SNAM RETE GAS CONDITIONS FOR THE TRADING AND EXCHANGE OF NATURAL GAS AT THE VIRTUAL TRADING POINT

Transcription

1 CONDITIONS FOR THE TRADING AND EXCHANGE OF NATURAL GAS AT THE VIRTUAL TRADING POINT

2 CONTENTS ARTICLE 1. Definitions.. 3 ARTICLE 2. Subject. 6 ARTICLE 3. Validity and duration. 6 ARTICLE 4. Parties which may trade and exchange natural gas at the Virtual Trading Point. 6 ARTICLE 5. Requirements established for operating at the Virtual Trading Point. 6 SRG Shipper.. 6 Other Party.. 7 Qualified Operator (GME).. 7 ARTICLE 6. Requests for authorisation to operate at the Virtual Trading Point.. 7 ARTICLE 7. Terms and procedures for the trading and exchange of natural gas at the Virtual Trading Point st session. 9 2 nd session. 9 3 rd session. 9 ARTICLE 8. Determination of the net balance of transactions at the Virtual Trading Point.. 10 Net balance SRG Shipper and Other Party. 11 ARTICLE 9. Accounting of the transactions in the balances of the Transportation Network Qualified Operator (GME).. 11 SRG Shipper. 11 Other Party. 11 ARTICLE 10. Use of the VTP System. 12 ARTICLE 11. Suspension of transactions at the VTP and termination of adherence to the conditions for the trading and exchange of natural gas at the Virtual Trading Point.. 13 ARTICLE 12. Liability Snam Rete Gas.. 14 Subscriber 14 ARTICLE 13. Suspension of operation of the VTP System 15 ARTICLE 14. Settlement of disputes 15 ARTICLE 15. Data confidentiality

3 ARTICLE 1. Definitions Other Party Thermal Year Notice board Any party other than SRG Shipper and GME. Reference period of time which commences on of 1 st October and ends on of 30 th September of the following year. Facility of the VTP System which allows offers to sell and requests to purchase quantities of gas to be consulted and published. Network Code Document drawn up by Snam Rete Gas pursuant to Article 24(5) of Italian Legislative Decree 164/00, containing the rules for access to and provision of the natural gas transportation service, approved by the Italian Authority for Electricity and Gas with Resolution no. 75/03 and subsequent updates. Storage Code Conditions Gas Day (G) Document drawn up by the Storage Company pursuant to Article 12(7) of Italian Legislative Decree 164/00, containing the rules for access to and provision of the storage service, approved by the Italian Authority for Electricity and Gas with Resolution no. 220/06 and subsequent updates. This document, the Subscription Form and related Attachments which form an integral part thereof. The period of 24 consecutive hours which commences at a.m. of each calendar day and ends at a.m. of the next calendar day. GME or Qualified Operator Gestore dei Mercati Energetici Spa, the company entrusted with economic management of the natural gas market, pursuant to Article 30 of Italian Law 99/09, including management of the natural gas forward market in implementation of the provisions of Article 32(2) of Italian Legislative Decree 93 of 1 June Pursuant to Authority resolution 525/2012/R/GAS of 6 December 2012, GME records on the VTP System the net balances relating to transactions concluded on the M- GAS. GME is therefore automatically entitled to use the VTP. 3-16

4 Sales limit System Manual Subscription form Operator change form Compensator revocation form Compensator succession form Party or Parties M-GAS Platform PB-GAS Platform VTP Portion of the guarantee that covers exposure of the system towards the Shipper provided by the SRG Shipper pursuant to Chapter 5, paragraph 1.4 of the Network Code, equal to the difference between the terms MEPSuk and EPSuk, as defined in Chapter 5, paragraphs and of the Network Code. Manual describing the facilities and procedures for using the VTP System. Form used to request authorisation to operate at the Virtual Trading Point. The subscription form and related Attachments constitute an integral part of the Conditions. Form used to request a change in the personnel authorised to operate at the Virtual Trading Point on behalf of the authorised party. This form constitutes an integral part of the Conditions. Form used by the Compensating Party to request revocation from said position with regard to an Other Party. This form constitutes an integral part of the Conditions. Form used by an Other Party to request succession of a new Compensating Party to the Virtual Trading Point in place of the previous Compensating Party. The Compensator Succession Form and related Attachments constitute an integral part of the Conditions. Snam Rete Gas and the Subscriber, individually or collectively. Natural gas trading IT platform organised and managed by GME pursuant to Article 30 of Italian Law 99 of 23 rd July 2009, and in implementation of the provisions set forth in Article 32(2) of Italian Legislative Decree 93 of 1 st June 2011, as subsequently amended and integrated, and related implementing measures, in which GME takes the role of central counterparty in the transactions concluded. IT platform for collecting the offers for sale and purchase of quantities of gas for balancing managed by GME as provided by Resolution ARG/gas 45/11. Facility of the VTP System that allows the Transactions to be recorded. 4-16

