1.Corrective measures shall be imposed on SIPS operators in accordance with Article 22 of Regulation (EU) No 795/2014 (ECB/2014/28) and the procedure laid down in this Decision.
1a.Where two Eurosystem central banks are designated as competent authorities in relation to a given SIPS for the purposes of Regulation (EU) No 795/2014 (ECB/2014/28), and unless otherwise specifically provided for in the decision pursuant to Article 1(2) of that Regulation that identifies the relevant payment system as a SIPS, the following principles shall apply:
the powers and rights of a competent authority as set out in this Decision may be exercised either individually by either one of the two Eurosystem central banks designated as competent authorities or jointly by both;
any obligation of the competent authority to act in a prescribed manner or undertake a certain action in relation to a given procedure to impose a corrective measure as set out in this Decision shall be an obligation of the Eurosystem central bank that initiates the given procedure or, where a given procedure has been initiated by both Eurosystem central banks as designated competent authorities jointly, shall be an obligation of each of them;
the two Eurosystem central banks designated as competent authorities shall coordinate between themselves any interactions with, and any requests addressed to, the operator of the SIPS concerned;
any obligation of a SIPS operator to a competent authority pursuant to this Decision shall be an obligation to each of the two Eurosystem central banks designated as competent authorities, and a response to any request of either or both of them pursuant to this Decision shall be submitted to each of them.
2.Competent authorities may initiate the procedure to impose a corrective measure in the following scenarios:
in case of non-compliance that has been confirmed by an assessment;
in case of ongoing non-compliance, where no corrective measure has been previously imposed on the SIPS operator;
where a draft assessment gives grounds to the competent authority to suspect non-compliance that is serious and requires immediate action.
3.The formulation of corrective measures shall be sufficiently specific to allow a SIPS operator to undertake action without undue delay to remedy or avoid a repetition of its non-compliance.