Recital 1

(1)Operators of systemically important payment systems (SIPSs) established in euro area Member States must ensure compliance of the SIPS they operate with the highest applicable standards as laid down in Regulation (EU) No 795/2014 of the European Central Bank (ECB/2014/28) ¹ . That compliance is, in the case of each SIPS, overseen by a single Eurosystem central bank which is designated as the competent authority for that purpose. In the case of SIPSs that meet the criteria set out in Article 1(3)(iii) of Regulation (EU) No 795/2014 (ECB/2014/28), oversight should be carried out by the European Central Bank (ECB) as the designated competent authority. However, in relation to such SIPSs, it may be beneficial in specific and exceptional circumstances that compliance is overseen by two Eurosystem central banks, i.e. a national central bank and the ECB, that are designated as competent authorities, in order to benefit from the relevant national central bank’s knowledge of and previously established relationship with the overseen entity, as well as to recognise the ECB’s role in overseeing such SIPSs.