1. SIPS operators shall have one year from the date on which the decision of the Governing Council in accordance with Article 3(3) has been notified to them to comply with the requirements laid down in this Regulation.
2. SIPS operators shall cooperate, on a continuous basis, with the competent authority, and ensure compliance of the SIPS they operate with the requirements set out in Articles 8 to 27 and Article 29, including in terms of the overall effectiveness of their rules, procedures, processes and frameworks. SIPS operators shall further cooperate with the competent authority to facilitate the broader objective of promoting the smooth operation of payment systems at systemic level.
3. Where a branch is identified as a SIPS operator and compliance with an obligation under this Regulation requires or depends on the involvement of the legal entity of which the branch is a legally dependent part, the obligation shall be understood as an obligation on the branch to demonstrate compliance vis-à-vis the competent authority through the actions and processes at the level of the relevant legal entity.