(21)According to Regulation (EU) No 648/2012, as amended by Regulation (EU) 2024/2987, the active account requirements apply from 24 December 2024, while the obligation to clear a certain number of trades in those active accounts applies only from 24 June 2025. By 25 June 2026, ESMA, in close cooperation with the European System of Central Banks and the European Systemic Risk Board, and after having consulted the Joint Monitoring Mechanism, is to assess the effectiveness of that Regulation in mitigating the financial stability risks for the Union represented by the exposures of EU counterparties to those Tier 2 CCPs offering services of substantial systemic importance. Under that Regulation, the Commission is required to prepare its own report within six months thereafter.