Public consultation on the revision of the ECB Regulation on oversight requirements for systemically important payment systems and two implementing ECB Decisions
This consultation gave interested parties the opportunity to provide feedback on draft amendments to Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (SIPS Regulation) and two implementing decisions (Decision (EU) 2017/2098 on procedural aspects concerning the imposition of corrective measures for non-compliance with Regulation (EU) No 795/2014 and Decision (EU) 2019/1349 on the procedure and conditions for exercise by a competent authority of certain powers in relation to oversight of systemically important payment systems). The public consultation closed at 18:00 CET on 8 January 2021. The Governing Council has now adopted the amending legal acts.
The Eurosystem appreciates the comments received in the public consultation and would like to offer the following clarifications.
- The existing, original criteria in the SIPS Regulation are intended to remain the primary choice for classifying payment systems as systemically important payment systems (SIPS). The additional factors are intended to complement the original criteria in order to adequately assess all relevant factors of systemic importance. Thus, a classification based on additional factors may take place even where information on the original criteria is available.
- In line with Article 1(2) of the SIPS Regulation, the Governing Council of the ECB will continue to adopt a decision classifying a relevant new payment system as SIPS, regardless of whether such identification is based on the original criteria or on the additional factors to be introduced in the new paragraph 3-a of the SIPS Regulation. To reflect the comment received, it has been explicitly stipulated that any such decision will be reasoned. This is fully in line with past practice, despite the lack of an explicit reference to the duty to provide reasons.
- The Eurosystem is fully committed to the principles of proportionality and equal treatment in the context of the new paragraph 3-a of the SIPS Regulation. To underpin this commitment, and to ensure the right of payment systems operators to good administration, the Eurosystem has additionally introduced due process guarantees.