Competent authorities, resolution authorities and ESMA shall take account of all the following principles and aspects when making decisions and taking action pursuant to this Regulation:

(a) the effectiveness and proportionality of any decision or action in relation to an individual CCP are ensured, taking into account at least the following factors:

(i) the CCP's legal form, ownership and organisational structure, including, where applicable, any interdependencies within the group to which the CCP belongs;

(ii) the nature, size and complexity of the CCP's business, in particular the size, structure and liquidity in stressed conditions of the markets it serves;

(iii) the structure, nature and diversity of the CCP's clearing membership, as well as, to the extent the information is available, of its clearing members' network of clients and indirect clients;

(iv) the substitutability of the CCP's critical functions in the markets it serves;

(v) the CCP's interconnectedness with other FMIs, trading venues, financial institutions and with the financial system in general;