2. Notwithstanding paragraph 1, the Governing Council, exercising sound and reasoned judgement, may also decide under paragraph 3 that a payment system shall be identified as a SIPS in either of the following cases:
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(a)
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where such a decision would be appropriate taking into account the nature, size and complexity of the payment system; the nature and importance of its participants; the substitutability of the payment system and the availability of alternatives to it; and the relationship, interdependencies, and other interactions the system has with the wider financial system;
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(b)
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where a payment system does not meet the criteria set out in paragraph 1 solely because the criteria established in point (b) of paragraph 1 occur over a period of less than a calendar year and it is plausible that the payment system will continue to meet the criteria when assessed in the next verification review.
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