Recital 4

(4)Eligible CCPs’ compliance with the requirements relating to the safeguards on financial soundness and sound liquidity risk management should be assessed by Eurosystem central banks in a forward-looking manner. Therefore, eligible CCPs need to comply – on a continuous basis and without any doubt as regards their ongoing and future compliance – with these requirements. Compliance with the regulatory requirements established under Regulation (EU) No 648/2012 of the European Parliament and of the Council ³ in relation to capital, margin, default fund, other financial resources and liquidity risk controls constitutes a necessary but not sufficient condition for assessing financial soundness and sound liquidity risk management by Eurosystem central banks in relation to granting access to the CCP credit facility.