Commission .

-14-
2.The procedure referred toinparagraph 1shall inparticular require
two signatures oncheques and onpost office orbank transfer orders ,one
signature necessarily being that ofthe account ing 'officer orofaduly
authorized administrator ofadvance funds ;.they shall ,moreover ,specify
the expenditure inrespect ofwhich payment must necessarily bemade either
bycheque orbypost office orbank transfer ..
Article 33
1.For the payment ofcertain categories ofexpenditure ,advance funds may
beset upunder the conditions laid down bythe Commission .
2.The rules governing the management ofthe advance funds shall cover in ,
parti cular :
•(a)the appointment ofadministrators ofadvance funds ;
(b)the nature and maximum "amount ofeach item ofexpenditure tobeincurred ;
(c)the ma'ximum amounts which may beadvanced;'
(d)the procedures for the production ofsupporting documents and the .time
within which they must beproduced ;
Ce)the responsibility oftheadministrator ofadvance "funds .
Article 34
•The conversion rates tobeused for the calculation in EUA ofpayments to
bemade for the purpose oftheprojects orprogrammes referred toinTitle VII
ofthe Convention and inthe corresponding provisions ofthe Decision shall
bethose inforce ontheeffective date ofsuch payments . This date shall
correspond tothat onwhich the Commission accounts referred toinArticle 124
ofthe Convention and inArticle 3ofthis Financial Regulation were debited .
•r"- r'

.SECTIONIV
ι ,
RESPONSIBILITIES OFAUTHORIZING OFFICERS,FINANCIAL CONTROLLERS ,
ACCOUNTING OFFICERS ANDADMINISTRATORS OFADVANCE FUNDS
Article35
WithoutprejudicetoArticle122(3)oftheConvention,authorizing officers .
who,whenestablishing entitlements toberecovered,whenissuingrecovery
orders,enteringintocommitments ofexpenditure orsigningpaymentorders,
dosowithoutcomplyingwiththisFinancialRegulation,shall-be"liable'to
'disciplinary actionand,whereappropriate,topaycompensation .■The
sameshallapplyiftheyomittodrawupadocumentestablishing aclaim
oriftheyneglecttoissuerecoveryordersorare,withoutjustification ,'
lateinissuingthem.
Article36
Financialcontrollers renderthemselvesliabletodisciplinary actionand,.
whereappropriate,topaymentofcompensation inrespectofacts
accomplished incarryingouttheirduties,notablywheretheyapprove
expenditure inexcessofappropriations .,
Artide37
1.Accountingofficersshallbel-iabletodisciplinary actionand,where
appropriate,topaymentofcompensation asregardspaymentstheymakein•;
disregardofArticle30. .,
Theyshallrenderthemselves Liabletodisciplinary actionandtopaymentof
compensation asregardsanyLossordeterioration ofthemonies,assetsand
documentsintheirchargewheresuchlossordeterioration resultsfroman
intentional mistakeorseriousnegligence ontheirpart.
Underthesameconditions,theyshallberesponsible forthecorrectexecution
ofordersreceivedbytheminrespectoftheuseand,administration ofbank
andpostofficegiroaccounts,andinparticular :

