European Central Bank Regulations and Decisions on Systemically Important Payment Systems Published
11/16/2017Two regulations and two decisions of the European Central Bank on systemically important payment systems have been published in the Official Journal of the European Union and will enter into force on December 6, 2017. These regulations and decisions have been made by the ECB in its capacity as supervisor under the Single Supervisory Mechanism for Eurozone banks, following the first comprehensive assessment of SIPS.
The two regulations amend: (i) the ECB Regulation on oversight requirements for SIPS, to make clarifications and amendments deemed necessary for the application of the highest oversight standards; and (ii) the ECB Regulation on the powers of the ECB to impose sanctions, to ensure that sanctions can be effectively imposed for oversight infringements.
The two decisions cover procedural aspects for the ECB to impose corrective measures for non-compliance with the ECB Regulation on oversight requirements and the methodology for calculating sanctions when the oversight requirements are infringed.
View Regulation Amending the Regulation on Oversight Requirements.
View Regulation Amending the Regulation on ECB Sanctions Powers.
View Decision on Procedural Aspects.
View Decision on Sanctions Calculation Methodology.