3.6.2008 Official Journal of the European Union L 143]1 (Acts adopted under the EC Treaty/Euratom Treaty whose publication is obligatory) REGULATIONS COUNCIL REGULATION (EC) No 485/2008 of 26 May 2008 on scrutiny by Member States of transactions forming part of the system of financing by the European Agricultural Guarantee Fund (Codified version) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 37 thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Parliament (%), Whereas: (1) Council Regulation (EEC) No 4045/89 of 21 December 1989 on scrutiny by Member States of transactions forming part of the system of financing by the Guarantee  Section of the European Agricultural Guidance and Guarantee Fund and repealing Directive 77/435[EEC (3) has been substantially amended several times (). In the interests of clarity and rationality the said Regulation should be codified. Under Article 9 of Council Regulation (EC) No 1290/2005 of 21 June 2005 on the financing of the common agricultural policy (), the Member States are to take the measures necessary to ensure effective protection of the financial interests of the Community, and particularly in order to check the genuineness and compliance of operations financed by the European Agri- cultural Guarantee Fund (EAGF) and by the European Agricultural Fund for Rural Development (EAFRD), to prevent and pursue irregularities and to recover sums lost as a result of irregularities or negligence. (') Opinion of 19 June 2007 (not yet published in the Official Journal). (3 OJ L 388, 30.12.1989, p. 18. Regulation as last amended by Regu- lation (EC) No 2154/2002 (O] L 328, 5.12.2002, p. 4). () See Annex I () OJ L 209, 11.8.2005, p. 1. Regulation as last amended by Regu- lation (EC) No 1437/2007 (O] L 322, 7.12.2007, p. 1). G) Scrutiny of the commercial documents of undertakings receiving or making payments can be a very effective means of surveillance of transactions forming part of the system of financing by the EAGF. This scrutiny supplements other checks already carried out by the Member  States. Furthermore, national provisions relating to scrutiny which are more extensive than those provided for in this Regulation are not affected by it. The documents used as a basis for such scrutiny should be determined in such a way as to enable a full scrutiny to be carried out. The undertakings to be scrutinised should be selected on the basis of the nature of the transactions carried out on their responsibility and the breakdown of the under- takings receiving or making payments according to their financial importance in the system of financing by the EAGF. Furthermore, it is necessary to provide for a minimum number of inspections of commercial documents. This number should be determined by a method which precludes substantial differences between the Member States by virtue of differences in the structure of their expenditure under the EAGF. This method may be estab- lished by referring to the number of undertakings of a certain financial importance in the system of financing by the EAGF. The powers of the officials responsible for scrutiny and the obligations on undertakings to make commercial documents available to such officials for a specified period and to supply such information as may be requested by them should be defined. It should also be stipulated that commercial documents may be seized in certain cases.