19.3.2008 Official Journal of the European Union L 781 (Acts adopted under the EC Treaty/Euratom Treaty whose publication is obligatory) REGULATIONS COUNCIL REGULATION (EC) No 215/2008 of 18 February 2008 on the Financial Regulation applicable to the 10th European Development Fund THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Commu- nity, Having regard to the Partnership Agreement between the members of the African, Caribbean and Pacific Group of States of the one part, and the European Community and its Member States, of the other part, signed in Cotonou on 23 June 2000 (%) and revised in Luxembourg on 25 June 2005 (3 (the ACP-EC Agreement), Having regard to Council Decision 2001/822/EC of 27 Novem- ber 2001 on the association of the overseas countries and territories with the European Community (the Overseas Association Decision) (*), and in particular the fourth paragraph of Article 23 thereof, Having regard to Decision No 1/2006 of the ACP-EC Council of Ministers of 2 June 2006 specifying the multiannual financial framework for the period 2008 to 2013 and modifying the revised ACP-EC Agreement (%), Having regard to the Internal Agreement between the Repre- sentatives of the Governments of the Member States, meeting within the Council, on the financing of Community aid under the multiannual financial framework for the period 2008 to 2013 in accordance with the ACP-EC Agreement and on the allocation of financial assistance for the Overseas Countries and Territories to which Part Four of the EC Treaty applies (°) (the Internal Agreement) and in particular Article 10(2) thereof, Having regard to Council Regulation (EC) No 617/2007 of 14 May 2007 on the implementation of the 10th European Development Fund under the ACP-EC Partnership Agreement (°), () OJL 317, 15.12.2000, p. 3. () OJ L 287, 28.10.2005, p. 4. () OJL 314, 30.11.2001, p. 1. Decision amended by Council Decision 2007/249(EC (O] L 109, 26.4.2007, p. 33). () OJ L 247, 9.9.2006, p. 22. () OJ L 247, 9.9.2006, p. 32. () OJ L 152, 13.6.2007, p. 1. Having regard to the proposal from the Commission, Having regard to the opinion of the Court of Auditors (7), Having regard to the opinion of the European Investment Bank, Whereas: (1) It is necessary to determine the detailed rules for the payment of contributions by the Member States to the 10th European Development Fund (the EDF), set up by the Internal Agreement, and for the allocation of financial assistance for the Overseas Countries and Territories to which Part Four of the EC Treaty applies (OCTs). (2)  Rules should be laid down for the treatment of the balances remaining from the previous EDFs, in particular as regards the detailed arrangements for their transfer to the 10th EDF and the rules applicable for their implementation, or the consequences of their decommitment in relation with Member States contributions. (3) It is necessary to lay down the conditions in accordance with which the Court of Auditors must exercise its powers in respect of the EDF. (4) It is necessary to lay down the conditions in accordance with which the European Investment Bank (EIB) manages EDF resources. (5) The provisions concerning scrutiny by the Court of Auditors of the EDF resources managed by the EIB should comply with the Tripartite Agreement concluded between the Court of Auditors, the EIB and the Commission provided for in Article 248(4) of the Treaty. (6) It is appropriate to ensure the proper, prompt and efficient execution of programmes and projects financed under the ACP-EC Agreement and to establish management proce- dures which are transparent and easy to apply, and which facilitate the decentralisation of tasks and responsibilities. O] C 23, 28.1.2008, p. 2. = -