Article 9
Assessment of the overall impact of a CCP’s recovery plan on clearing members, their clients, and indirect clients
Competent authorities and supervisory colleges shall assess the recovery plan’s adequacy in respect of its overall impact on the CCP’s clearing members and, where that information is available to the CCP, on their clients and indirect clients, including where those clients and indirect clients have been designated as other systemically important institutions (O-SIIs), by considering all of the following factors:
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(a) |
whether the recovery plan correctly reflects the complexity of the CCP’s clearing membership, including all of the following:
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(b) |
whether the recovery plan has taken into account the overall impact on clearing members and, where that information is available to the CCP, on their clients and indirect clients, of a possible disruption of the clearing services provided by the CCP, including potential impacts on access to clearing and other effects derived from the operating rules of the CCP; |
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(c) |
whether the recovery plan has taken into account the potential effect of the agreed measures to be taken under the recovery plan on clearing members and, where relevant, on their clients and indirect clients; |
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(d) |
whether, under the operating rules of the CCP, any financial or contractual obligation is agreed to by the clearing members and, where relevant, by their clients and indirect clients, including about how the amount of the obligation is calculated, whether any maximum or cap is applied, whether the amount is a pre-agreed sum or will be derived as a function of the member’s or client’s exposures and how such resources would be requested. |