1. This Regulation lays down oversight requirements for SIPS.
2. The Governing Council shall adopt a decision identifying the payment systems that are subject to this Regulation, their respective operators and competent authorities. This list shall be maintained on the ECB's website and updated after each change.
3. A payment system shall be identified as a SIPS if: (a) it is eligible to be notified as a system pursuant to Directive 98/26/EC by a Member State whose currency is the euro or its operator is established in the euro area, including establishment by means of a branch, through which the system is operated; and (b) at least two of the following occur over a calendar year:
the total daily average value of euro-denominated payments processed exceeds EUR 10 billion;
its market share is at least one of the following:
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15 % of total volume of euro-denominated payments,
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5 % of total volume of euro-denominated cross-border payments,
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75 % of total volume of euro-denominated payments at the level of a Member State whose currency is the euro;
its cross-border activity (i.e. participants established in a country other than that of the SIPS operator and/or cross border links with other payment systems) involves five or more countries and generates a minimum of 33 % of the total volume of euro-denominated payments processed by that SIPS;
it is used for the settlement of other FMIs.
4. SIPS operators shall ensure compliance of the SIPS they operate with the requirements set out in Articles 3 to 21.