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Commission Implementing Regulation (EU) 2020/1001Show full title
Commission Implementing Regulation (EU) 2020/1001 of 9 July 2020 laying down detailed rules for the application of Directive 2003/87/EC of the European Parliament and of the Council as regards the operation of the Modernisation Fund supporting investments to modernise the energy systems and to improve energy efficiency of certain Member States
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Changes over time for: Article 16
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- Regulation revoked by 2023 c. 28 Sch. 1 Pt. 2
Article 16U.K.Audits and protection of the financial interests of the Fund
1.The EIB shall prepare annual accounts of the Modernisation Fund for each financial year, which shall run from 1 January to 31 December, taking into account the financial statements provided pursuant to Article 13(2)(b). Those accounts shall be subject to an independent external audit.
2.The EIB shall submit to the Commission the following statements:
(a)by 31 March, the unaudited financial statements of the Modernisation Fund covering the preceding financial year;
(b)by 30 April, the audited financial statements of the Modernisation Fund covering the preceding financial year.
3.The accounts and financial statements referred to in paragraphs 1 and 2 shall be drawn up in compliance with the International Public Sector Accounting Standards (IPSAS).
4.The beneficiary Member States shall have the power to audit, on the basis of documents and on-the-spot checks, over all project proponents and scheme managing authorities, contractors and subcontractors to whom they provided support from the Modernisation Fund.
5.For the purpose of paragraphs 1 and 2, beneficiary Member States, project proponents and scheme managing authorities, contractors and subcontractors who have received the resources from the Modernisation Fund shall keep available, for a period of five years following the last payment in respect of any project or scheme, all supporting documents and information regarding the payment or expenditure made.
6.Beneficiary Member States shall take appropriate measures to ensure that, where activities financed under this Regulation are implemented, the financial interests of the Modernisation Fund are protected by the application of preventive measures against fraud, corruption and any other illegal activities, by effective checks and, if irregularities are detected, by the recovery of the amounts unduly paid and, where appropriate, by effective, proportionate and dissuasive administrative and financial penalties. Recoveries shall be implemented in accordance with the legislation of the beneficiary Member States.
For any amounts recovered, the beneficiary Member State shall request a modification of a disbursement decision in accordance with Article 10(3).
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