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settlement of payments
Defined W as the week in which the gas traded has been delivered, the settlement period of the payoffs relating to the MGAS is the week (W+1).

On the first working day of the week W+1, GME will determine the Market Participant's net position of debit or credit towards GME (net balance to be settled) on the basis of the amounts (including VAT, if chargeable) resulting from the purchase and sale transactions concluded on the MGAS and delivered in the week (W) - which runs from Monday (T-6) to Sunday(T).

If possible, GME will determine, for the sole purpose of making payments according to the procedures defined in the Technical Rules, the overall amount due by the participant with reference to the economic items arising from the transactions concluded by the participant in each market/platform managed by GME. An exception is represented by MGS and MPL sessions for which the week (W), for the purpose of determination of the net position, is to be considered the one which runs from Sunday (T-7) to Saturday (T-1).

The debt or credit offset of the payables/receivables assigned to the defaulting Participants under Article 73, paragraph 73.2 c) of the Natural Gas Market Rules is determined by GME within the fifteenth calendar day of the third calendar month following the invoicing period.

 

In order to participate to the MGAS, each Market Participant (except those Participant qualified as administrations under Article 1, paragraph 209 of the Law of 24 December 2007, no. 244 - PA Market Participants) subscribes and sends a declaration by means of which he/she/it authorizes GME to directly withdraw from their current account, held at credit institutions adopting the SEPA Direct Debit B2B the amount due by the participant to GME to the financial Institute in charge of the natural-gas Market treasury service.

In order to submit bids in the MGAS, following admission, GME sends the participant (with the exception of the administrations referred to in Article 1, paragraph 209 of Law 24 December 2007, No. 244 - below: PA participants) the authorization form for charging SEPA Direct Debit Business to Business transactions (hereinafter: "SEPA Authorization"), which must be completed, signed and sent in original copy (exclusively the copy for the creditor) to GME, together to the related communication of the bank details which must be signed by the person with the necessary powers of representation and sent to GME using the specific form.

If, in a second time, the data and information referred to in the SEPA Authorization are modified, the Market Participant must promptly notify through certified mail, fax or telefacsimile, such circumstance by sending a communication on the Market Participant’s Company letterhead, signed by a legal representative, attaching a copy of his/her ID document.

Exclusively for PA Participants, whether the determinations above mentioned prove them to be net debtors of GME, GME will settle PA Market Participants' positions by using the non-interest bearing cash deposit granted by the same Participants as a guarantee, once completed the billing process set out in the rules on the electronic invoicing in respect of the public administrations above.

The settlement of Natural Gas Market is arranged accordingly to a specific TIMETABLE and involves the use of the SDD B2B tool for settlement of the Market Participants' net debt positions. GME shall process the payments on behalf of Market Participants' net credit positions through Urgent/Priority SEPA Credit Transfer with value date on the same date (both for PA Participants and for non-PA Participants).

 

Market Participants that are net debtors and who do not dispose of the necessary liquidity within time limits valid to ensure the payment of the amount due to GME through SDD B2B instrument, may alternatively pay the amount comprehensive of interest and penalty by Urgent/Priority SEPA Credit Transfer in W+1 not later than 4:00 PM of the third working da following the debit day disposed by GME through SDD, as defined in the Technical Rules, using the following bank account:

Banca Popolare di Sondrio
IBAN IT58 E056 9603 2110 0000 7210 X36
SWIFT CODE POSOIT22

If GME, by its own fault, makes the payments beyond the established time limits, it will pay default interest to creditor Market Participants; the interest rate will be equal by the pro tempore legal interest rate.


Settlement of unbalancing

The financial settlement of the economic items attributed to the default Participant under Article 73, paragraph 73.2, subpara. c) of the Natural Gas Market Rules is made within the terms defined in the Technical Rules by SEPA Credit Transfer with Priority.

The financial Institution in charge of the Treasury services is Banca Popolare di Sondrio, which manages the activities of receiving and making payments.
The bank details of the account into which to pay the amounts due by SEPA Credit Transfer with Priority are:

Banca Popolare di Sondrio
IBAN IT58 E056 9603 2110 0000 7210 X36
SWIFT CODE POSOIT22

If GME, by its own fault, makes the payments beyond the established time limits, it will pay default interest to creditor Market Participants; the interest rate will be equal by the pro tempore legal interest rate.


Payment of the fees

Market Participants must pay the fees established in relation to the MWhs exchanged on the MGAS by Urgent/Priority Sepa Credit Transfer to GME within the 16th working day of the month in which the related invoice/s has/have been made available to them. These time limits remain valid in reference to the PA Participants, as compatible with the application of the provisions contained in Law no. 244/2007 and related implementations.

 
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