# Decision (EU) 2017/2097 of the European Central Bank of 3 November 2017 on the methodology for calculating sanctions for infringements of the oversight requirements for systemically important payment systems (ECB/2017/35), Article 1: Definitions

Extent: E+W+S+N.I.

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.

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Source: https://www.legislation.gov.uk/eudn/2017/35/article/1 (the official version)
Page: https://openlegislation.uk/eu-decision-2017-35/article-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.