The competent authorities must review a CCP’s arrangements, strategies, processes and mechanisms to ensure compliance with the Regulation, review services and activities (including those following accelerated procedures under Articles 17a or 49a), evaluate financial and operational risks, and review changes made under Article 15a. Reviews shall cover all CCP requirements; competent authorities may request ESMA’s assistance. Frequency and depth of review shall be determined with regard to size, systemic importance, nature, scale, complexity and interconnectedness of the CCP and ESMA supervisory priorities, and updated at least annually.

CCPs are subject to on‑site inspections at least annually; competent authorities must inform ESMA one month in advance unless in an emergency, and ESMA may request to be invited (refusals require a reasoned explanation). Authorities must forward relevant on‑site information to ESMA and the college, submit an annual report by 30 March (subject to college and ESMA opinions), require early remedial action for non‑compliance, and cooperate with ESMA requests or ad hoc meetings in emergencies, where material concerns arise, or where adverse cross‑border impacts may occur. ESMA may require information under Article 35 of Regulation (EU) No 1095/2010 and shall issue guidelines by 2 January 2021 to harmonise the supervisory review and evaluation process.