# Regulation (EC) No 294/2008 of the European Parliament and of the Council of 11 March 2008 establishing the European Institute of Innovation and Technology, Article 21: Implementation and control of the budget

Extent: E+W+S+N.I.

1. The EIT shall adopt its financial rules in accordance with Article 185(1) of Regulation (EC, Euratom) No 1605/2002. These may not depart from Regulation (EC, Euratom) No 2343/2002 except where the EIT’s specific operating needs so require and with the Commission’s prior consent. Due account shall be given to the need for adequate operational flexibility in order to enable the EIT to achieve its objectives and attract and retain private sector partners.
1a. The financial contribution to the EIT shall be implemented in accordance with Regulation (EU) No 1290/2013 and with Regulation (EU) No 1291/2013.
2. The Director shall implement the budget of the EIT.
3. The accounts of the EIT shall be consolidated with the Commission’s accounts.
4. Upon a recommendation from the Council, the European Parliament shall, before 15 May of the year N + 2, give a discharge for the year N to the Director in respect of the implementation of the EIT budget.

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Source: https://www.legislation.gov.uk/eur/2008/294/article/21 (the official version)
Page: https://openlegislation.uk/eu-regulation-2008-294/article-21
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.