10. A SIPS operator shall carry out due diligence to verify that each provider of the SIPS’s liquid resources, as referred to in paragraph 4:
|
(a)
|
has sufficient and up-to-date information to understand and to manage the liquidity risks associated with the provision of cash or assets; and
|
|
(b)
|
has the capacity to provide cash or assets as required.
|
The SIPS operator shall review its compliance with the due diligence obligation at least annually. Only entities with access to credit from the central bank of issue shall be accepted as liquidity providers. The SIPS operator shall regularly test the SIPS’s procedures for accessing its liquid resources.