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Recital 4

Recital 4

(4)The business activity of SIPSs may fluctuate over time. In order to ensure the integrity of the SIPS identification framework, while as far as possible maintaining continuity and avoiding frequent reclassifications of payment systems, a payment system should cease to be identified as a SIPS if it does not meet the criteria for identification as a SIPS in two consecutive verification reviews. However, maintaining the SIPS status over such a period of time may not be appropriate if it is unlikely that the system would fulfil the criteria qualifying it as a SIPS in the next verification exercise. Consequently, the possibility of an earlier reclassification based on a case-by-case evaluation should also be possible.

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