# 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 25b: Ongoing compliance with the conditions for recognition

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

1 . The Bank of England shall be responsible for carrying out the duties resulting from this Regulation for the supervision on an ongoing basis of the compliance of recognised Tier 2 CCPs with the requirements referred to in point (a) of Article 25(2b). ...
The Bank of England shall require confirmation from each Tier 2 CCP at least on a yearly basis that the requirements referred to in points (a), (c) and (d) of Article 25(2b) continue to be fulfilled.
...
2 . Where a Tier 2 CCP fails to provide the Bank of England with the confirmation referred to in the second subparagraph of paragraph 1 ... , the CCP shall be considered as no longer meeting the conditions for recognition pursuant to Article 25(2b) and the procedure set out in Article 25p(2) and (3) shall apply.
3 . The Bank of England shall carry out assessments of the resilience of recognised Tier 2 CCPs to adverse market developments.

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Source: https://www.legislation.gov.uk/eur/2012/648/article/25b (the official version)
Page: https://openlegislation.uk/eu-regulation-2012-648/article-25b
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.