1. 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:
(a)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;
(b)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;
(c)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;
(d)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. 2. Competent authorities may initiate the procedure to impose a corrective measure in the following scenarios:
(a)((a)) in case of non-compliance that has been confirmed by an assessment;
(b)((b)) in case of ongoing non-compliance, where no corrective measure has been previously imposed on the SIPS operator;
(c)((c)) where a draft assessment gives grounds to the competent authority to suspect non-compliance that is serious and requires immediate action.
3. 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.