1. Where a SIPS operator has not complied with this Regulation, the competent authority shall:
inform the SIPS operator of the nature of the non-compliance; and
provide the SIPS operator the opportunity to be heard and provide explanations.
2. Based on the information provided by the SIPS operator, the competent authority may instruct the SIPS operator to implement specific corrective measures in order to remedy the non-compliance and/or avoid repeating it.
3. The competent authority may impose corrective measures immediately where it identifies, with a reasoned opinion, that the case of non-compliance is serious enough to require immediate action.
4. The competent authority shall immediately inform the ECB of any corrective measures imposed on a SIPS operator.
5. Corrective measures may be imposed independent of or in parallel with sanctions in accordance with Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions 6.