On 23 July 214, the European Central Bank (“ECB”) Regulation on oversight requirements for systemically important payment systems (“SIPS Regulation”) entered into force. The SIPS Regulation implements the Committee on Payment and Settlement System (“CPPS”) and International Organization of Securities Commissions (“IOSCO”) principles for the effective oversight of Systemically Important Payment Systems (“SIPS”). The ECB Governing Council is responsible for deciding which payment systems are systemically important, according to defined criteria, as well as identifying their operators and national regulators. A SIPS will need to comply with the requirements of the SIPS Regulation within   one year of being notified of the Governing Council’s decision, which includes requirements relating to legal soundness, governance, management of risks,  default procedures and disclosure obligations. The SIPS Regulation will come into effect on 15 August 2014.

The SIPS Regulation is available at:

http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:JOL_2014_217_R_0006&rid=1