Public consultation on the recast of the Regulation on oversight requirements for systemically important payment systems

This consultation gave interested parties the opportunity to comment on the draft recast of the Regulation on oversight requirements for systemically important payment systems (SIPS Regulation). The deadline for submitting comments was 18:00 CET on 29 November 2024.

The recast of the SIPS Regulation contains the following main changes: 

1. the revision of the definition of a SIPS operator so as to exceptionally allow for a euro area branch of a legal entity located outside the euro area, as well as amendments catering for the oversight of such a branch
2. some amendments in the area of governance, e.g. to explicitly require the establishment of a risk committee to assist the Board in discharging its risk-related responsibilities
3. a new article on cyber risk requirements
4. a new article setting out key requirements for outsourcing

After considering the feedback received, the final SIPS Regulation was adopted by the Governing Council.