1. EMIR requires a CCP's 'models and parameters' for setting margin requirements to be validated by the competent authority;Article
2. EMIR calls for at least 99% but this is set at 99.5% in Article 24, Commission Delegated Regulation (EU) No 153/2013. The technical standards adopted in the EU provide detailed requirements for these models, including that historical data should include an episode of financial stress, see Article 25(1) Commission Delegated Regulation;Article,2013