The European Commission has published a legislative proposal for a Regulation that it has adopted on the resolution and recovery of CCPs. The proposed Regulation, which will apply to all CCPs established in the EU, sets out requirements relating to: (i) CCPs' recovery and resolution plans; (ii) early intervention powers for resolution authorities; (iii) resolution powers and tools available to resolution authorities; and (iv) relationships with third countries concerning the resolution of CCPs. The Regulation aims, amongst other things, to ensure that CCPs' critical functions are preserved while maintaining financial stability and helping to prevent taxpayers from bearing the costs associated with the restructuring and resolution of failing CCPs.