transmission system operator, including loans which the independent transmission system operator provides to the vertically integrated undertaking, shall conform to market conditions. An independent transmission system operator shall keep detailed records about the commercial and financial relations in question, and shall submit them to the Agency upon its request. An independent transmission system operator shall submit all commercial and financial agreements with the vertically integrated undertaking or companies it controls in any manner to the Agency for approval. After verifying the market-oriented and independent conditions, the Agency shall grant or deny approval within four weeks from receiving the agreement. If the independent transmission system operator does not receive a response from the Agency within this period, it shall be considered that approval had been granted. The independent transmission system operator shall inform the Agency about the financial resources from paragraph 2 of this Article, at its disposal for future investment projects and/or for replacing the existing property. The vertically integrated undertaking shall not perform activities which obstruct or influence the fulfilment of obligations by an independent transmission system operator pursuant to this Act, nor shall it request from the independent transmission system operator to obtain permission from the vertically integrated undertaking for the fulfilment of such obligations. of personnel and the management Article 20 The supervisory board of the independent transmission system operator from Article 21 herein shall decide about the appointment of members of the independent transmission system operator, the termination and renewal of their term of office, working conditions, including remuneration and other substantive rights of the board members, in accordance with the Companies Act. Board members of the independent transmission system operator shall be independent in their work and actions. Their independence shall be secured as follows: they shall not hold a professional position nor shall they, directly or indirectly, perform any function, have any obligation, business share or business relations with other parts of the vertically integrated undertaking or its majority shareholders, in the period of three years prior to their appointment in the independent transmission system operator, they shall not hold a professional position, nor shall they, directly or indirectly, perform any function, have any obligation, business share or business relations with the vertically integrated undertaking or one of its parts, or with its majority shareholders, except the transmission system operator. This term shall apply to appointments after 3 March 2012,
transmission system operator, including loans which the independent transmission system operator provides to the vertically integrated undertaking, shall conform to market conditions. An independent transmission system operator shall keep detailed records about the commercial and financial relations in question, and shall submit them to the Agency upon its request. An independent transmission system operator shall submit all commercial and financial agreements with the vertically integrated undertaking or companies it controls in any manner to the Agency for approval. After verifying the market-oriented and independent conditions, the Agency shall grant or deny approval within four weeks from receiving the agreement. If the independent transmission system operator does not receive a response from the Agency within this period, it shall be considered that approval had been granted. The independent transmission system operator shall inform the Agency about the financial resources from paragraph 2 of this Article, at its disposal for future investment projects and/or for replacing the existing property. The vertically integrated undertaking shall not perform activities which obstruct or influence the fulfilment of obligations by an independent transmission system operator pursuant to this Act, nor shall it request from the independent transmission system operator to obtain permission from the vertically integrated undertaking for the fulfilment of such obligations. of personnel and the management Article 20 The supervisory board of the independent transmission system operator from Article 21 herein shall decide about the appointment of members of the independent transmission system operator, the termination and renewal of their term of office, working conditions, including remuneration and other substantive rights of the board members, in accordance with the Companies Act. Board members of the independent transmission system operator shall be independent in their work and actions. Their independence shall be secured as follows: they shall not hold a professional position nor shall they, directly or indirectly, perform any function, have any obligation, business share or business relations with other parts of the vertically integrated undertaking or its majority shareholders, in the period of three years prior to their appointment in the independent transmission system operator, they shall not hold a professional position, nor shall they, directly or indirectly, perform any function, have any obligation, business share or business relations with the vertically integrated undertaking or one of its parts, or with its majority shareholders, except the transmission system operator. This term shall apply to appointments after 3 March 2012,
Final_%20Proposal_%20Gas_%20Market_%20Act%20_Provisional_Translation.docx