5 Virtual Trading Point NN VTP System Purchasing Party Selling Party Compensating Party Subscriber Day Transaction Multi-Day Transaction Virtual point situated between the Entry Points and the Exit Points of the NN at which the Subscriber may make exchanges/trades of gas entered into the NN. National Gas Pipeline Network, as defined by Italian Decree of the Ministry of Industry, Commerce and Crafts (now Ministry of Economic Development) of 22 nd December 2000, published in the Official Journal, General Series no. 18 of 23 rd January 2001, and subsequent updates. IT platform for trading and exchanging gas at the Virtual Trading Point, managed by Snam Rete Gas and approved by the Italian Authority for Electricity and Gas with Resolution no. 22/04 and subsequent updates. This platform includes the Notice Board and the VTP. Party authorised to operate at the Virtual Trading Point which accepts a proposal to trade/exchange natural gas at the Virtual Trading Point registered at the VTP by a Selling Party. Party authorised to operate at the Virtual Trading Point which registers a proposal to trade/exchange natural gas at the Virtual Trading Point. SRG Shipper owning a transportation contract that is valid in the period stated in the Subscription Form which accepts, by signing Attachment B of the Subscription Form, the allocation in its transportation balance of the net balance of transactions concluded by an Other Party. Natural person or legal entity meeting the requested requirements who, by signing the Subscription Form, undertakes to comply with the Conditions. Transaction in which the trading/exchange of natural gas only concerns one (1) Gas-Day G. Transaction in which the trading/exchange of natural gas concerns a number of consecutive Gas-Days, up to a maximum of thirty (30) Gas- Days. The trading/exchange need not necessarily concern the same daily quantity of natural gas. 5-16

6 Transaction SRG Shipper Trading or exchange of natural gas at the VTP between two parties authorised to operate at the Virtual Trading Point. Party owning a transportation contract with Snam Rete Gas. ARTICLE 2. Subject 2.1. This document defines the procedures for the trading and exchange of natural gas at the Virtual Trading Point using the VTP System pursuant to the provisions of resolutions 137/02 and 22/04 of the Italian Authority for Electricity and Gas The economic conditions for the trading and exchange of nature gas do not form the subject of this document. ARTICLE 3. Validity and duration 3.1. The provisions contained in this document are valid from the effective date stated in the approval issued by the Italian Authority for Electricity and Gas, unless otherwise stated in this document, and are subject to update following approval by said Authority. ARTICLE 4. Parties which may trade and exchange natural gas at the Virtual Trading Point 4.1. The parties, as defined in ARTICLE 1 of this document, which may operate at the Virtual Trading Point in order to trade and exchange natural gas at the Virtual Trading Point are: a) SRG Shippers; b) Qualified Operator (GME); c) Other Parties The trading and exchange of natural gas at the Virtual Trading Point is permitted in an impartial manner and at the same conditions to all the parties listed in this Article, which meet the requirements requested of them as stated in ARTICLE Loss of the requirements constitutes a cause for termination of adherence to this document by Snam Rete Gas, in accordance with the provisions of paragraph 11.1 below. ARTICLE 5. Requirements established for operating at the Virtual Trading point SRG Shipper 6-16

