The Commission updates the FP7 Guide to Financial IssuesApril 2, 2013
Funding Scheme: 2013-04-02
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.
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