Article 32 Corrective measures

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 may initiate a procedure to impose a corrective measure, in which case, the competent authority shall:

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. Where the SIPS operator is a branch, the corrective measures shall be imposed on the branch.

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 (15).

6.   The rules and procedure provided for in Decision (EU) 2017/2098 of the European Central Bank (ECB/2017/33) (16) shall apply to the imposition of the corrective measures pursuant to this Article.