# Regulation of the European Central Bank (EU) No 795/2014 of 3 July 2014 on oversight requirements for systemically important payment systems (ECB/2014/28), Article 22: Corrective measures

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

1. Where a SIPS operator has not complied with this Regulation or where there are reasonable grounds for suspecting that a SIPS operator has not complied with this Regulation, the competent authority shall:
(a) give written notice to the SIPS operator of the nature of the non-compliance or suspected non-compliance; and
(b) give the SIPS operator the opportunity to be heard and to provide explanations.
2. Taking into account the information provided by the SIPS operator, the competent authority may impose corrective measures on the SIPS operator to remedy the non-compliance and/or avoid repeating it.
3. The competent authority may impose corrective measures immediately if it finds that the non-compliance is serious enough to require immediate action. It shall provide reasons for its decision.
4. A competent authority other than the ECB shall inform the ECB of its intention to impose corrective measures on a SIPS operator without undue delay.
5. Corrective measures may be imposed independently of or in parallel to sanctions imposed under Council Regulation (EC) No 2532/98 .
6. The ECB shall adopt a decision on the procedure to be followed if corrective measures are imposed.

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Source: https://www.legislation.gov.uk/eur/2014/795/article/22 (the official version)
Page: https://openlegislation.uk/eu-regulation-2014-795/article-22
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.