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. Certain of these powers are listed in Article 21 of Regulation (EU) No 795/2014 (ECB/2014/28), on the basis of which the European Central Bank (ECB) has adopted Decision (EU) 2019/1349 of the European Central Bank (ECB/2019/25) ² which specifies in further detail the procedure and conditions for the exercise of those oversight powers by competent authorities.