(a)where the payments or.recoveri esmade bythem donot agree with the
amounts onthe payment orders orrecovery orders ;
(b)where they effect payment toaparty other than theentitled payee .
2. -Administrators ofadvance funds shall beliable todisciplinary action
and,where appropriate ,topayment ofcompensation : ,
(a)where they cannot show due warrant with proper documents for payments
t
made bythem ;
(b)where they effect payments toaparty other than the entitled payee .
They shall beliable todisciplinary action and topayment ofcompensation in
respect ,pfany loss ordeterioration ofthe monies ,assets and documents in .
their charge asaresult ofanintentional -mistake orserious negligence
onthe,irpart . ■ " .
3.Accounting officers and administrators ofadvance funds shall insure
themselves against any financial risk they may incur under this Article . '
The Commission shall cover the relevant insurance costs .Itshall specify
the categories ofofficials qualifying asaccounting officers :,pradministrators\
ofadvance funds 'and the terrts onwhich itshall -cover the insurance costs
borne bythe accounting officers oradministrators ofadvance funds inorder'
toprotect themselves against the risks involved intheir duties .
A. Aspecial indemnity shall begranted toaccounting officers and
administrators ofadvance funds .
The sums corresponding tothis indemnity shall becredited each month toan
account opened bythe Commission onbehalf ofeach ofthese officials inorder
toestablish aguarantee fund tocover any cash orbank deficiency for which
the person concerned might render .himself liable ,insofarassuch deficiency
has not been covered byrefunds from insurance companies . ■'- ' ,

Thecreditbalanceintheseguarantee accountsshallbepaidovertothe
personsconcernedaftertheyterminatetheirappointment asaccounting
officeroradministrator ofadvancefundsandaftertheyhavebeengiven
finaldischargefortheirfinancial management .v
Article38
' • ' *s
' s
Theliabilityofauthorizing officers,financialcontrollers,accounting
officersandadministrators ofadvancefundstopaymentofcompensation and
disciplinary actionmaybedetermined inaccordance withArticles-22 and
86to89oftheStaffRegulations ofofficialsoftheEuropeanCommunities .
Artiele39 v ,
TheCommissionshallbeallowedaperiodoftwoyearsfromthedateonwhich
therevenueandexpenditure accountissubmittedtotakeadecisiononthe
finaldischargetobegiventoaccountingofficers ,forthetransactions
relatingthereto.
SECTION V '
ACCOUNTS
Artiele40
1.TheaccountsshallbekeptinEUA,bythedoubleentrymethodandonthe
basisofthecalendaryear.Theyshallshowallrevenueandexpenditure
between 1Januaryand31Decemberofeachyearandshall ■includethe
supporting documents. .' ■'
2.Therevenueandexpenditure accountandthebalancesheetshallbe
drawnupinEllA.

-18-
Ar,ic41
1.Entriesshallbemadeonthebasisofanaccounting systemcomprising a
nomenclature ofbudgetaryitemswhichmalesacleardistinction betweenthe^
accountswhichpermitthebalance .sheettobedrawnupandthosewhichpermit
therevenueandexpenditure accounttobedrawnup.Theseentriesshallbe
recordedinbooksoroncards,whichmustmakeitpossibletodrawupa
generalmonthlybalance.
2.Theaccounting systemshallbesetoutin-aCommission Decision.
SECTIONVI
\
GENERALPROVISIONS ' - , •
Article42
TheCourtofAuditorsshallbenotifiedoftheappointment oftheauthorizing
officer,thefinancialcontroller,theaccountingofficerandofthe
administrator ofadvancefunds,ofanydelegation ofpowerspursuantto
Articles9and12and.oftheaccounting systemreferredtoinArticle41.
" >
''TITLEIII
IMPLEMENTING MEASURES
SECTIONI
EXECUTION OFEDFOPERATIONS ADMINISTERED BYTHECOMMISSION
Article43
TheCommissionshalltakeallappropriate measurestoprovideeffective
informationfortheeconomicoperatorsconcerned,inparticular bypublishing
abulletincontainingdetailsofclearly -identifiedprojects,uptothe'stage
oftheirbeingputouttotender.

