The reorganisation and restructuring of the activities of the CCP
Article 3
Where the measures to be adopted to restore the CCP’s long-term viability include a reorganisation and restructuring of the activities of the CCP as referred to in Article 37(3), point (a), of Regulation (EU) 2021/23, the description referred to in Article 2(1) of this Regulation shall also include the following elements: (a) a description of the reorganised business and clearing service as they are planned to result from the business reorganisation plan; (b) an explanation for the envisaged changes, and their contribution to achieving the objective of reorganising the CCP; (c) a description of the impact of the business reorganisation plan on the CCP’s critical functions and core business lines, in particular on the ability of the CCP to continue to provide clearing services; (d) a description of the extent to which outsourcing arrangements cover part of the CCP’s critical functions and core business lines, including whether another entity determines prices, provides systems for the clearing, margin calculations or other essential parts of the CCP’s operations, and how such critical functions and core business lines will remain operational; (e) a description of how the business reorganisation plan will affect the markets the CCP operates in, and the clearing services provided by the CCP; (f) a description of how the adjusted business and clearing service will work where the CCP has entered into arrangements with third parties, including interoperability arrangements and arrangements with service providers, and how the CCP will be able to continue providing its critical functions and services where dependent on such entities; (g) a presentation of any changes envisaged to the organisation of the CCP; (h) a presentation of the changes to the structure of the CCP’s ownership and any changes to the managers’ incentive structures; (i) where relevant, a presentation of the changes to the CCP’s governance, organisation and employees.