3.

When assessing the recovery plan, the competent authority and the supervisory college shall take into consideration the following factors: the CCP’s capital structure, its default waterfall, the level of complexity of the organisational structure, the substitutability of its activities and the risk profile of the CCP, including in terms of financial, operational and cyber risks; the overall impact that the implementation of the recovery plan would have on: clearing members, and to the extent the information is available, their clients and indirect clients, including where they have been designated as O-SIIs; any linked FMIs; financial markets, including trading venues, served by the CCP; and the financial system of any Member State and the Union as a whole; whether the recovery tools and their sequence specified by the recovery plan create appropriate incentives for the CCP’s owners, clearing members, and where possible their clients, as relevant, to control the amount of risk that they bring to or incur in the system, monitor the CCP’s risk-taking and risk management activities and contribute to the CCP’s default management process.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.