Article 25 › 3

When assessing whether the conditions referred to in paragraph 2 are met, ESMA shall consult: (a) the competent authority of a Member State in which the CCP provides or intends to provide clearing services and which has been selected by the CCP; (b) the competent authorities responsible for the supervision of the clearing members of the CCP that are established in the three Member States which make or are anticipated by the CCP to make the largest contributions to the default fund of the CCP referred to in Article 42 on an aggregate basis over a one-year period; (c) the competent authorities responsible for the supervision of trading venues located in the Union, served or to be served by the CCP; (d) the competent authorities supervising CCPs established in the Union with which interoperability arrangements have been established; (e) the relevant members of the ESCB of the Member States in which the CCP provides or intends to provide clearing services and the relevant members of the ESCB responsible for the oversight of the CCPs with which interoperability arrangements have been established; (f) the central banks of issue of the most relevant Union currencies of the financial instruments cleared or to be cleared.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04