Updated 18/09/2024
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Article 14 - Ensuring certain functions of the CCP

Article 14

Ensuring certain functions of the CCP

When preparing a description of how certain functions of the CCP are ensured in accordance with Article 12(7), point (m), of Regulation (EU) 2021/23, the resolution authority shall ensure that the resolution plans include at least the descriptions of the following elements:

(a)

each of the essential operations and systems, and a description of how to assess and maintain such essential operations and systems by providing identified options of continued access to infrastructures, processes and operational arrangements in order to maintain the continuous functioning of the CCP’s operational processes as listed in Article 12(7), point (m), of Regulation (EU) 2021/23 and the key outcomes of the assessment;

(b)

the options identified to maintain financial resilience;

(c)

the options identified to ensure contractual agreements are maintained, including contractual resilience clauses, resolution-proof clauses and limitations of termination rights in resolution;

(d)

the options identified to ensure internal agreements can be maintained during the resolution phase, including arms’ length pricing structures and continued access to operational assets;

(e)

the different arrangements already entered into under the resolution plan to ensure continuity of the functioning of the operational processes, listed in Article 12(7), point (m), of Regulation (EU) 2021/23, during resolution;

(f)

how the resolution plan would allow, using options identified, the CCP to continue to provide uninterrupted critical clearing services, including by using interim solutions, such as a purchaser or bridge institution using existing staff and infrastructure or, where it is not possible to develop such solutions in advance, a list of options that may be applied in resolution and a list of information necessary to draw up such arrangements and agreements at short notice.