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🔗 Back to Summary. 🇫🇷 French Version: 2023R0451_FR.4. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 3 – Assessment of the organisational structure of a CCP ⬅️ | ➡️ Article 5 – Assessment of the risk profile of a CCP
Article 4 - Assessment of the substitutability of a CCP’s activities
Competent authorities and supervisory colleges shall assess the adequacy of a CCP’s recovery plan in respect of the substitutability of that CCP’s activities by considering all of the following factors:
(a)
whether the recovery plan has taken into account whether other CCPs authorised or recognised under Article 14 or 2012 of the European Parliament and of the Council
provide some or all of the clearing services provided by the CCP;
(b)
the extent to which the recovery plan provides details, using the information available to the CCP, on how clearing services provided by another CCP have been identified and whether such identified services by other CCPs are established services or newly established clearing services;
(c)
where the recovery plan envisages the portability of transactions or the transfer of non-critical activities, partially or in full, to another service provider, and:
(i)
whether that possibility is presented with an assessment of its viability, using the information available to the CCP;
(ii)
how the recovery plan caters for the eventuality that the implementation of such portability of transactions or the transfer of non-critical activities would not be possible.