The Financial Regulations shall lay down in particular:
What is EPC 050?
This is Article 050 from the EPC (Europäisches Patentübereinkommen), which is part of the legal framework governing the Unified Patent Court in Europe.
Legal Text
(a)
the arrangements relating to the establishment and implementation of the budget and for the rendering and auditing of accounts;
(b)
the method and procedure whereby the payments and contributions provided for in Article 37 and the advances provided for in Article 41 are to be made available to the Organisation by the Contracting States;
(c)
the rules concerning the responsibilities of authorising and accounting officers and the arrangements for their supervision;
(d)
the rates of interest provided for in Articles 39, 40 and 47;
(e)
the method of calculating the contributions payable by virtue of Article 146;
(f)
the composition of and duties to be assigned to a Budget and Finance Committee which should be set up by the Administrative Council;
(g)
the generally accepted accounting principles on which the budget and the annual financial statements shall be based.
Applied In
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Official Source
This legal text is from the official EPC framework governing the Unified Patent Court.
Reference: EPC 050 (Article 050)