7 5.1. Each SRG Shipper intending to operate at the Virtual Trading Point for the period stated in the Subscription Form must own a transportation contract with Snam Rete Gas that is valid in the same period. Other Party 5.2. Each Other Party intending to operate at the Virtual Trading Point must indicate a Compensating Party and hold said party s acceptance. Qualified Operator (GME) 5.3. In order to operate at the Virtual Trading Point, pursuant to resolution 525/2012 R/GAS GME must have signed a special Agreement with Snam Rete Gas, which governs the procedures and conditions for GME s access to and participation in the VTP. The transactions registered by GME in the VTP system, at the end of trading concluded on the M-GAS Platform, are not subject to acceptance by the counterparty indicated by GME. ARTICLE 6. Requests for authorisation to operate at the Virtual Trading Point 6.1. Interested parties may submit a request for authorisation to operate at the Virtual Trading Point at any time in the Thermal Year The request to be authorised to operate at the Virtual Trading Point must be submitted to Snam Rete Gas, on the requesting party s headed paper, by signing the Subscription Form, duly completed in all its parts At the same time as the request for authorisation is submitted, in order for it to be admissible, each Other Party is required to certify that it meets the requirements stated in ARTICLE 5 by submitting Attachments A and B of the Subscription Form, completed by Other Party and by the Compensating Party respectively Within one (1) working day of receipt of the request for authorisation, Snam Rete Gas informs the applicant if the request has not been accepted. Once this deadline has passed, the request is considered automatically accepted Within two (2) working days of acceptance of the request referred to in paragraph 6.4 above, Snam Rete Gas authorises the applicant to use the VTP System and assigns the access codes (User ID and Password), in accordance with the provisions of ARTICLE 10 below If Other Party decides to change its Compensating Party, Other Party is required to send the duly signed Compensator Succession Form, together with Attachments C and D signed by the outgoing Compensating Party and the new Compensating Party respectively. Attachment C need not be submitted if the outgoing Compensating Party has already transmitted the Revocation Form referred to in paragraph 6.9 below. The outgoing Compensating Party may not unreasonably deny its consent to being replaced by another Compensating Party. 7-16

8 6.7. Within two (2) working days of receipt of the request for succession of the Compensating Party, Snam Rete Gas informs the applicant if the request has not been accepted. Once this deadline has passed, the request for change is considered automatically accepted and becomes effective from the very next day. From the effective date of succession, even the transactions recorded prior to the succession shall be allocated to the new Compensating Party s balance if they refer to the period after succession The Compensating Party may revoke the declaration provided when sending Attachment B of the Subscription Form by sending Snam Rete Gas and, for information purposes, Other Party the Compensator Revocation Form Within two (2) working days of receipt of the request for revocation of the Compensating Party, Snam Rete Gas informs the applicant if the request has not been accepted. Once this deadline has passed, the request for revocation is considered automatically accepted and becomes effective from the very next day. It is understood that, without prejudice to the effects of the possible succession of a new Compensating Party, the outgoing Compensating Party shall be allocated the net balance of the transactions recorded in the VTP System by Other Party up to the day before the one on which the revocation became effective, even if the allocation refers to days following the revocation. ARTICLE 7. Terms and procedures for the trading and exchange of natural gas at the Virtual Trading Point 7.1. Parties authorised to operate at the Virtual Trading Point may record Day or Multi-Day Transactions stated in energy, by using the VTP System. Sales transactions may only be recorded in compliance with the Sales Limit, excepting the Transactions recorded by GME. If the Sales Limit is exceeded, the provisions set forth in paragraphs 7.7 and 7.8 below shall be applied. This is without prejudice to the provisions of Article 11 below The trading and exchanges of natural gas at the Virtual Trading Point relating to a number of non-consecutive days require the definition of a number of Transactions A Transaction recorded by a party authorised to operate at the Virtual Trading Point is positive when the quantities of natural gas forming the subject of the Transaction fall within the availability of the party and negative if this is not the case. 8-16

