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1.	Without prejudice to the decisions of the Supervisory Body under Article 20, the transmission system operator shall have:


(a)  effective decision-making  rights, independent from the ver? tically integrated undertaking, with respect to assets neces? sary to operate, maintain or develop the transmission system; and


(b)  the power to raise money on the capital market in particular through borrowing and capital increase.


2.	The transmission system operator shall at all times act so as to ensure it has the resources it needs in order to carry out the activity of transmission properly and efficiently and develop and maintain an efficient, secure and economic transmission system.


3.	Subsidiaries of the vertically integrated undertaking  per? forming functions of production or supply shall not  have any direct or indirect shareholding in the transmission system opera? tor. The transmission system operator  shall  neither have any direct or indirect shareholding in any subsidiary of the vertically integrated undertaking  performing  functions of production or supply, nor receive dividends or any other financial benefit from that subsidiary.


4.	The overall management structure and the corporate stat? utes of the transmission system operator shall ensure effective independence of the transmission system operator in compliance with this Chapter. The vertically integrated undertaking shall not determine, directly or indirectly, the competitive behaviour of the transmission system operator in relation to the day to day activi? ties of the transmission system operator and management of the network, or in relation to activities necessary for the preparation of the ten-year network development plan developed pursuant to Article 22.


5.	In fulfilling their tasks in Article 13 and Article 17(2) of this Directive, and in complying with Article 13(1), Article 14(1)(a), Article 16(2), (3) and (5), Article 18(6) and Article 21(1) of Regu? lation (EC) No 715/2009, transmission system operators shall not discriminate against different persons or  entities and shall not restrict, distort or prevent competition in production or supply.


6.	Any commercial and financial relations between the verti? cally integrated undertaking and the transmission system opera? tor, including loans from the transmission system operator to the vertically integrated undertaking, shall comply with market con? ditions. The transmission system  operator  shall keep detailed records of such commercial  and financial relations and make them available to the regulatory authority upon request.


7.	The transmission system operator shall submit for approval by the regulatory authority all commercial and financial agree? ments with the vertically integrated undertaking.


8.	The transmission system operator shall inform the regula? tory   authority   of  the   financial  resources,   referred  to   in Article 17(1)(d), available for future investment projects and/or for the replacement of existing assets.


9.	The vertically integrated undertaking shall refrain from any action impeding or prejudicing the transmission system operator from complying with its obligations in this Chapter and shall not require the transmission system operator to seek permission from the vertically integrated undertaking in fulfilling those obligations.


10. 	An undertaking which has been certified by the regulatory authority as being in compliance with the requirements of this Chapter shall be approved and designated as a transmission sys? tem operator by the Member State concerned. The certification procedure in either Article 10 of this Directive and Article 3 of Regulation (EC) No 715/2009  or in Article 11 of this Directive shall apply.

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[DIRECTIVE 2009/73/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 July 2009|http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:211:0094:0136:EN:PDF]\\
Date 21.10.2011.
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