EU CCPs are primarily supervised by their respective national supervisory authority, which takes on a leading supervisory role and is thus comparable to the CFTC in the United States. However, there is also a joint supervision component, known as the EMIR college of supervisors, which has to give its approval to major supervisory decisions.
This college includes various national banking supervisors as well as national central banks from across the EU. The inclusion of the Eurosystem in its role as the central bank of issue is also a particularity of the European supervisory regime for CCPs. This is deliberate, however, as, in the event of a crisis at a CCP or one of their clearing participants, i.e.