Recital 1

(1)Regulation (EU) No 795/2014 (ECB/2014/28) lays down oversight requirements applicable to systemically important payment systems (SIPSs). Operators of SIPSs established in euro area Member States must ensure compliance of the SIPS they operate with those requirements. The competent authorities designated to oversee SIPSs must have sufficient resources and oversight powers. This includes the ability for the competent authority to impose corrective measures to remedy or avoid repetition of non-compliance with oversight requirements, as provided for in Article 22 of Regulation (EU) No 795/2014 (ECB/2014/28). Decision (EU) 2017/2098 of the European Central Bank (ECB/2017/33) ² was adopted pursuant to Article 22(6) of Regulation (EU) No 795/2014 (ECB/2014/28) and specifies detailed rules and procedures for the imposition of corrective measures on SIPS operators.