-19–
Article 44
The Commission shall -inform the Council each year ofthe results of
invitations totender forthe .precedi ngyear . Where appropriate itshall
notify the .Council ofany measures ithas .taken orproposes totake to
improve the terms ofcompetition forparticipation ininvitations totender
issued bythe EDF. '
Inits report ,the Commission shall provide the Council with information
enabling ittoassess whether the measures taken bythe Commission have in
-fact given all firms ofthe various Member "States ,ofthe ACPStates andof
the associated countries andterritories equal opportunity ofaccess to
works and supply contracts financed bythe EDF. .
Arti ele 45
Under Article 12,7(2 )ofthe Convention and the corresponding provisions of
the Decision ,favourable opinion from the EDF Committee shall berequired for
the award ofcontracts bymutual agreement orafter restricted invitations to .
tender and for the performance thereof through public works departments .
' " '
However ,,where they arejustified byurgency and by'unforeseen circumstances ,
the above exceptions tothe rules governing competition may beauthorized by
the Commission without aprior opinion from the EDF Committee . Inthat
event ,the Commission shall immediately inform the EDF Committee thereof .
Article 46
The results ofthe invitations totender referred tointhis Section shall
bepublished assoon aspossible inthe Official Journal ofthe European
Communities .
/

-20-
Article 47
1.Tenders for supply contracts financed bythe EDF shall bedrawn upand
payments made,atthe option ofthetenderer ,inEUA,inthe currency of
the recipient State ,country orterritory ,inthe currency ofthe country
ofhisregistered place ofbusiness orinthat ,ofthe country producing the
supplies .
2.Tenders for wor^ks contracts and for technical assistance service contracts
financed bythe EDFshall bedrawn upand payments made inthe currericj^of the
recipient State ,cbuntry orterritory . However ,the tenderer may request in
his tender that ajustified part ofthe nominal amount ofhis tender bepaid
inthe currency ofthe country ofhis registered place ofbusiness orinthe
currency ofone ofthe Member States orin EUA,onthe basis ofthe conversion
rate inforce onthefirst day ofthe month preceding the month inwhich /the
date set for the opening oftenders falls .
The justification required under this paragraph shall beassessed
inthe light ofthe verifiable facts ,asregards the real origin ofthe services
tobeprovided and ofthe expenditure towhich they give rise . .
Where additional works are ordered which result inanincrease inthe nominal
amount ofthe tender ,thejustified part ofthe amount ofthe tender ,referred
tointhis paragraph ,shall apply inrespect ofthe amount oftheadditional
works inquestion .
* '
3.Tenders for service contracts inrespect ofstudies financed bythe EDF
shall bedrawn upand payments made,atthe option ofthe contractor ,either
inEUA orinthe' currency ofthe country inwhich the contractor has his
registered place ofbusiness .
However ,that part ofthe services provided which corresponds toexpenditure
inthe currency oftherecipient State ,country orterritory shall bepaid in
that currency .- Where the sums tobepaid inthe various currencies are
defined byreference toanother currency the conversion shall beeffected on
thebasis ofthe -rate specified inthe contract .

4.Where tenders are drawn up ,in EUA,payments connected with the debt
shall ,asappropriate ,bemade inthe currency ofaMember State orinthe
currency ofarecipient -State ,country orterritory specified inthe contract
onthe basis ofthe equivalent value ofthe EUA onthe day preceding payment .
5.Where payment ismade inthe currency ofthe recipient State ,country or
territory itmust bemade through abank established in .the recipient country
Where payment ismade inanother currency itmust be .made through the
intermediary ofanapproved bank oragency established inthe country where
the contractor has his registered place ofbusiness ;
SECTION II' i
FINANCIAL COMMITMENTS
Arti eie 48 >
1.The financing -agreement referred toinArticle 115 ofthe Convention and
inthe corresponding provisions ofthe Decision shall specify the amount of-.,
the EDF'sfinancial commitment inrespect ofthe operation inquestion .
2.Noexpenditure inexcess ofthis amount may becharged tothe EDF unless
adecision has been taken to commit additional funds .thereto under the
conditions laid down inArticles 16to 19and inArticle 58. - .

