(4)According to the CPSS-IOSCO principles, a systemically important payment system (SIPS) should be subject to effective oversight on the basis of clearly defined and publicly disclosed criteria because of its potential to trigger systemic risks if insufficiently protected against the risks to which it is exposed. Moreover, the CPSS-IOSCO principles set out specific oversight expectations for critical service providers on which the continuous and adequate functioning of the market infrastructure depends. In addition, the CPSS-IOSCO principles state that competent authorities should have sufficient powers and resources to fulfil their respective tasks, including the power to take corrective action.