The Commission updates the FP7 Guide to Financial Issues

April 2, 2013

Funding Scheme: 2013-04-02

Amorce:

The FP7 Guide to Financial Issues is now available on the Participant Portal (See the 5th Version dated 18 March 2013), after it was updated by the European Commission.

Text:

The principal modifications and clarifications concern the following issues:

  • The reduction of the period of pre-financing payment to 30 days from the date of entry into force of the grant agreement
  • The reduction of the period of  interim and final payments to 90 days  from the date of  receipt of the reports
  • The end of the obligation for the coordinator to open and manage an interest-bearing bank account
  • The end of the obligation for the coordinator to declare and reimburse the interest generated by pre-financing payments

These updates are the result of the entry into force on 1 January 2013 of the new Regulation on the financial rules applicable to the general budget of the European Union – Regulation No 966/2012.

It should be noted that the changes apply from 1 January 2013, both to future projects and to current ones.

Url description: Participant Portal FP7

Url: http://ec.europa.eu/research/participants/portal/page/fp7_documentation