There has been published in the Official Journal of the EU (OJ) a decision of the European Central Bank (ECB) on the identification of TARGET2 as a systemically important payment system (SIPS) pursuant to the Regulation on oversight requirements for systemically important payment systems (the Regulation). The Regulation lays down oversight requirements for operators of payment systems that have been identified by the ECB’s Governing Council as systemically important retail payment systems.
In the decision, the ECB states that TARGET2 component systems that fulfil the criterion of article 1(3)(a) of the Regulation shall be collectively identified as a SIPS and that operators of these systems will be subject to the requirements of articles 3 to 21 of the Regulation. Article 1(3)(a) of the Regulation states that a payment system shall be identified as a SIPS if it is eligible to be notified as a system pursuant to the Settlement Finality Directive by a eurozone Member State or its operator is established in the eurozone.
The decision was made on 13 August 2014 and entered into force on 20 August 2014.
