ESMA shall establish a Joint Monitoring Mechanism composed of representatives of ESMA, EBA, EIOPA, the ESRB, the ECB (including in the single supervisory mechanism framework under Regulation (EU) No 1024/2013) and the central banks of issue of non‑euro currencies in which the derivative contracts referred to in Article 7a(6) are denominated. Additional central banks of issue, one national competent authority per Member State supervising the Article 7a obligation, and the Commission may participate as observers. ESMA shall manage and chair the Mechanism and may invite other authorities when relevant.

The Mechanism shall monitor aggregate Union implementation of Articles 7a and 7c, including exposures to substantially systemically important clearing services, developments at CCPs authorised under Article 14 (and related client access and fees), other clearing practices, cross‑border client clearing implications, CCP resilience (liquidity, credit, operational risks), concentration risks and measures to enhance Union CCP attractiveness. Participating bodies, the Article 18 college and national competent authorities shall cooperate and share information; competent authorities must obtain and forward information from CCPs, clearing members and clients, with CCP requests exchanged via the central database. ESMA will submit an annual report to the European Parliament, the Council and the Commission, may act under Article 17 of Regulation (EU) No 1095/2010 (after optionally issuing guidelines under Article 16), and shall review relevant regulatory technical standards under Article 7a(8), setting an adaptation period not exceeding 12 months if necessary.