The European Central Bank (ECB) has published a consultation paper on the revision of the Regulation on oversight requirements for systemically important payment systems (SIPS). Four payment systems fall under SIPS, which aims to ensure the efficient management and smooth operation of systemically important payment systems in the euro area: (i) TARGET2; (ii) EURO1; (iii) STEP2-T and (iv) CORE(FR). Among other things, the revised version of the Regulation sets clearer requirements on liquidity risk mitigation and new requirements on cyber resilience and assigns additional powers to Member State competent authorities. As part of the revision, the ECB is also consulting all interested parties on the methodology used to calculate sanctions that can be imposed in cases of non-compliance with the Regulation. The deadline for comments on the consultation paper is 20 February 2017.