The European Central Bank (ECB) has launched a consultation on the revision of the Systemically Important Payments Systems (SIPS) regulation. The consultation paper describes the methodology used to calculate sanctions that can be imposed in cases of non-compliance with this regulation.
The ECB shall calculate the baseline amount of any sanction to be imposed on a SIPS operator by referring to the turnover and the value of payments processed by the SIPS concerned:
“The baseline amount of the sanction shall represent 50% of the sum of the following amounts:
(a) 1 % of turnover; and
(b) 0,0001 % of the value of payments processed.