ECB: Consultation on Systemically Important Payment Systems (SIPS)

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.

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