Therequest forthe commitment ofadditional funds shall beaddressed tothe
Commission and appraised under the conditions laid down inArticle 117 ofthe
Convention and inthe corresponding provisions ofthe Decision .
Article 49
Thetransfer agreement referred toinArticle 40ofthe Convention and inthe
corresponding provisions ofthe Decision shall state the data onwhich
calculation ofthe annual transfer in EUA isbased ,'the currencies inwhich
thetransfer ofthis amount -istobemade and,where appropriate ,the
conditions for the reconstituti onofthe resources made ;available tothe
stabilization system referred toinTitle IIofthe Convention .
SECTION III
\ N
SPECIAL LOANS
Arti ele 50
1. Adecision togrant special loans shall set the limit tothe Community 's
commitment . Contracts relating tosuch loans ,drawn upjointly with the
Bank forttieparts wh^ch'' *concern thelatter ,shall beconcluded bythe
Commission onbehalf ofthe Community .
2.The amounts ofthe appropriations corresponding toeach loan granted shall
beexpressed in EUA,Ifanappropriation iscancelled before all orpart of
the payments relating thereto have been made the unpaid part shall beregarded
asnot having been granted .
3.Loans shall bepaid inthe currency orcurrencies ofthe Member States as
fixed bythe .Commission after consultation with the borrower . Byway of
derogation from Article 34,the sums paid shall becharged against the
appropriations onthebasis ofthe conversion rates inforce ,onthe day
1\ '' • -
preceding that ofpayment ,between the EUA andthe currency orcurrencies
used for the payment . ••

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4,Reimbursements andinterest payments shall becredited tothe Community 's
account with the Bank . The Bank shall recover such reimbursements and
interest payments byvirtue ,ofspetial terms ofreference conferred upon it
bythe Commission ,acting for the -Communi ty,after consulting the EDF Committee .
5.The amounts tobereimbursed and interest due inrespect ofspecial loans
shall beexpressed in EUA. Reimbursements and interest payments shall be
made inone ormore ofthe currencies ofthe Member States ,chosen bythe
borrower .
-
6.The ,rates for converting EUA into -the currencies ofthe Member States
for' the purpose ofpaying sums due inthe form ofreimbursements ,interest
payments and any commission due shall bethose inforce onthe tenth day
preceding payment . ' ' .
' ' Arti ele 51 ,
 
Inconformity with Article 56ofthe Convention and the corresponding provisions
ofthe Decision ,the implementing measures concerning special loans shall also
apply .inrespect ofthe aid granted from the special financing facility for
the mining sector .
SECTION IV
RISK CAPITAL
Artide 52
1.Any decision togrant risk capital shall set alimit in EUA tothe .
Community 'scommitment and financial responsibilities and tothe extent of
the rights inthe company attaching^© such operations .
The -instruments giving effect torisk capital operations shall beconcluded by '
the ;Bank acting asthe Community 'sauthorized agent .
2.The Bank ,acting for and onbehalf ofthe Community ,shall manage the
operations referred toinparagraph .1which have been the Subject ofafinancing
decision bythe Board ofDirectors ofthe Bank .
3.Following the signing ofeach contract ,the Bank shall communicate tothe
Commission the estimated dates and amounts ofthe calls for funds . Whenever
called upon bythe Bank todoso,the Commission shall pay toitin EUAthe
amount itneeds for carrying out risk capital operations ;

