Article 10
Assessment of the overall impact of a CCP’s recovery plan on linked FMIs
Competent authorities and supervisory colleges shall assess a CCP’s recovery plan’s adequacy in respect of its overall impact on any linked financial market infrastructures (FMIs), by considering all of the following factors:
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(a) |
whether the recovery plan assesses the potential impact of applying the recovery measures on any interoperable CCP and on any other FMI linked to the CCP, by assessing the significance of the CCP’s involvement in those entities; |
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(b) |
whether the recovery plan addresses any interoperability or cross-margining agreements with other CCPs and the scope of such arrangements, including volumes cleared and financial resources exchanged as part of those arrangements; |
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(c) |
whether the impact of the implementation of any of the measures under the recovery plan might affect access to other FMIs, and where impediments or limitations are identified, how they are mitigated; |
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(d) |
whether linked FMIs and stakeholders which would bear losses, incur costs or contribute to covering liquidity shortfalls in the event that the recovery plan was implemented, have been involved in the process of drawing up that plan in an effective and satisfactory manner in accordance with Article 9(16) of Regulation (EU) 2021/23. |