Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
(1)
A Payment Service Provider must ensure that Safeguarded Funds are protected for the duration of the retention of these Safeguarded Funds in accordance with the provisions of the Implementing Regulation, whether when received directly or through an agent or Electronic Money Distributor.
(2)
No Person other than the Payment Service Provider may have any interest in or right over the Safeguarded Funds;
(3)
Notwithstanding other applicable laws, the Payment Service Provider must return Safeguarded Funds to the relevant Payment Service Users in the event of bankruptcy, winding up or other liquidation of the Payment Service Provider.