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4.Paymentsrelatingtoreceipts/incomeandrepaymentsinrespectofrisk
capitaloperationsshallbecreditedtotheCommunity'saccountwiththeBank.
SECTION V
SUBSIDIZED LOANSFROMTHEBANK
1Article53
1.PursuanttoArticle104oftheConvention andthecorresponding provisions
oftheDecision,theaggregateamountofinterestratesubsidiesonloansfrom
theBankshallbecalculated inEUAintermsofitscurrentvalueonthe
effectivedateofsigning'oftheloancontract,onthebasisofacompound
interestratefixedbytheCouncilandthe'Bankinagreement withthe
Commission andhereinafter referred-toasthe"currentvaluerate".
2.TheBankshallmaketheestimatedcalculation ofcurrentvaluereferredto
inparagraph 1byreferenceto:
(a)thedatefixedforthesigningoftheloancontractandtherateof
interestapplicable onthedatethecalculation ismade;
(b)'anestimatedscheduleforpayingouttheloan;:
(c)anestimatedscheduleforrepayingtheloanonthebasisofthe
subsidizedinterestrate;
Cd)anestimatedschedulefortheamountsrequiredtocovertheinterest
ratesubsidies whentheyfalldue.
TheBankshallcommunicatetotheCommission assoonaspossiblethefactors
involvedinthecalculation andthetotalamountoftheinterestratesubsidies
attheircurrentvalueonthe'datefixedforthesigningoftheloancontract.
3.Theup-datedtotalamountoftheinterestratesubsidyshallbepaidtothe
BankbytheCommission onthedatefixedforthesigningoftheloancontract.
4.Assoonasasubsidized loanhasbeenfullypaidout,accountbeingtaken
ofanycancellation ofpartoftheappropnation,.theBankwillcarryout-
thefinalcalculationoftheinterest ,ratesubsidyrelatingtotheloanonthe
Declaration
Itisunderstoodthatthecompoundinterestrate(currentvaluerate)tobe
appliedtotheaggregate amountofinterestratesubsidiesreferredtoin
Article53(1)willbeset,onacase-by-casebasisforeachloan,atthe
levelofthreequartersoftheannualrateofinterestactuallybeingcharged *
bytheEuropeanInvestment Bankonthe.dateofthesigningoftheicaicciiifu .•.

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basis oftherelevant data,andinparticular thedate on -which theloan contract was
signed ,the rate ofinterest being charged bythe Bank onthat date,the
schedule ofpayments and any adjustments tothe schedule ofrepayments .
*
Should the result ofthe final calculation ofthe interest rate subsidy
beatvariance with that given bythe estimated calculation carried out
irYaccordance with paragraph 2,the Bank shall beentitled toreceive
payment ofafurther subsidy bythe Commission or,where appropriate ,
shall beobliged toreimburse any overpayment tothe Commission .
5.Ifall ofanappropriation iscancelled orall orpart ofaloan which
has been made isrepaid inadvance ,the Bank shall pay back tothe -Commi ssion
anamount ofthe subsidy corresponding tottie amount ofthe appropriation or
that part ofthe loan which has been repaid .
6.The sums reimbursed tothe Commission will becharged against the amount
of175 million EUA of EDF resources inthe form ofgrants for financing
interest rate subsidies ,inaccordance with Article 4ofthe Internal
Agreement . .
l
7.The amounts ofthe additional payments tobemade bythe Commission or
sums tobereimbursed bythe Bank pursuant toparagraphs "4and 5will be
increased bycompound interest and updated atthe same rate asthat
stipulated inparagraph 1for the period between the date ofpayment ofthe
updated total amount ofthe interest rate subsidies and the date ofthe
operation specified inthe second subparagraph ofparagraph 4. Thelatter date
may not bemore than 30days after the complete orpartial cancellation or
advance repayment ofthe subsidized loan . ,
8.All payments provided fiv inthis Article shall beexpressed and made
in EUA .
SECTION VI
MANAGEMENT OF THE EXPORT EARNINGS STABILIZATION SYSTEM
Article 54
1.For the calculation in EUA ofthe reference level and ofthe actual
earnings referred toinArticles 36and 37ofthe Convention and inthe
corresponding provisions ofthe Decision ,the exchange rates applicable shall '
bethe average rates inforce inthe periods towhich the amounts concerned
refer .

