1. CCPs shall submit their recovery plans to the competent authority.
2. The competent authority shall transmit each plan to the supervisory college and to the resolution authority without undue delay. The competent authority shall review the recovery plan and assess the extent to which it satisfies the requirements set out in Article 9 within six months of the submission of the plan and in coordination with the supervisory college in accordance with the procedure in Article 11.
3. When assessing the recovery plan, the competent authority and the supervisory college shall take into consideration the following factors:
(a) the CCP's capital structure, its default waterfall, the level of complexity of the organisational structure, the substitutability of its activities and the risk profile of the CCP, including in terms of financial, operational and cyber risks;
(b) the overall impact that the implementation of the recovery plan would have on:
(i) clearing members, and to the extent the
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