(22)Only CCPs that comply with the rules applicable to covered clearing agencies and with legally binding requirements meeting the risk management standards set out in this Decision may be eligible for recognition by the European Securities and Markets Authority (ESMA). ESMA should verify, in accordance with Article 25(2)(b) of Regulation (EU) No 648/2012, that those risk management standards are part of the internal rules and procedures of any CCP that is supervised by the SEC and is applying for recognition in the Union. In particular, ESMA should check that the CCP applies a 2-day liquidation period with respect to non-OTC derivative contracts and a 5-day liquidation period with respect to OTC derivative contracts, both on a net basis, and that the CCP applies measures designed to limit procyclicality that are equivalent in delivering stable and conservative margins to any of the three measures set out under Regulation (EU) No 648/2012.