1. A payment system shall be identified as a SIPS if:
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(a)
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it is eligible to be notified as a system pursuant to Directive 98/26/EC by a Member State whose currency is the euro or its operator is established in the euro area, including establishment by means of a branch, through which the system is operated; and
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(b)
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at least two of the following occur over a calendar year:
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(i)
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the total daily average value of euro-denominated payments processed exceeds EUR 10 billion;
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(ii)
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the total euro-denominated payments processed represent at least one of the following:
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—
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15 % of the total volume of euro-denominated payments in the Union,
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—
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5 % of the total volume of euro-denominated cross-border payments in the Union,
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—
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a market share of 75 % of the total volume of euro-denominated payments at the level of a Member State whose currency is the euro;
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(iii)
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its cross-border activity (i.e. participants established in a country other than that of the SIPS operator and/or from cross border links with other payment systems) involves five or more countries and generates a minimum of 33 % of the total volume of euro-denominated payments processed by that SIPS;
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(iv)
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it is used for the settlement of other FMIs.
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An identification exercise shall be performed on an annual basis.