On 8 March 2019, the European Central Bank (ECB) published for consultation the draft Decision of the ECB on the procedure and conditions for exercise by a competent authority of certain powers in relation to oversight of systemically important payment systems (SIPS).
The decision has been drafted on the basis of Article 21(1) of the Regulation on SIPs as amended by Regulation (EU) 2017/2094, which empowers a competent authority to:
- obtain information and documents from a SIPS operator;
- require a SIPS operator to appoint an independent expert to perform an investigation or independent review on the operation of the SIPS; and
- conduct on-site inspections or delegate the carrying-out thereof.
The deadline for comments on the draft decision is 12 April 2019.