9 7.4. Details of the facilities available to the Subscriber for managing and viewing the Transactions are provided in the System Manual Parties authorised to operate at the Virtual Trading Point may carry out Day Transactions and/or Multi-Day Transactions during three (3) separate sessions, in accordance with the timeframes and procedures stated below. Snam Rete Gas usually suspends operation of the VTP or reduces the Subscriber s access to it in the period between p.m. and p.m. of each Gas-Day. Subscribers are usually notified of any changes, without prejudice to the provisions of Article 13 below. 1 st session 7.6. All parties authorised to operate at the Virtual Trading Point, including GME, may record Day Transactions and Multi-Day Transactions for the Gas-Day G and for subsequent days by a.m. of Gas-Day G Without prejudice to the provisions of paragraph 7.8 below, the recording of a Transaction at the Virtual Trading Point requires the formulation of a request for trading/exchange of natural gas from a Selling Party and of a specific acceptance from a Purchasing Party. If the quantity requested for trading exceeds the Sales Limit of the requesting party, the request shall not be recorded The request for trading/acquisition of gas formulated by GME at the Virtual Trading Point entails the automatic acceptance by the party indicated by GME as Transaction counterparty. If the quantity of gas to be acquired by GME exceeds the Sales Limit of the party indicated as Transaction counterparty, Snam Rete Gas shall record the aforesaid Transaction only for the portion of the quantity that does not exceed the Sales Limit of the party indicated. 2 nd session 7.9. All parties authorised to operate at the Virtual Trading Point, including GME, may record, with regard to the same Gas-Day G, further Day Transactions between 6.00 a.m. and p.m. of Gas-Day G The Transactions implemented during the 2 nd session are recorded in accordance with the procedures stated in paragraphs 7.7 and 7.8 above. 3 rd session The SRG Shippers to which regasified LNG is redelivered by the regasification enterprise, authorised to operate at the Virtual Trading Point, may record Day Transactions and Multi-Day Transactions, between 6.00 a.m. of the third working day of the month M+1 and p.m. of the following second working day, with regard to each day of month M. 9-16

10 7.12. The Transactions referred to in point 7.11 above, exclusively concern divergences from the daily schedules of the month M communicated by the Regasification Enterprise within the time limits set forth in Chapter 8 of the Network Code and are, for the SRG Shipper to which regasified LNG is redelivered, opposing trades and, in absolute terms, lower or equal to the value of the divergences as determined by the Regasification Enterprise in each Gas-Day G of the month M The Transactions implemented during the 3 rd session are recorded in accordance with the procedures stated in paragraphs 7.7 above. ARTICLE 8. Determination of the net balance of transactions at the Virtual Trading Point 8.1. At any time total sales Transactions recorded must remain below the Sales Limit, excepting the sales Transactions recorded by GME. If the Sales Limits is exceeded, the provisions set forth in Article 11 below shall be applied. Net balance SRG Shipper and Other Party 8.2. With regard to each Gas-Day, the net balance of the transactions ), concluded by a party K (SRG Shipper and Other Party), is the product of the algebraic sum of the quantities of gas purchased by/sold to other parties, in accordance with the equation set forth below: = The term represents the net balance of the Transactions, referred to in paragraph 7.7 above, recorded by the party K during the 1 st and 2 nd session The term represents the net balance of the Transactions recorded by the party K during the 3 rd session The term represents the net balance of the transactions concluded by the Subscriber at the M-GAS Platform and recorded by GME at the VTP during the corresponding sessions referred to in ARTICLE 7 above and made available to the Subscriber in display mode only The term represents the net balance of the transactions at the PB-GAS Platform concluded by the Subscriber, as communicated by the GME to Snam Rete Gas. This term is usually recorded by Snam Rete Gas at the VTP in the Gas-Day G-1 by p.m. and is made available to the Subscriber in display mode only

11 8.7. The term represents the net balance of the transactions at the PB-GAS Platform concluded by the Subscriber, as communicated by the GME to Snam Rete Gas. This term is recorded by Snam Rete Gas at the VTP during the corresponding sessions referred to in ARTICLE 7 above and made available to the Subscriber in display mode only. ARTICLE 9. Accounting of the transactions in the balances of the Transportation Network 9.1. The transactions recorded by the parties authorised to operate at the Virtual Trading Point contribute to determining the net balance of the transactions within the transportation balance relating to the Gas-Day/s G to which said transactions refer, without prejudice to the provisions of Article 11 below. Qualified Operator (GME) 9.2. For GME, if the net balance of the transactions relating to a certain Gas-Day G, determined in accordance with the provisions of ARTICLE 8, is other than zero, this value shall be considered by Snam Rete Gas when determining GME s transportation balance, in accordance with the provisions of the Network Code and of the agreement signed with GME. SRG Shipper 9.3. For the SRG Shipper, the net balance of the transactions relating to a certain Gas-Day G, determined in accordance with the provisions of paragraph 8, shall be considered by Snam Rete Gas when determining the SRG Shipper s transportation balance, in accordance with the provisions of the Network Code In addition to the net balance of the transactions concluded by the SRG Shipper, the net balance of the transactions concluded by one or Other Parties relating to the same Gas-Day G for which the SRG Shipper fulfils the role of Compensating Party shall also contribute to determining the SRG Shipper s transportation balance relating to a certain Gas-Day G. Other Party 9.5. For Other Party, if the net balance of the transactions relating to a certain Gas-Day G, determined in accordance with the provisions of paragraph 8, is other than zero, this value is allocated to the transportation balance of the Compensating Party. In compliance with the provisions set forth in paragraph 7.1 above, Other Party is permitted to record sales Transactions provided that, when added to the sales Transactions of the Compensating Party, they do not exceed the Sales Limit of the relevant Compensating Party

