Decision (EU) 2021/729 of the European Central Bank of 29 April 2021 amending Decision (EU) 2017/2098 on procedural aspects concerning the imposition of corrective measures for non-compliance with Regulation (EU) No 795/2014 (ECB/2021/18)

‘1a Where two Eurosystem central banks are designated as competent authorities in relation to a given SIPS for the purposes of Regulation (EU) No 795/2014 (ECB/2014/28), and unless otherwise specifically provided for in the decision pursuant to Article 1(2) of that Regulation that identifies the relevant payment system as a SIPS, the following principles shall apply: (a) the powers and rights of a competent authority as set out in this Decision may be exercised either individually by either one of the two Eurosystem central banks designated as competent authorities or jointly by both; (b) any obligation of the competent authority to act in a prescribed manner or undertake a certain action in relation to a given procedure to impose a corrective measure as set out in this Decision shall be an obligation of the Eurosystem central bank that initiates the given procedure or, where a given procedure has been initiated by both Eurosystem central banks as designated competent authorities jointly, shall be an obligation of each of them; (c) the two Eurosystem central banks designated as competent authorities shall coordinate between themselves any interactions with, and any requests addressed to, the operator of the SIPS concerned; (d) any obligation of a SIPS operator to a competent authority pursuant to this Decision shall be an obligation to each of the two Eurosystem central banks designated as competent authorities, and a response to any request of either or both of them pursuant to this Decision shall be submitted to each of them.’;

‘4 Where both the ECB and an NCB are designated as competent authorities pursuant to Article 1(2) of Regulation (EU) No 795/2014 (ECB/2014/28), a decision to impose corrective measures shall be endorsed by the decision-making body of either the ECB or the NCB, as the case may be, who as a designated competent authority initiated the particular procedure to impose a corrective measure or, where the procedure was initiated by both the competent authorities jointly, by the decision-making bodies of each of them. The decision shall specify the time limit within which the SIPS operator concerned must implement the corrective measures.’.

This Decision shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.