(25)The supervisory arrangements in Regulation (EU) No 648/2012 for third-country CCPs offering clearing services within the Union also require revision. Access to information, the ability to conduct on-site inspections and investigations, the possibility to share information on third-country CCPs between relevant Union and Member States' authorities as well as the possibility to enforce ESMA's decisions over third-country CCPs need to be improved to avoid important financial stability implications for Union entities. There is also a risk that changes to third-country CCP rules or to a third-country regulatory framework cannot be taken into account and could negatively affect the regulatory or supervisory outcomes leading to an unlevel playing field between Union and third-country CCPs.