Definitions
Article 1
For the purposes of this Decision: (1) ‘SIPS operator’ means a SIPS operator as defined in point (4) of Article 2 of Regulation (EU) No 795/2014 (ECB/2014/28); (2) ‘business year’ means the period of time in connection with which audited or statutory accounts of the SIPS operator are to be prepared; (3) ‘fine’ means a single amount of money that a SIPS operator is obliged to pay as a sanction; (4) ‘infringement’ means any failure by a SIPS operator to fulfil any obligation arising from Regulation (EU) No 795/2014 (ECB/2014/28); (5) ‘periodic penalty payments’ means amounts of money that, in the event of a continued infringement, a SIPS operator is obliged to pay, either as a punishment or with a view to forcing the SIPS operator concerned to comply with its obligations under Regulation (EU) No 795/2014 (ECB/2014/28). These amounts shall be calculated for each complete day of continued infringement following notification to the SIPS operator of a decision requiring the termination of the infringement in accordance with the procedure laid down in the second subparagraph of Article 3(1) of Regulation (EC) No 2532/98; (6) ‘sanction’ means a fine or periodic penalty payments imposed as a consequence of an infringement; (7) ‘turnover’ means the revenue generated by the SIPS concerned during the business year preceding that in which the infringement occurred; (8) ‘value of payments processed’ means the total daily average value of euro-denominated payments processed by the SIPS concerned during the business year preceding that in which the infringement occurred.