Article 9 2

(a)

comprehensively and effectively address all the risks identified in the different scenarios, including possible uncovered liquidity shortfalls;

(b)

in the case of losses due to a default event, ensure the re-establishment of a matched book and the full allocation of uncovered losses to clearing members, and to their clients if those clients are direct creditors of the CCP, and to shareholders, taking into account the interests of all stakeholders;

(c)

include loss-absorbing arrangements that are adequate to cover the losses that might arise from all types of non-default events; and

(d)

enable the replenishment of the CCP’s financial resources, including its own funds, to a level sufficient in order for the CCP to meet its obligations under Regulation (EU) No 648/2012 and to support the continued and timely operation of the critical functions of the CCP.