Article 4
Assessment of the substitutability of a CCP’s activities
Competent authorities and supervisory colleges shall assess the adequacy of a CCP’s recovery plan in respect of the substitutability of that CCP’s activities by considering all of the following factors:
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(a) |
whether the recovery plan has taken into account whether other CCPs authorised or recognised under Article 14 or Article 25 of Regulation (EU) No 648/2012 of the European Parliament and of the Council (3) provide some or all of the clearing services provided by the CCP; |
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(b) |
the extent to which the recovery plan provides details, using the information available to the CCP, on how clearing services provided by another CCP have been identified and whether such identified services by other CCPs are established services or newly established clearing services; |
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(c) |
where the recovery plan envisages the portability of transactions or the transfer of non-critical activities, partially or in full, to another service provider, and:
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(3) Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1).