Council Regulation (EC) No. 1260/1999 laying down general provisions on the Structural Funds.

This Regulation lays down the financial aid framework which shall apply pursuant to the objectives referred to in articles 158 and 160 of the Treaty establishing the European Community. In particular, the Community aims at reducing disparities between the various levels of development of the different regions and the backwardness of the least-favoured regions or islands, including rural areas. These objectives shall be pursued through the financial instruments hereby provided, which cover different areas of intervention. Rural development, agricultural development compatible with environment requirements as well as fisheries development are included. The Regulation consists of the following seven Titles: (I) General Principles; (II) Programming; (III) Contribution and Financial Management by the Funds; (IV) Effectiveness of Assistance from the Funds; (V) Reports and Publicity; (VI) Committees; (VII) Final Provisions.
Title II is entirely devoted to the procedure to be followed in the drafting, approval and implementation of the Plans intended for attaining objectives 1, 2 and 3 as referred to in articles 3, 4 and 5 respectively. The managing authorities designated by the Member States shall be in charge of the monitoring over the implementation of this Regulation. They shall also set up a system to gather reliable financial and statistical information and draw up annual implementation reports. As regards reports, the Commission shall submit a report at three-year intervals to the European Parliament, the Council, the Economic and Social Committee and the Committee of the Regions on the progress made towards economic and social cohesion and the contribution made to this by the Funds, the Cohesion Fund, the EIB and other financial instruments. Publicity shall be ensured to development plans (art. 46). For the purposes of implementing these provisions, the Commission shall be assisted by the Committees hereby established: (1) Committee on the development and Conversion of Regions; (2) Committee on Agricultural Structures and Rural Development; (3) Committee on Structures for Fisheries and Aquaculture.