(7)The Governing Council identifies a SIPS operator for each SIPS. The identified SIPS operator is accountable vis-à-vis the competent authority for the compliance of the SIPS with the oversight requirements under this Regulation. A SIPS operator should be a legal entity in the euro area that is responsible for operating a SIPS. Exceptionally, the Governing Council may on a case-by-case basis also identify as a SIPS operator a branch that is established in the euro area and that is a legally dependent part of a legal entity established outside the euro area. Against this background, the definition of ‘SIPS operator’ should be extended accordingly.