Article 5
Time frame for implementation
1. When preparing an estimation of the time frame for implementation of the resolution plan in accordance with Article 12(7), point (d), of Regulation (EU) 2021/23, the resolution authority shall ensure that at least the following elements are included in the resolution plan:
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(a) |
a list of actions that the resolution authority would envisage taking and, where relevant, whether these actions derive from the application of the recovery plan; |
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(b) |
a list of the envisaged steps, with allocated time frames, to be taken by the resolution authority for implementing each material aspect of the resolution plan and specifying corresponding steps for such implementation, including an estimated timetable to assess each of the resolution strategies and its applicability; |
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(c) |
a description of how replenishing of the CCP’s financial resources is envisaged under the resolution plan, including where derived from the recovery plan, and the estimated time frame for different measures to replenish the CCP’s financial resources. |
2. The resolution authority shall ensure that the time frames referred to in paragraph 1 are:
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(a) |
suitable and relevant, as shown by a description of how the resolution authority has assessed the feasibility and credibility of the envisaged steps and allocated time frames in the resolution plan; |
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(b) |
tested regularly, and at least upon the establishment of the resolution plan, and thereafter following any material changes; |
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(c) |
effective, by taking into account the processes and procedures, including the application of templates. |