Article 43 Interest and other gains generated by support for rural development to financial instrumentsF1E1
England, Scotland and Northern Ireland
Support for rural development paid to financial instruments shall be placed in accounts domiciled within financial institutions in F2the constituent nation and shall be invested on a temporary basis in accordance with the principles of sound financial management.
Interest and other gains attributable to support for rural development paid to financial instruments shall be used for the same purposes, including the reimbursement of management costs incurred or payment of management fees of the financial instrument in accordance with point (d) of the first subparagraph of Article 42(1) and in accordance with Article 42(2) and (3), as the initial support for rural development, either within the same financial instrument or, following the winding up of the financial instrument, in other financial instruments or forms of support in accordance with the specific objectives set out under a priority, until the end of the eligibility period.
The managing authority shall ensure that adequate records of the use of interest and other gains are maintained.
Annotations
Textual amendments
- F1
Words in Art. 43 substituted (31.12.2020) by The European Structural and Investment Funds Common Provisions (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/785), regs. 1, 8(6)(a) (as amended by S.I. 2020/1542, regs. 1(2), 13(6)(d)); 2020 c. 1, Sch. 5 para. 1(1)
- F2
Words in Art. 43 substituted (31.12.2020) by The European Structural and Investment Funds Common Provisions (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/785), regs. 1, 8(6)(b); 2020 c. 1, Sch. 5 para. 1(1)
Extent
- E1
This version of this provision applies to England, Scotland and Northern Ireland only; a separate version has been created for Wales
Editorial notes
Notes on the whole EU Regulation
Textual amendments
- F1
Regulation revoked in so far as relating to the European Maritime and Fisheries Fund (31.12.2020) by The Common Fisheries Policy (Amendment etc.) (EU Exit) Regulations 2020 (S.I. 2020/1542), reg. 1(3), Sch. Pt. 2
Notes on Part TWO
Textual amendments
- F1
Pt. 2 heading substituted (31.12.2020) by The European Structural and Investment Funds Common Provisions (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/785), regs. 1, 5(1) (as amended by S.I. 2020/1542, regs. 1(2), 13(3)(a)); 2020 c. 1, Sch. 5 para. 1(1)