Article 1
Factors or circumstances that caused the CCP to fail or to be likely to fail
A detailed analysis of the factors and circumstances that caused the CCP to fail or to be likely to fail as referred to in Article 37(2), point (a), of Regulation (EU) 2021/23, shall include all of the following:
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(a) |
a description of the factors and circumstances clearly distinguishing between default events, non-default events and where there is a combination of both; |
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(b) |
an assessment of the conditions and circumstances referred to in Article 22(1), point (a), and Article 22(3) of Regulation (EU) 2021/23 where such conditions or circumstances directly or indirectly contributed to the CCP being deemed to be failing or likely to fail; |
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(c) |
a description of the recovery measures and resolution actions taken or applied by the CCP or the resolution authority before the submission of the business reorganisation plan. |