12 ARTICLE 10. Use of the VTP System Snam Rete Gas provides each Subscriber with no more than four (4) pairs of access codes to the VTP System: each pair is communicated to each individual operator, who also submitted the request for authorisation to use the VTP System through the Snam Rete Gas website, at the address stated in the Subscription Form. Each pair of codes corresponds to an access profile Each Subscriber may ask to change its authorised personnel during a Thermal Year by sending the Operator Change Form to Snam Rete Gas. Within three (3) working days of receipt of the request for change Snam Rete Gas provides the Subscriber with the new pairs of access codes to the VTP System, in compliance with the provisions of point 10.1 above, and also disenables the codes of the previously authorised operators to whom the change refers By using the VTP System the Subscribers can take advantage of the following facilities: a) access the Notice Board for managing and viewing the offers to sell and requests to purchase natural gas at the VTP; b) access the VTP to record, manage and view the Transactions concluded with the other Subscribers (the list of the service Subscribers is make available at the time a Transaction is created) in compliance with the Sales Limit; c) view and analyse the result of the Transactions in which the Subscriber took part; and view the value of the term ( relating to the net balance of the transactions concluded by the Subscriber at the M-GAS Platform, the term and the term ( relating to the net balance of the transactions concluded by the Subscriber at the PB-GAS Platform; d) amend, as far as their own data are concerned, the general details of the Operators authorised to use the VTP System Details of the facilities which may be accessed by the Subscriber are described in the System Manual The Subscriber must have its own computer system which satisfies the minimum requirements established, as set forth in the System Manual The Subscriber accepts that the offers to sell and the requests to purchase that it publishes on the Notice Board can be consulted by all the other Subscribers

13 10.7. The Subscriber may choose not to have its corporate name and address displayed on the Notice Board. In this case the Subscriber may be contacted in anonymous form The Transactions recorded in the VTP need not necessarily refer to offers and requests for natural gas published on the Notice Board The Subscriber is directly responsible for acquiring, maintaining and managing the computer and telephone systems required for connection to the VTP System The Subscriber is obliged to immediately inform Snam Rete Gas if viruses are transmitted or received and if anomalies are found in information transmissions Snam Rete Gas reserves the right to publish on its own website ( results of aggregate statistical analyses concerning trading/exchanges of natural gas made at the Virtual Trading Point, without specific references to individual Subscribers. ARTICLE 11. Suspension of transactions at the VTP and termination of adherence to the conditions for the trading and exchange of natural gas at the Virtual Trading Point Snam Rete Gas shall suspend use of the VTP System or shall limit the Subscriber s access to it in the event of failure to observe the Sales Limit or of occurrence of the conditions set forth in Chapter 5, paragraphs and of the Network Code. The suspension or limitation shall also apply to any Other Party for which the Subscriber fulfils the role of Compensating Party Snam Rete Gas also reserves the right to suspend transactions at the VTP in full or in part with regard to the recording of sales Transactions, in respect of a Subscriber that has failed to fulfil the transportation and/or storage contracts as governed by the Network Code and the Storage Codes, at the request of the Storage Enterprises concerned Snam Rete Gas reserves the right to terminate in advance its adherence to these Conditions when: a) the Subscriber does not use the VTP System in compliance with the provisions of this document, also with regard to the occurrence or repetition of improper use of the VTP System by the Subscriber; b) the Subscriber no longer meets the requirements for being authorised to operate at the Virtual Trading Point set forth in ARTICLE 5 of this document, including the cases of early termination of the Contract set forth in the Network Code In the event of termination of adherence to these Conditions with regard to an Other Party, all the transactions recorded in the VTP System up to the effective date of termination shall be recorded in the accounts of the relevant Compensating Party, without prejudice to the provisions of ARTICLES 11.1 and 11.2 above

