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This regulation will amend the existing Financial Regulation which sets out the overall framework for budget management, as well as a number of acts governing the EU's multiannual programmes in various fields, including cohesion policy.
The changes include the extension of the use of ’simplified cost options’, and a focus on results rather than tracking the actual costs incurred. In order to avoid multiple checks, the EU will be able to rely more on existing audits, assessments and authorisations of other donors such as the UN and the World Bank, or the member states. Combining funding sources will also become easier.
All these improvements taken together are expected to cut significantly red tape for all those involved in the implementation of the EU budget.
The new rules will enter into force on the third day after their publication in the Official Journal of the European Union. They will apply for the most part immediately. The EU institutions have been given more time - until 1 January 2019 - to adapt to the new rules as far as their administrative expenditure is concerned.
Omnibus regulation (full text)