14.6.2006 Official Journal of the European Union L 160/1 | (Acts whose publication is obligatory) COUNCIL REGULATION (EC) No 861/2006 of 22 May 2006 establishing Community financial measures for the implementation of the common fisheries policy and in the area of the Law of the Sea 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: Council Regulation (EC) No 2371/2002 of 20 December 2002 on the conservation and sustainable exploitation of fisheries resources under the common fisheries policy () provides that the common fisheries policy (CFP) is to ensure the exploitation of living aquatic resources in a manner that provides sustainable economic, environ- mental and social conditions. In implementing the CFP pursuant to Regulation (EC) No 2371/2002 and its implementing regulations, a crucial objective is to make Community financial intervention in the sector more effective. Greater complementarity and more streamlined, uniform and coordinated procedures, both within the Community and in relations with third countries and international organisations, are essential to ensuring the consistency and relevance of such financial intervention. It is necessary to take account of the objectives previously established in the 2002 CFP reform, which have been supplemented by sectoral legal and policy instruments. (*) Opinion of 15 December 2005 (not yet published in the Official Journal). (» OJ L 358 31.12.2002, p. 59. Regulation as last amended by Regu- lation (EC) No 1242/2004 (O] L 236, 7.7.2004, p. 1). 4 In addition it is necessary to adapt Community legis- lation to those objectives and to the orientations of the financial framework for the period 2007 to 2013, while at the same time ensuring compliance with Council Regulation (EC, Euratom) No 1605/2002 of 25 June 2002 on the Financial Regulation applicable to the general budget of the European Communities () and Commission Regulation (EC, Euratom) No 2342/2002 of 23 December 2002 laying down detailed rules for the implementation of Council Regulation (EC, Euratom) No 1605/2002 (%), and with the requirements of simplification and better regulation. Community expenditure may take, inter alia, the form of a financing decision, a Community grant agreement, a public procurement contract, Memoranda of Under- standing and administrative arrangements in compliance with the procedures laid down in Regulation (EC, Euratom) No 1605/2002. In addition, account should be taken of the conclusions of the Agriculture and Fisheries Council of 19 July 2004 on Fisheries Partnership Agreements. It is necessary to clearly define the objectives, areas of action and expected results for Community funding. It is necessary to provide for rules governing the elig- ibility of expenditure, the level of the Community financial contribution and the terms on which it should be made available. It is of common interest that Member States are equipped in such a way that controls are carried out to a high standard. In order to ensure that Member States accomplish their obligation under the CFP rules, the Community should support the Member States in their investments in the control area. () O] L 248, 16.9.2002, p. 1. () OJ L 357, 31.12.2002, p. 1. Regulation as last amended by Regu- lation (EC, Euratom) No 1261/2005 (OJ L 201, 2.8.2005, p. 3).