/
-26-
2.For payments relating tothetransfers referred toinArticles 39and 40'
ofthe Convention and inthe corresponding provisions ofthe Decision ,the 1
conversion rates tobeused between the EUA and the currency orcurrencies
used for payment shall bethose inforce onthe day preceding payment .
3.For payments relating tothe contributions towards the reconstitution of
resources referred toinArticle 43ofthe Convention -and inthe corresponding
provision 'softhe Decision ,the conversion rates tobeused between the EUA
and the currency orcurrencies used for payment shall bethose inforce on
the tenth day preceding payment .
Article 55
Inthe event ofadvance use ofthe following year'sinstalment ,the advances
referred toinArticle 40(3 )ofthe Convention and inthe corresponding
provisions ofthe Decision shall bereduced proportionately .
Article 56
ν
1.The Commission shall inform the Council every three months concerning the
financial situation ,ofthe system . - '
2.The information provided pursuant toparagraph 1shall besupplemented or
updated whenever proposals for transfers are laid before the Member States .
SECTION VII
EXECUTIVE AGENTS ' ^
. .
Chapter I'
' _ The chief authorizing officer
Article 57
1.The chief authorizing officer .ofthe EDF,referred toinArticle 121of
the Convention ,shall take all measures necessary forthe implementation of
theprovisions ofChapter 7ofthe Convention andthe corresponding
provisions ofthe Decision .

27-
2.The chief authorizing officer shall ensure ,before the publication ofan
invitation totender ,that the documents relating totenders donot contain
anydirect orindirect discriminatory provisions . Heshall ensure that '
tenders are compared under equal conditions and inparticular that the
import duties ortaxation ofthe recipient State ,country orterritory donot
constitute anobstacle toparticipation ininvitations totender .
3„The chief authorizing officer may suspend the publication ofanotice of
invitation totender where itisfound that corrections must bemade tothe
specifications orother documents inreplacement thereof . Tothis end,he '
shall inform the relevant authorities ofthe recipient State ,country or
territory ofhis observations . ,
A. The chief authorizing officer shall ensure that contractors are designated
and contracts awarded incompliance with Articles 126 and 128 ofthe
Convention .
Where hedeems itappropriate ,the chief authorizing officer shall consult '
experts chosen fortheir technical competence andtheir independence
vis-a-vis the firms concerned bythe award ofthe contract . 1
Ν
' ... .\__2 'Arti eie 58
Under Arficle'_117 ofthe Convention and the corresponding provisions ofthe
Decision ,decisions tocommit the additional funds required tocover any
excess expenditure incurred under aproject shall betaken :
'Declaration . . '
It-isunderstood that the Commission will inform the EDF Committee ona .
regular basis concerning decisions tocommit additional funds taken by
the chief authorizing officer pursuant tothe second indent ofArticle 58.

-28-
-inaccordance with the procedures Laid down inArticles 18and 19ofthe
Internal Agreement where the excess expenditure ishigher than aceiling
of15% oftheoriginal commitment set out inthe financing decision ,
-bythe chief authorizing officer ofthe EDF where the excess expenditure
isequal toorlower than the 15%ceiling .
?■
'Chapter II
The national authorizing officer
Arti cle 59
Inthe performance ofhisduties ,aslaid down inArticle 122 ofthe Convention
the national authorizing officer shall comply with the provisions ofthis
Financial Regulation regarding commitment ,clearance andauthorization of
expenditure .
Article 60
Where the chief authorizing officer ofthe EDF isaware ofdelays inthe
procedures relating toprojects financed by^the EDF heshall -,inconjunction -
with thenational authorizing officer ,make all contacts necessary toremedy ,
the situation .
If,for any reason whatsoever ,services have been rendered but further delay
inthe clearance ,authorization orpayment gives rise todifficulties likely to
call into^uesti onthefull performance ofthe contract the chief authorizing
officer may take all appropriate measures toresolve these difficulties ,to
remedy ,where necessary ,the financial consequences ofthe resultant situation
and,more generally ,toenable ,the project orprojects tobecompleted under
the best economic conditions . Heshall inform thenational authorizing ,
officer ofsuch measures assoon aspossible .Ifpayments arethus .made
directly bythe Commission tothebeneficiary ofthe contract the Community
I. · 7 -χ
shall automatically acquire that beneficiary 'sright ascreditor vis -'a-vis
■ vthe national authorities .

