1. The resolution authority shall take a resolution action in relation to a CCP provided that all of the following conditions are met:
(a) the CCP is failing or is likely to fail as determined by any of the following:
(i) the competent authority, after consulting the resolution authority;
(ii) the resolution authority after consulting the competent authority, where the resolution authority has the necessary tools for reaching that conclusion;
(b) there is no reasonable prospect that any alternative private sector measures, including the CCP's recovery plan or other contractual arrangements, or supervisory action, including early intervention measures taken, would prevent the failure of the CCP within a reasonable timeframe, having regard to all relevant circumstances;
(c) a resolution action is necessary in the public interest to achieve, while being proportionate to, one or more of the resolution objectives, and winding up the CCP under normal insolvency procedures would not meet thos
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