1. For the purpose of risk management, a SIPS operator shall ensure that the SIPS's rules, procedures and contractual arrangements allow it to gather information about indirect participation in order to identify, monitor and manage any material risks to the SIPS arising from participation. This information shall, as a minimum, cover all of the following:
the proportion of activity that direct participants conduct on behalf of indirect participants;
the number of indirect participants that settle via individual direct participants;
the volumes or values of payments in the SIPS originating from each indirect participant;
the volumes or values of payments under point (c) in proportion to those of the direct participant through which the indirect participant accesses the SIPS.
2. A SIPS operator shall identify material dependencies between direct and indirect participants that might affect the SIPS.
3. A SIPS operator shall identify indirect participants who pose material risks to the SIPS and the direct participants through which they access the SIPS with a view to managing these risks.
4. A SIPS operator shall review the risks arising from tiered participation arrangements at least annually. It shall take mitigating action when needed to ensure that the risks are properly managed.