Competent or other relevant authorities must notify ESMA, the Article 18 college, relevant ESCB members, the Commission and other authorities without undue delay of CCP emergency situations affecting prudential or financial soundness or resilience of authorised CCPs, their clearing members or clients; intended activation of a recovery plan, early intervention measures or removal of senior management or board under Regulation (EU) 2021/23; or market developments likely to impair liquidity, monetary‑policy transmission, payment systems or financial stability. Information must be updated promptly and may be shared with public financial‑stability bodies subject to professional secrecy under Article 83.

Where emergencies have destabilising cross‑border effects, ESMA shall coordinate competent and resolution authorities and colleges to build a coordinated response. Except where a resolution authority is taking resolution action, the CCP Supervisory Committee Chair may convene, and must convene on request of two members, ad hoc meetings; invited parties include relevant central banks of issue, supervisors of clearing members, trading‑venue and client supervisors, resolution authorities and other college members. The Chair shall inform EBA, EIOPA, the ESRB, the Single Resolution Board and the Commission. ESMA may require information from competent authorities or, if not provided within 48 hours, directly from CCPs, clearing members, clients, connected FMIs and outsourced third parties, and may issue recommendations to competent authorities where multiple authorised CCPs or Union‑wide events destabilise cross‑border cleared markets.