Unlike the other EU funds which are directly offered to EU citizens by the EU, ESIF are specific funds that have been allocated to Cyprus under the EU Multiannual Budget. Cyprus co-finances certain projects with the help of the EU for what have been decided as the ‘priority sectors’ of the Cypriot economy. Therefore, it can be argued that legal issues may arise regarding European Union co-financed programs as their application, management and regulation is left to the hands of individual member states. Cypriot authorities must follow and implement the EU Parliament and Council Regulations, the EU Commission Delegated Regulations and the EU Commission Implementing Regulations that exist on the matter of ESIF.
News & Legal Updates
In accordance with the petition for aids of the funds of the European Union an ordinance Nr. 272/2014 has been issued by the Hungarian government for the period between 2014 and 2020 which regulates the procedure of the payment of the aids of the European Union. We would like to highlight the most important characteristics of this procedure in our article. The companies are entitled to submit a petition for the aids in relation to the following funds of the European Union: European Regional Development Fund, European Social Fund, Cohesion Fund, European Agricultural Fund for Rural Development, European Maritime and Fisheries Fund, European Network Financial Fund, Youth Employment Affairs, Fund for European Aid to the Most Deprived.
Beneficiaries of EU funds have encountered unpleasant surprises from the European Commission. Many of them have been accused of creating artificial conditions to receive funding, paradoxically by the same authority who previously approved their projects and payments on the basis of a serious documentation and after many checks. The accusation was accompanied by the issuance of the finding minutes of irregularities and establishing budgetary claims, through which the financing contracts were cancelled and the EU funds received became directly, from non-refundable, budgetary claims subjected to forced execution in case of nonpayment within the term of approximately 30 days, term given by the contracting authority.