(1) In addition to the provision of payment services, a payment institution may engage in the following activities:

(a) the provision of operational and closely related ancillary services such as ensuring the execution of payment transactions, foreign exchange services, safekeeping activities, and the storage and processing of data;

(b) without prejudice to Regulation 43, the operation of payment systems;

(c) business activities other than the provision of payment services, subject to any law of the State or of the Union applicable to such activities.

(2) Where a payment institution engages in the provision of one or more payment services, it may hold only payment accounts which are used exclusively for payment transactions.

(3) Funds received by a payment institution from a payment service user with a view to the provision of payment services shall not constitute -

(a) a deposit or other repayable funds, within the meaning of Article 9 of Directive 2013/36/EU, or

(b) electronic money, within the meaning of the European Communities (Electronic Money) Regulations 2011.