Article 7 Motivation of the decision identifying a payment system as a SIPS

1.   The ECB decision that identifies a payment system as a SIPS shall be accompanied by a statement of the reasons for that decision. The statement of reasons shall contain the material facts and legal grounds on which the ECB’s decision is based.

2.   Subject to Article 6(3), the ECB shall base the decision referred to in paragraph 1 of this Article only on facts and legal grounds on which the payment system operator has been able to comment.