(10)Article 25(6), point (b), of Regulation (EU) No 648/2012, also requires that the legal and supervisory arrangements in respect of CCPs authorised in a third country provide for effective supervision and enforcement of CCPs on an ongoing basis. The adapted legal framework for CCPs and clearing houses in South Africa equips the PA and the FSCA with a comprehensive set of powers to oversee, monitor and investigate clearing houses and CCPs authorised to operate in South Africa. The PA and the FSCA annually assess whether licensed clearing houses and licensed CCPs comply with the FMA and their internal rules and procedures. The PA and the FSCA have the power to revoke or suspend the authorisation of a licensed independent clearing house or a licensed CCP where they fail to comply with the FMA or with the FMA Regulations 2018 or subordinate legislation such as the requirements contained in Conduct Standards. The PA and the FSCA are also empowered to request information or documents from licensed clearing houses and licensed CCPs and to conduct on-site inspections. An annual supervisory programme for CCPs which includes risk reviews, analysis and assessment is also conducted by the supervisory authorities. The PA monitors and assesses the capital adequacy and capital management practices of CCPs.