S.L. 376.4 ст. 7Duties of the financial institution.

(1) A payment institution shall, for the purpose of article

10B of the Act, safeguard all funds in either of the following ways:

(a) funds shall not be commingled at any time with the funds of any natural or legal person, other than payment service users on whose behalf the funds are held. Where the funds of payment service users are held in a common account, the funds belonging to each payment service user shall be identifiable at all times. Where funds are still held by the payment institution and not yet delivered to the payee or transferred to another payment service provider by the end of the business day following the day when the funds have been received, they shall be deposited in a separate account in a credit institution or in a central bank at the discretion of such central bank, or invested in secure liquid low-risk assets, as defined in sub-regulation (1A). Funds shall be insulated in accordance with these regulations in the interest of the payment service users against the claims of other creditors of the payment institution, in particular in the event of insolvency; or56

(b) funds shall be covered by an insurance policy or some other comparable guarantee from an insurance company or a credit institution, which does not belong to the same group as the payment institution itself for an amount equivalent to that which would have been segregated in the absence of the insurance policy or other comparable guarantee, payable in the event that the payment institution is unable to meet its financial obligations.

(1A) For the purpose of this regulation:

(a) secure, low-risk assets are:

(i) asset items falling into one of the categories set out in Table 1 of Article 336(1) of the CRR for which the specific risk capital charge is no higher than 1.6% but excluding other qualifying items as defined in Article 336(4) of the CRR; or

(ii) units in an undertaking for collective investment in transferable securities (UCITS) which invests solely in assets referred to in sub-paragraph (i): Provided that in exceptional circumstances and with adequate justification, the competent authority may, based on an evaluation of security, maturity, value or other risk elements of the assets referred in sub-paragraphs (i) and (ii), determine which of those assets do not constitute secure, low-risk assets for the purpose of sub-regulation (1).

(b) secure, low-risk assets shall be deemed to be liquid if they fall within the criteria set out in a Financial Institutions Rule.

(1B) Where a payment institution is required to safeguard funds pursuant to article 10B of the Act and a portion of those funds is to be used for future transactions, with the remaining amount to be used for non-payment services, that portion to be used for future transactions shall also be subject to the requirements of the said article. Where that portion is variable or not known in advance, the payment institution shall safeguard a representative portion assumed to be used for payment services, provided that such a representative portion can be reasonably estimated on the basis of historical data to the satisfaction of the competent authority.

(1C) An electronic money institution shall safeguard funds which have been received in exchange for electronic money that has been issued in accordance with sub-regulations (1), (1A) and (1B), and the said provisions shall be applied and interpreted mutatis mutandis:

Provided that funds received in the form of payment by payment instrument need not be safeguarded until they are credited to the electronic money institution’s payment account or are otherwise made available to the electronic money institution in accordance with the execution time requirements laid down in the Payment Services Directive, where applicable. In any event, such funds shall be safeguarded by not later that five business days after the issuance of electronic money.

(1D) Sub-regulations (1) to (1B) shall also apply to electronic money institutions undertaking the activities listed in paragraph 2(a) to (f) of the Second Schedule to the Act that are not linked to the activity of issuing electronic money.

(2) A financial institution shall carry out any other functions and duties as may be prescribed in a Financial Institutions Rule.