Revision of UNFPA financial regulations

The Executive Board

1. Takes note of documents DP/FPA/2005/3 and DP/FPA/2005/4;

2. Approves the revisions to the financial regulations contained therein, with the following amendment:

Regulation 14.2 (separation of duties):

Delete the phrase: “Unless otherwise expressly authorized by the Executive Director,”.

Add the following subparagraph: “(c) in any case, at least two signatories are required to authorize the expenditure of funds”.

3. Regarding the financing of donor agreements (regulation 2.2 F (i)), requests the Executive Director to establish guidelines containing elements such as standards for identifying and assessing risk factors, requirements for mitigating risk as a condition for approval, and limitations on the actual disbursement of cash prior to the receipt of contributions; and

4. Requests the UNFPA Executive Director to keep the financial regulations under active review and to consult accordingly with the Executive Board.

28 January 2005