1. A competent authority may carry out continuous and/or ad hoc oversight activities to assess the compliance by a SIPS operator with the requirements set out in Articles 8 to 27 and Article 29 or to promote the smooth operation of payment systems at systemic level.
2. A competent authority shall seek to reach cooperation arrangements with other relevant authorities as necessary. In the exceptional case where a branch is identified as a SIPS operator the competent authority shall seek a cooperation arrangement with the authority responsible for the oversight or supervision of the legal entity of which the branch is a legally dependent part.