OpenLegislation

Article 1 Definitions

United Kingdom

Original text. Later amendments are not shown.

For the purposes of this Decision:

  1. (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. (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. (3)

    ‘fine’ means a single amount of money that a SIPS operator is obliged to pay as a sanction;

  4. (4)

    ‘infringement’ means any failure by a SIPS operator to fulfil any obligation arising from Regulation (EU) No 795/2014 (ECB/2014/28);

  5. (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. (6)

    ‘sanction’ means a fine or periodic penalty payments imposed as a consequence of an infringement;

  7. (7)

    ‘turnover’ means the revenue generated by the SIPS concerned during the business year preceding that in which the infringement occurred;

  8. (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.