4. Where the resolution authority in coordination with the resolution college in accordance with the procedure set out in Article 17 concludes that the measures proposed by a CCP in accordance with paragraph 3 of this Article would not effectively reduce or remove the impediments identified in the report, the resolution authority shall identify alternative measures which it shall communicate to the resolution college for joint decision in accordance with point (c) of Article 17(1).
The alternative measures referred to in the first subparagraph shall take into account the following:
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(a)
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the threat to financial stability of those material impediments to the resolvability of a CCP;
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(b)
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the likely effect of the alternative measures on:
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(i)
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the CCP, including its business model and operational efficiency;
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(ii)
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its clearing members, and to the extent the information is available, their clients and indirect clients, including where they have been designated as O-SIIs;
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(iv)
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financial markets, including trading venues, served by the CCP;
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(v)
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the financial system in any Member State or the Union as a whole; and
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(vi)
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the internal market; and
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(c)
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the effects on the provision of integrated clearing services for different products and portfolio margining across asset classes.
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For the purposes of points (a) and (b) of the second subparagraph, the resolution authority shall consult the competent authority and the resolution college and, where appropriate, relevant designated national macroprudential authorities.