Identification criteria and decision
Article 3
1. A payment system shall be identified as a SIPS if: (a) it is eligible to be notified as a system pursuant to Directive 98/26/EC by a Member State whose currency is the euro or its operator is established in the euro area, including establishment by means of a branch, through which the system is operated; and (b) at least two of the following occur over a calendar year: (i) the total daily average value of euro-denominated payments processed exceeds EUR 10 billion; (ii) the total euro-denominated payments processed represent at least one of the following: — 15 % of the total volume of euro-denominated payments in the Union, — 5 % of the total volume of euro-denominated cross-border payments in the Union, — a market share of 75 % of the total volume of euro-denominated payments at the level of a Member State whose currency is the euro; (iii) its cross-border activity (i.e. participants established in a country other than that of the SIPS operator and/or from cross border links with other payment systems) involves five or more countries and generates a minimum of 33 % of the total volume of euro-denominated payments processed by that SIPS; (iv) it is used for the settlement of other FMIs. An identification exercise shall be performed on an annual basis. 2. Notwithstanding paragraph 1, the Governing Council, exercising sound and reasoned judgement, may also decide under paragraph 3 that a payment system shall be identified as a SIPS in either of the following cases: (a) where such a decision would be appropriate taking into account the nature, size and complexity of the payment system; the nature and importance of its participants; the substitutability of the payment system and the availability of alternatives to it; and the relationship, interdependencies, and other interactions the system has with the wider financial system; (b) where a payment system does not meet the criteria set out in paragraph 1 solely because the criteria established in point (b) of paragraph 1 occur over a period of less than a calendar year and it is plausible that the payment system will continue to meet the criteria when assessed in the next verification review. 3. The Governing Council shall adopt a reasoned decision identifying the payment systems that are subject to this Regulation, their respective operators and competent authorities. This list shall be maintained on the ECB’s website and updated after each change. 4. A decision adopted under paragraph 3 shall remain in force until it has been repealed. Verification reviews of payment systems that have been identified as SIPS shall be carried out on an annual basis to verify that the payment systems continue to meet the criteria for being identified as SIPS. A decision adopted pursuant to paragraph 3 shall be repealed if: (a) in two consecutive verification reviews it is verified that a SIPS has not met the criteria set out in paragraph 1 and/or paragraph 2; or (b) in one verification review it is verified that a SIPS has not met the criteria set out in paragraph 1 and/or paragraph 2 and the SIPS operator demonstrates, to the satisfaction of the Governing Council, that the SIPS is unlikely to meet those criteria prior to the next verification review. 5. The payment system operator shall have the right to request a review by the Governing Council of the decision identifying the payment system concerned as a SIPS within 30 days of receipt of that decision. The request shall include all supporting information and shall be addressed in writing to the Governing Council. A reasoned decision by the Governing Council in response to such request shall be notified in writing to the payment system operator. The written notice shall inform that operator of its right of judicial review in accordance with the Treaty. If no decision has been taken by the Governing Council within two months of the request, the review shall be deemed rejected.