# Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (Text with EEA relevance), Article 21: Review and evaluation

Extent: E+W+S+N.I.

1 . The competent authority referred to in Article 22 shall review the arrangements, strategies, processes and mechanisms implemented by CCPs to comply with this Regulation and evaluate the risks, including at least financial and operational risks, to which CCPs are, or might be, exposed.
2. The review and evaluation referred to in paragraph 1 shall cover all the requirements on CCPs laid down in this Regulation.
3 . The competent authority shall establish the frequency and depth of the review and evaluation referred to in paragraph 1, having particular regard to the size, systemic importance, nature, scale, complexity of the activities and interconnectedness with other financial market infrastructures of the CCPs concerned. The review and evaluation shall be updated at least on an annual basis.
CCPs shall be subject to on-site inspections. ...
...
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5. The competent authority shall require any CCP that does not meet the requirements laid down in this Regulation to take the necessary action or steps at an early stage to address the situation.
6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/eur/2012/648/article/21 (the official version)
Page: https://openlegislation.uk/eu-regulation-2012-648/article-21
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.