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General requirements in respect of customer assets

Payment Services Regulations 2019

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—(1) A licensee that provides a digital payment token service —(a)must treat and deal with all assets received from, or on account of, a customer as belonging to the customer;(b)subject to paragraph (2), must not commingle assets belonging to a customer with other assets;(c)subject to paragraphs (3) and (4), must not transfer any right, interest, benefit or title in any assets that are deposited in a trust account to itself or any other person; and(d)must apply any assets belonging to a customer that are deposited in a trust account solely for any purpose that may be agreed to by the customer.(2) Despite paragraph (1)(b), a licensee may —(a)deposit any assets belonging to a customer in a trust account together with, and commingled with, assets belonging to —(i)other customers of the licensee; or(ii)customers of the safeguarding person with which the trust account is maintained (but not the licensee, even if the licensee is such a customer); and(b)deposit its own assets in a trust account together with, and commingled with, assets belonging to a customer in order to —(i)open the trust account; or(ii)facilitate the settlement of fees arising from a transaction carried out on behalf of a customer in accordance with the customer’s written instructions.(3) Despite paragraph (1)(c), a licensee may transfer any right, interest, benefit or title in any assets from a trust account to itself or another person if the transfer is authorised by the customer’s specific written instructions given before the transfer.(4) Despite paragraph (1)(c), a licensee may transfer its own assets deposited in a trust account in accordance with paragraph (2)(b), and any return arising on those assets, to itself.

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