A central counterparty must publicly disclose—
| (a) | the general principles underlying its models and their methodologies, the nature of tests performed, with a high level summary of the test results and any corrective actions undertaken; |
| (b) | key aspects of its default procedures, including— |
| (i) | the circumstances in which action may be taken; |
| (ii) | who may take those actions; |
| (iii) | the scope of the actions which may be taken, including the treatment of both proprietary and client positions, funds and assets; |
| (iv) | the mechanisms to address a central counterparty’s obligations to non-defaulting clearing members; |
| (v) | the mechanisms to help address the defaulting clearing member’s obligations to its clients. |
