Common use of BACKGROUND RECITALS Clause in Contracts

BACKGROUND RECITALS. 2.1. EMPS is a company incorporated under the laws of Malta and operating in the electronic money service sector and is duly licensed by the Malta Financial Services Authority (MFSA) under the Financial Institutions Act in accordance with the European E-Money Directive (2009/110/EC) and the Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC, 2013/36/EU and Regulation (EU) No 1093/2010 and repealing Directive 2007/64/EC (hereinafter 'PSD2'). 2.2. EMPS is the owner of the xxx.xxxxxxx.xxx online platform. The platform ensures that individual users and businesses are able to make use of payment services, including purchasing, sending and receiving of electronic money over the Internet, making single payments and several payment transactions, while ensuring that charges for products and services are securely executed. 2.3. EMPS ensures that User's personal data protection procedures are in accordance with the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (hereinafter referred to as "GDPR") and the implemented Privacy Policy. By signing the agreement, commencing use of the Service and commencing cooperation under these Terms, you acknowledge and agree to comply with the requirements of the protection, entrustment, and processing of personal data.