Recital 46

(46) To ensure that ESMA is also informed about how a Tier 2 CCP is prepared for and can mitigate and recover from financial distress, the cooperation arrangements should include the right for ESMA to be consulted in the preparation and assessment of recovery plans and in the preparation of resolution plans, as well as the right for ESMA to be informed where a Tier 2 CCP establishes a recovery plan or where a third-country authority establishes resolution plans. ESMA should also be informed of the aspects relevant for the financial stability of the Union, or of one or more of its Member States, and on how individual clearing members and, to the extent known, clients and indirect clients, could be materially affected by the implementation of such recovery plans or resolution plans. The cooperation arrangements should also specify that ESMA is to be informed when a Tier 2 CCP intends to activate its recovery plan or where the third-country authorities have determined that there are indications of an emerging crisis situation that could affect the operations of the CCP, its ability to provide clearing services, or where the third-country authorities envisage taking a resolution action in the near future.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.