(1) In this Regulation "users' funds" means funds that have been received by a payment institution from payment service users or through another payment service provider for the execution of payment transactions.
(2) A payment institution that is engaged in a business activity referred to in Regulation 27(1) (c) shall safeguard users' funds in either of the following ways:
(i) shall not be mixed at any time with the funds of any person other than the payment service users on whose behalf the funds are held, and
(ii) if 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 after the day of receipt, shall be deposited in a separate account in a credit institution or invested in assets accepted by the Bank as secure, liquid and low-risk;
(b) users' funds shall be insured by an insurance company, or guaranteed by a credit institution, that does not belong to the same