1.A CCP shall publicly disclose the general principles underlying its models and their methodologies, the nature of tests performed, with a high level summary of the test results and any corrective actions undertaken.
2.A CCP shall make available to the public key aspects of its default procedures, including:
(a)the circumstances in which action may be taken;
(b)who may take those actions;
(c)the scope of the actions which may be taken, including the treatment of both proprietary and client positions, funds and assets;
(d)the mechanisms to address a CCP’s obligations to non-defaulting clearing members;
(e)the mechanisms to help address the defaulting clearing member’s obligations to its clients.
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Point (h) Section 2 of Annex I shall apply from three years after the date of entry into force of this Regulation in respect of transactions on derivatives, as referred to in points (b) and (d) of Article 2(4) of Regulation (EU) No 1227/2011 of the European Parliament and of the Council(1).