business yearmeans the period of time in connection with which audited or statutory accounts of the SIPS operator are to be prepared;
finemeans a single amount of money that a SIPS operator is obliged to pay as a sanction;
infringementmeans any failure by a SIPS operator to fulfil any obligation arising from Regulation (EU) No 795/2014 (ECB/2014/28);
periodic penalty paymentsmeans amounts of money that, in the event of a continued infringement, a SIPS operator is obliged to pay, either as a punishment or with a view to forcing the SIPS operator concerned to comply with its obligations under Regulation (EU) No 795/2014 (ECB/2014/28).
sanctionmeans a fine or periodic penalty payments imposed as a consequence of an infringement;
turnovermeans the revenue generated by the SIPS concerned during the business year preceding that in which the infringement occurred;
value of payments processedmeans the total daily average value of euro-denominated payments processed by the SIPS concerned during the business year preceding that in which the infringement occurred.