Wednesday,
26 February 2020
2004-20092009-20142014-2021

Surveillance Regulations on the Financial Instruments of EEA and Norway Are Approved

29.01.2013

On Tuesday, January 29th, the Cabinet of Ministers (the Cabinet) has approved the surveillance regulations on the financial instrument of the European Economic Area (EEA) and the financial instrument of Norway for the period of 2009-2014 that establish a procedure, according to which institutions involved in the management of financial instruments provide surveillance, assessment, control of financial instruments, report on non-compliances found and recover improper expenditure made.

Cabinet regulations establish a procedure for the surveillance and assessment of financial instruments, control procedure for financial instruments, conditions for determination of non-compliances, procedure for the assessment of non-compliances as well as procedure for reporting on non-compliances found. Regulations include also a recovery procedure for improper expenditure made both from the side of programme manager and agency for administrative expenditure made during the implementation of a programme, and from the beneficiaries of co-financing depending whether they are direct or intermediate state governing bodies, derived public persons or other state institutions or private persons. Regulations also provide for a procedure for the repayment and accounting of improper expenditure made.

Taking into consideration that the system for introduction of EEA financial instrument and financial instrument of Norway for the period of 2009-2014, established by the government law, is equalised to the system for introduction of the European Union structural funds and the Cohesion fund, these Cabinets regulations are also accordingly worked out, complying with specificity of the introduction of financial instruments.

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