Article 2 General principles
United Kingdom
Corrective measures shall be imposed on SIPS operators in accordance with Article 22 of Regulation (EU) No 795/2014 (ECB/2014/28) and the procedure laid down in this Decision.
Competent authorities may initiate the procedure to impose a corrective measure in the following scenarios:
in case of non-compliance that has been confirmed by an assessment;
in case of ongoing non-compliance, where no corrective measure has been previously imposed on the SIPS operator;
where a draft assessment gives grounds to the competent authority to suspect non-compliance that is serious and requires immediate action.
The formulation of corrective measures shall be sufficiently specific to allow a SIPS operator to undertake action without undue delay to remedy or avoid a repetition of its non-compliance.