Revision of the SIPS Regulation

Public consultation on the revision of the SIPS Regulation and on the methodology for calculating sanctions

Published: 20 December 2016
Deadline: 20 February 2017

Consultation documents

• Draft Regulation of the European Central Bank amending Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (“SIPS Regulation”)
• Draft Decision of the European Central Bank on the methodology for calculating sanctions for infringements of the oversight requirements for systemically important payment systems

ECB feedback

The ECB received responses from ten entities, including banks, banking communities and operators of payment systems. Most of the responses were related to one or more of the following:

• level playing field issues between retail payment systems that are subject to the SIPS Regulation and those that are not
• additional credit and liquidity risk requirements for systemically important deferred net settlement systems
• the powers of competent authorities

The ECB has assessed all of the comments.

The document “Response to the public on the revision of the SIPS Regulation” summarises the main amendments to the SIPS Regulation, including some interpretational guidance on the new requirements relating to credit and liquidity risk, and presents a high-level overview of the comments received.

Response to the public on the revision of the SIPS Regulation

Final legal acts

• Regulation ECB/2017/32 amending Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (SIPS) (ECB/2014/28)
• Decision ECB/2017/35 on the methodology for calculating sanctions for infringements of the oversight requirements for systemically important payment systems (SIPS)

In addition to the above legal acts, the ECB adopted two other legal acts to provide a transparent legal basis for the imposition of sanctions and corrective measures that can be taken under the SIPS Regulation.

• Regulation ECB/2017/34 amending Regulation (EC) No 2157/1999 on the powers of the European Central Bank to impose sanctions
• Decision ECB/2017/33 on the procedural aspects for the imposition of corrective measures for non-compliance with Regulation (EU) 795/2014

Individual responses

The responses received are published below, except where the sender did not consent to publication.

• Banco Bilbao Vizcaya Argentaria (BBVA)
• EBA Clearing - on amending the SIPS Regulation
  EBA Clearing - on the methodology for calculating sanctions
• European Banking Federation
• Société Générale Group