Rules for EU structural and investment funds codified | KPMG | BG

Rules for EU structural and investment funds codified

Rules for EU structural and investment funds codified

The long awaited Management of European Union Structural and Investment Funds Act became effective in December 2015.

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EU regulation

The purpose of the Act is to codify the existing secondary legislation,
consisting mainly of Council of Ministers acts as well as rules and instructions
issued by other authorities, and to overcome its fragmentation and
inconsistency. The Act is expected to leverage and build upon good practices and experience gained in the course of the previous programming period.
 
The Management of European Union Structural and Investment Funds Act provides for the reduction of the administrative burden through unification and simplifications of rules, by introducing: 

  • Standardised application forms and administrative contracts 
  • Digitalization of communication 
  • Simplified cost options 

New forms of financing such as Joint Action Plans and Community-led Local
Development.
 
The Act establishes the framework for management of financial instruments,
funded by the EU Structural and Investment Funds, through a special Fund of
Funds which will function based on agreements with the Managing Authorities of the respective Operational Programmes.
 
The Act also includes special provisions for public procurement and contract
awards, which are applicable to beneficiaries outside the scope of the Public
Procurement Act.
 
Another key aspect is the introduction of a procedure for imposing financial
corrections where the final stage is the issue of an individual administrative
act that is subject to appeal under the Act and the Administrative Procedure
Code.
 
The detailed rules for application of the Act, in particular with regard to
grant award, procurement, irregularities and sanctions, will be adopted within a six-month period of the Act’s entry into force.
 
At KPMG, we work with a number of stakeholders involved in the EU funds
delivery process. We assist managing and audit authorities in the process of
improving accountability and effectiveness of EU funds spending by providing
accounting and financial reporting, audit and verification services, as well as
technical assistance, procurement advisory and institutional capacity
building.
 
We would be glad to answer your questions in relation to the Management of
European Union Structural and Investment Funds Act and its implications for
businesses.

© 2017 KPMG Bulgaria OOD, a Bulgarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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