14 11.5. In all cases of termination of the transportation contract set forth in the Network Code, or of suspension or termination of adherence to these Conditions, the SRG Shipper and GME are in any case required to pay the invoices relating to settlement of all the financial charges owed to Snam Rete Gas, including those for the balancing service relating to the period after the aforesaid termination/suspension following transactions recorded before said termination/suspension. ARTICLE 12. Liability Snam Rete Gas Snam Rete Gas assumes no liability, for any account, in relation to any different use of the information and data to which the Subscriber has access Snam Rete Gas is not Party to or owner of any interest in relation to the natural gas Transactions concluded by Subscribers outside the VTP System Snam Rete Gas is responsible for managing the VTP System in accordance with sound technical standards Snam Rete Gas is not liable for situations and/or damages that may be incurred by Subscribers, including GME, and/or third parties as a result of use of the VTP System, including by way of example but not limited to, damages from loss of earnings or failure to conclude a contract, also in relation to the unavailability, for any reason, of the VTP System. For this purpose, Subscribers and GME undertake to indemnify Snam Rete Gas for any request, claim or application made by any third party in relation to execution of the conditions set forth in this document Snam Rete Gas is not liable for damages arising from any interruptions, suspensions, delays or anomalies in the functioning of the VTP System caused by third party actions, force majeure, improper use or use that differs from the provisions of this document and in any case that arises from unforeseeable events, actions, situations or circumstances that are beyond the control of Snam Rete Gas Snam Rete Gas does not guarantee that the data and information entered in the VTP System, including the data disclosed by GME, are accurate and reflect the actual situation and does not therefore assume any liability in this regard. Subscriber The Subscriber undertakes to use the information and data contained in the VTP System exclusively for the purposes of executing this document

15 12.8. In the cases set forth in paragraph 11.3 a) above, the Subscriber shall be required to compensate all the damages caused to Snam Rete Gas and to the other users of the VTP System Each Operator is required to change his password for access to the VTP System every sixty days, in accordance with the procedures described in the System Manual The Subscriber is liable for any damage arising from unlawful or improper use of the codes assigned to it The Subscriber is required to safeguard and keep secret the access codes assigned to it, and is the only person liable for the damages arising from their loss or theft The Subscriber specifically accepts that GME records on its own behalf transactions on the basis of the transactions performed at the platforms managed by GME The Subscriber acknowledges that the data relating to the balance of the transactions concluded at the M-GAS Platform and the PB-GAS Platform are recorded on the VTP as disclosed by GME, and that Snam Rete Gas assumes no liability with regard to any absence, incompleteness and/or inaccuracy of the data transmitted. ARTICLE 13. Suspension of operation of the VTP System Snam Rete Gas may suspend use of the VTP System or limit access to it during maintenance work on the System, after having provided notice Snam Rete Gas may also suspend use of the VTP System or limit access to it during work to restore its facilities when the situations referred to in paragraph 12.5 above occur Snam Rete Gas may suspend use of the VTP System in relation to the provisions of Article 7.5 above, also bringing forward or deferring the time limits established in said Article. ARTICLE 14. Settlement of disputes The document is interpreted and governed in accordance with Italian law Any disputes that may arise between the Parties that are in any way associated with this document and for which an amicable settlement cannot be reached, shall be submitted to the exclusive jurisdiction of the court of Milan, with the understanding that any different rule of jurisdiction has been mutually waived

16 ARTICLE 15. Data confidentiality 15.1 Any information concerning the activity of one of the Parties, including information arising from the electronic exchange of data between Snam Rete Gas and the Subscriber is to be considered confidential and may not be used by either Party, their employees and/or agents, other than for execution of this document, and may not be disclosed to third parties, other than in compliance with prior written instructions or authorisations from the Party to which the information refers and after an appropriate confidentiality clause has been signed by the third parties Without prejudice to the provisions of paragraph 15.1 above, information shall not be considered confidential if and to the extent that it concerns: a) information that was in the public domain when it was disclosed or that entered the public domain for reasons other than default or negligence by the receiving Party; b) information of which the receiving Party was already aware when it was disclosed by the other Party and for which there was no confidentiality obligation; c) information which is no longer considered confidential when this is required in order to fulfil legal obligations or when requested by an authority; d) information which the receiving Party has legally obtained from third parties without breaching any confidentiality obligation towards the other party The confidentiality obligations stated hereunder shall remain in force for a period of two (2) years from the date of termination of the time limits set forth in the Subscription Form or from its early termination