TAP’s regulatory compliance programme

TAP’s corporate structure ensures that day-to-day activities as a transmission system operator are undertaken independently from the production or supply related activities and interests of its shareholders. 

TAP updated its Regulatory Compliance Programme (November 2020) following certification as an independent transmission system operator (ITO) and prior to the start of commercial activities. This RCP has been approved by the national regulatory authorities in TAP’s host countries (Italian ARERA, Greek RAE and Albanian ERE – referred together as the NRAs).  

The RCP provides a binding internal framework to ensure that, as a certified ITO, TAP and its employees, board members, shareholders’ representatives, secondees and consultants comply with the requirements set out in TAP’s regulatory framework. The regulatory framework includes the Gas Directive, section 4.5.1 and 4.5.2 of TAP’s Final Joint Opinion on TAP’s exemption application, the ITO Certification Decision and TAP’s governing corporate documentation. 

The RCP aims to: 

• ensure that TAP’s operations are performed on an independent basis
• prevent any influence from TAP’s shareholders active in supply and production of natural gas
• ensure that discriminatory conduct vis-à-vis third parties is prevented
• restrict the communication of commercially sensitive information towards TAP shareholders.

In particular, the RCP sets out:

• the rights and the duties of the Regulatory Compliance Officer (RCO, the representative responsible for monitoring the implementation of the RCP and reporting to the authorities), as required by Article 21 of the EU Third Gas Directive 73/2009 (Gas Directive) and the relevant national legislation to the extent transposed by the authorities in the ITO certification. TAP’s RCO has been approved by the NRAs. 
• independence rules provided in the Gas Directive to which TAP commits as an ITO, including both operational and organisational independence. 
• internal guidelines for preventing the disclosure of commercially sensitive information and providing the duties and rights of employees, TAP board members, shareholders’ representatives, secondees and consultants in the fulfilment of the purposes of the RCP.