On 23 July 2014, the Council of the European Central Bank (ECB) issued the Regulation on oversight requirements for systemically important payment systems (SIPS) which was published in the Official Journal of the EU.
The Regulation implements the principles for financial market infrastructures issued by the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO). The principles are designed to harmonise and strengthen international oversight standards for a range of market infrastructures including SIPS.
The Regulation lays down oversight requirements for both large value payment systems and systemically important retail payment systems. It applies to payment systems operated by both central banks and private operators (subject to certain exemptions). The ECB governing council is required under Article 1(2) of the Regulation to adopt a decision identifying the payment systems that are subject to the Regulation, their operators and competent authorities.