(36)Before the application of the requirements or before a possible extension, a central bank of issue should provide ESMA, the other central banks of issue of all Union currencies of the financial instruments cleared or to be cleared, and the members of the third-country CCP college with an explanation of the effects of the requirements it intends to impose on the efficiency, soundness and resilience of CCPs and with a justification of why the requirements are necessary and proportionate to ensure the transmission of monetary policy or the smooth operation of payment systems while adequately respecting the need to protect confidential or sensitive information. In order to avoid duplication, the central bank of issue should cooperate and share information on a continuous basis with ESMA and with the other central banks of issue of all Union currencies of the financial instruments cleared or to be cleared in relation to the temporary requirements applicable in exceptional situations.