31.5.1999 Official Journal of the European Communities L 136/1 (Acts whose publication is obligatory) REGULATION (EC) No 1073/1999 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 May 1999 concerning investigations conducted by the European Anti-Fraud Office (OLAF) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 280 thereof, Having regard to the proposal from the Commission ('), Having regard to the opinion of the Court of Auditors (2, Acting in accordance with the procedure laid down in Atrticle 251 of the Treaty (%), (1)  Whereas the institutions and the Member States attach great importance to the protection of the Communities’ financial interests and to the fight against fraud and any other illegal activities detri- mental to the Communities’ financial interests; whereas the Commission’s responsibility in that connection is closely bound up with its duty to implement the budget pursuant to Article 274 of the Treaty; whereas the importance of action to that end is confirmed by Article 280 of the EC Treaty; () Whereas the protection of the Communities’ finan- cial interests extends not only to the management of budget appropriations but also to all measures affecting or liable to affect their assets; (3  Whereas all available means must be deployed fully to attain this objective, notably in the context of investigative ~ duties  devolving  upon  the Community, while the current distribution and balance of responsibilities as between the national and Community levels should be maintained; (") OJ C 21, 26.1.1999, p. 10. () Opinion delivered on 14 April 1999 (not yet published in the Official Journal). () Opinion of the European Parliament delivered on 6 May 1999 (not yet published in the Official Journal). Council Decision of 25 May 1999. 4) Whereas to reinforce the means available for combating fraud, while respecting the principle of each institution’s internal organisational autonomy, the Commission has established among its own departments by Decision 1999/352/EC, ECSC, Euratom (%), a European Anti-Fraud Office (herein- after ‘the Office’) with responsibility for conducting administrative fraud investigations; whereas it has given this Office full independence to exercise its investigative function; (5)  Whereas the responsibility of the Office as set up by the Commission extends beyond the protection of financial interests to include all activities relating to safeguarding Community interests against ir- regular conduct liable to result in administrative or criminal proceedings; (6)  Whereas it is appropriate to provide that the Office ensures cooperation between the Member States and the Commission to protect the Community’s financial interests provided for in Article 280 of the EC Treaty; (7)  Whereas, given the need to step up the fight against fraud, corruption and any other illegal activ- ities detrimental to the Communities’ financial interests, the Office must be able to conduct internal investigations in all the institutions, bodies, offices and agencies established by or on the basis of the EC and Euratom Treaties (hereinafter ‘the institutions, bodies, offices and agencies’); (8) Whereas Decision 1999/352/EC, ECSC, Euratom provides that for the purposes of investigations the Office shall exercise the powers conferred by the Community legislator, subject to the limits and conditions laid down thereby; () See page 20 of this edition of the Official Journal.