29-
Chapter III
The Commission Delegate
Article 61
During the performance ofoperations ,the delegate shall verify onthe spot
/
and onthe basis ofrecords that work carried out orservices rendered
tally with their descriptions asgiven inthe financing agreements ,contracts
orestimates . ^ •-
Article 62
The delegate shall comply with this Financial Regulation inthe performance of
his duties .
Article 63
Inthe event offailure tocomply with this Financial Regulation ,ofmisconduct
orgross negligence inthe performance ofhis duties ,the delegate shall be
answerable tothe Commission .
Chapter IV
The paying agent
\ .
-Arti ele 64 <•
Inthe performance ofitstasks ,aslaid down inArticle 124 ofthe Convention ,
the paying agent -shall comply with this Financial Regulation .
Article 65
Inthe event offailure toobserve the provisions inforce ,ofmisconduct
orofgross negligence which entail financial loss for the Community ,the
paying agent shall beheld financially responsible under the conditions
and inaccordance with the terms laid down inthe contract binding itto
the Commission . '

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SECTION VIII
PRESENTING AND AUDITING ACCOUNTS
\
Article 66
1.The balance sheet'and revenue and expenditure account ,expressed in EUA,
shall beadopted bythe Commission atthe close ofeach financial year .
Without prejudice toArticle 29(4 )ofthe "Internal Agreement ,they shall be
submitted nolater than 31March ofthe following financial year together
with documentary evidence ,for examination bythe Court ofAuditors .
2.Incarrying out the task assigned toit,the Courtof Auditors and
its members may beassisted byofficers ofthe Court .
The tasks delegated tosuch officers must bespecifically laid down and
limited tothe time necessary fortheir completion . The Court itself
I orone ofits members shall notify these tasks totheauthorities with \
whom the relevant officer istocarry out his work .
Declaration
Inorder tofacilitate theaudits carried out bythe Court ofAuditors onthe
operations ofeach financial year ,the Commission shall forward toitona
regular basis ,during thefinancial year,records ofmeetings ofthe EDF Committee ,
financing decisions adopted bythe.Commi ssion orthe Council ,financing ortransfer
agreements and anyperiodic statements relating tothe financial situation of
current operations .

-31-
Arti ele 67
'a 1.The audit carried out bythe Court ofAuditors ,shall bebased onrecords
andshall ,ifnecessary ,beperformed onthe spot .Itshall beconcerned
solely with operations and projects financed from EDF resources managed
bythe Commission and ,its purpose shall betoestablish that all revenue
has been received andall expenditure incurred inalawful and regular
manner with regard tothe provisions appli cable ,and that the,financial
management has been sound . 1
2.Inthe performance ofits task the Court ofAuditors may,under the
conditions laid down inparagraph 4,consult all documents and information
relating tothe financial management ofthe departments subject toits
inspection ;ithas the power tohear anyofficial responsible for revenue
and expenditure operations andtouse any ofthe auditing procedures
appropriate tothose departments .
3.The Court ofAuditors shall ensure that all securities and cash on
deposit orinhand are checked against vouchers signed bythe depositaries >.
oragainst official memoranda ofcash andsecurities held . The board may
itself carry out such checks .
4.The Commission shall provide the Court ofAuditors with all thefacilities
and information which thelatter deems necessary for the performance ofits .
task . *
Declarati on ■ "
1.Innocase may the exercise ofthe powers vested inthe Court ofAuditors
infringe the sovereignty ofthe recipient States ,-countries orterritories .
Should the Court ofAuditors wish tocarry out audits onthfeterritory ofthe
recipient States ,countries orterritories ,itmay dosobyagreement with -
the ,authorities ofthe State ,country ofterritory concerned . Such audits
would belimited tothe inspection arrangements implemented pursuant tothe /
provisions governing EDF operations and would not apply inrespect ofthe
execution arrangements which are the responsibility ofthe national authorizing
officer. ' ' • ... '
■2.Itisunderstood that the Court ofAuditors may,.should itsorequest ,
carry out ,anaudit oncompletion ofthe contract orestimate relating toan
operation orproject . '

