(a)

where the payment institution or electronic money institution safeguards payment service users’ funds by depositing funds in a separate account in a credit institution or by means of an investment in secure, liquid, low-risk assets as defined by the competent authorities of the home Member State, the description of the measures taken for such safeguarding shall contain, as applicable: a description of the investment policy to ensure that the assets that are chosen are liquid, secure and low-risk; the number of persons that have access to the safeguarding account and their functions; a description of the administration and reconciliation process to ensure that payment service users’ funds are insulated in the interest of payment service users against the claims of other creditors of the payment institution or electronic money institution, in particular in the event of insolvency; a copy of the draft contract with the credit institution; an explicit declaration by the payment institution or electronic money institution of compliance with Article 10 of this Directive;

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Source: EUR-Lex CELLAR · retrieved 2026-08-27 · Text as adopted (Official Journal); later amendments are not incorporated in this text.