There are further significant changes from FP6 in the financial regulations:
1. With respect to Cost Models, there, there are many associated changes which the removal of cost models which will cause. – discussed further in relevant sections
2. It will now be possible in cost statements to use average rates if they are typical rather than actual personnel costs etc.
3. There is a financial impact resulting from the changes in collective financial responsibility. It is planned to set up a central guarantee fund to cover defaulting contractors costs and this will be created by withholding approximately 5% centrally.
4. The need for having Audit Certificates on an annual basis has been reduced and removed entirely for cumulative funding of under 375,000 Euros.
5. Prefinance retention will now apply to total funding rather than just that of the final cost period as was the case in most projects in FP6.
6. Interim payments will be calculated as was done in FP5 rather more restrictively as in FP6.