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In accordance with paragraph 7 of Article II of the Agreement as amended, the Commission may adopt and amend, as required, its own Financial Regulations of the Commission by a two-thirds majority of its Members, which Financial Regulations shall be consistent with the principles embodied in the Financial Regulations of FAO. The Financial Regulations and amendments thereto shall be reported to the Finance Committee of FAO which shall have the power to disallow them if it finds that they are inconsistent with the principles embodied in the Financial Regulations of FAO.

Regulation I - Applicability

1. These regulations shall govern the financial administration of the Asia-Pacific Fishery Commission (APFIC).

2. The financial rules and procedures of FAO shall apply to the activities of the Commission for matters not covered by these Regulations.

Regulation II - The Financial Period

The financial period shall be one calendar year.

Regulation III - The Budget

1. The Budget Estimates shall be prepared by the Secretary of the Commission and shall be circulated to all Members of the Commission not less than 60 days before each regular session.

2. The Budget Estimates shall cover income and expenditures for the financial period to which they relate, and shall be presented in United States dollars.

3. The Budget Estimates shall reflect the programme of work for the financial period elaborated by appropriate information and data, and shall include the programme of work and such other information, annexes or explanatory statements as may be requested by the Commission.

4. The Budget shall comprise:

(a) The Administrative Budget referred to in paragraph 5 relating to the regular contributions of Members of the Commission payable under Article VIII bis of the Agreement Establishing the Asia-Pacific Fishery Commission and expenditures chargeable to the budget of the Commission under Article VIII bis, paragraphs 9 and 10. The Administrative Budget shall reflect in an appropriate manner the expenses to be borne by FAO under Article VIII bis, paragraph 9.

(b) The Special Budgets relating to funds made available during the financial period from donations and other forms of assistance received from organizations, individuals and other sources under Article VIII bis, paragraph 6.

5. The Administrative Budget for the financial period shall consist of provisions for:
- Administrative Expenditures, including an amount to cover the Organization’s costs equal to (4.5) percent of the total Budget of the Commission.

- Expenditure for the activities of the Commission. Estimates under this chapter may be presented in a single total only but detailed estimates for each particular project will be prepared and approved as “supplementary details” of the Administrative Budget.

- Contingencies.

6. The Administrative Budget shall be adopted by the Commission with such amendments as the Commission may deem necessary.

7. Special Budgets shall be adopted by the Commission in exceptional circumstances as appropriate.

8. The Administrative Budget of the Commission shall be submitted to the Finance Committee of the Organization for its information.

Regulation IV - Appropriations

1. After the budgets have been adopted the appropriations therein shall constitute the authority for the Commission to incur obligations and make payments for the purposes for which the appropriations were voted and up to the amounts so voted.

2. In cases of emergency, the Commission is authorized to accept additional contributions from a Member or Members of the Commission or grants from other sources and incur expenditure against them for emergency action for which the said contributions or grants were specifically provided. Such contributions or grants and expenditure relating thereto will be reported in detail to the next session of the Commission.

3. Any unliquidated prior year obligation shall be cancelled or where an obligation remains a valid charge, transferred against current appropriations.

4. Transfers between provisions as per Regulation III.5 may be effected by the Commission on the recommendation of the Secretary of the Commission.

Regulation V - Provision of Funds

1. The appropriations of the Administrative Budget shall be financed by contributions from Members of the Commission determined and payable in accordance with Article VIII bis, paragraphs 1, 3 and 4, of the Agreement. Pending receipt of annual contributions, the Commission is authorized to finance budgeted expenditure from the uncommitted balance of the Administrative Budget.

2. Before the beginning of each calendar year the Secretary shall inform the Commission’s Members of their obligations in respect of annual contributions to the budget.

3. Contributions shall be due and payable in full within 30 days of the receipt of the communication of the Secretary referred to in Regulation V.2 above, or as of the first days of the calendar year to which they relate, whichever is later. As of 1 January of the following calendar year, the unpaid balance of such contributions shall be considered to be one year in arrears.

4. The annual contributions to the Administrative Budget shall be assessed in United States dollars and shall be calculated in accordance with the scheme annexed to these Regulations and forming an integral part thereof. The contributions shall be paid in US dollars unless otherwise determined by the Commission.

5. Any new Member of the Commission shall pay a contribution to the budget in accordance with the provisions of Article VIII bis, paragraph 3, of the Agreement for the financial period in which the membership becomes effective, such contribution beginning with the quarter in which membership is acquired.

Regulation VI - Funds

1. All contributions, donations and other forms of assistance received shall be placed in a Trust Fund administered by the Director-General in conformity with the Financial Regulations of FAO.

2. With respect to the Trust Fund referred to in Regulation VI.1, the Organization shall maintain accounts:

2.1 A General Account to which shall be credited receipts of all contributions paid under Article VIII bis, paragraph 1, and from which shall be met all expenditure chargeable against the sums allocated to the annual Administrative Budget; and

2.1 Such additional accounts as may be necessary to which shall be credited the additional contributions under Regulation IV.2 and from which shall be met all expenditures relating thereto.

Regulation VII

These Regulations may be amended by the Commission in accordance with Article II, paragraph 7, of the Agreement.

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