Inparti cular ,itshall place atthedisposal ofthe Court ofAuditors
all documents concerning the conclusion and performance ofcontracts and
all accounts incash ormaterials ,all accounting records orsu*ppol"ting ,
documents and the administrative documents pertaining thereto ,aswell as
all documents relating torevenue and expenditure .
Tothis end >officials subject toaudit bythe Court ofAuditors shall in
part icular :
(a)make available for inspection their cash inhand and any other cash ,
securities orassets ofany kind ,the supporting documents inrespect of
their management ofwhich they arethe depositaries -and any books ,
registers and other documents relating thereto ;
Cb)present the correspondence orany other document required for the full .,
'implementation oftheaudits ." , / ..! • •
The information referred tounder (b)may berequested only bythe Court of
Auditors . ' '
The Court ofAuditors shall beempowered toaudit the .'documents inrespect
of EDF revenue and expenditure which are held by.the Commission 'sdepartments
and,inparticular ,bythe departments responsible for ,decisions onsuch
> ...
revenue and expenditure .
Article 68
1.The Court ofAuditors shall communicate tothe Commission ,not later than
15July ,any comments which itconsiders should appear inthe annual report
provided for inArticle 206a ofthe Treaty .. ,;
- ~ ' ■ t' • ■
The Commission shall forward its replies tothe Court ofAuditors not later
than 31October . • '
2.The Court ofAuditors shall attach toitsreport anassessment of .the
soundness ofthe financial management . '

3.The Court ofAuditors may also make comments atany time onspecific
matters and may give opinions where requested byone ofthe Community
institut ions . ,
Arti ele 69
The^Court ofAuditors shall send its annual -report ,together with the
Commission 'sreplies ,not later than 30November tothe Council ,tothe European
Parliament and tothe Commission and shall ensure itspublication inthe
Official Journal ofthe European Communities . .
Article 70
1.Before 30April ofthe following year the European Parliament ,.acting onthe
recommendation ofthe Council ,shall give the Commission adischarge in
respect ofthe financial management ofthe EDF for the past year ,in
accordance with Article 29(3 )ofthe Internal Agreement .
2.The financial controller shall take account ofthe comments appearing
inthe decision giving discharge .
3.The Commission shall take all appropriate steps ,toact onthe comments
lappearing inthe decision giving discharge . Atthe request ofParliament
orthe Council itshall report onthe measures taken inthe tight ofthese
comments and inparticular ontheinstructions given tothose ofits departments
which are responsible for the management ofthe EOF. This report shall also
be'forwarded tothe Cour :ofAuditors . \
Subject tothe second sentence ofthe preceding paragraph the^'Commission must ,
inanAnnex tothe revenue and expenditure account for the next financial
year ,give anaccount ofthe measures taken further tothe comments appearing
inthe deci siongiving discharge .
3.The revenue and expenditure account and balance sheet for each financial
year and the decision giving the discharge shall bepublished inthe Official
Journal ofthe European Communities .

SECTION IX
GENERAL AND FINAL PROVISIONS
Article 71
The sums collected bythe Bank either inthe form ofrepayments ,interest
orcharges inrespect ofspecial loans orthe aid granted from the
special financing facility orinthe form ofproducts ,revenue or
repayments from risk capital operations shall becentralized ina-special
account opened with the Bank onbehalf ofthe Community and denominated
'in EUA .
) '" Article 72
This Regulation shall beapplicable for the same period as "the Internal
Agreement .
Done atBrussels ,
For the Council
The President .