Common use of Merchant Accounts Clause in Contracts

Merchant Accounts. It is understood that the Company may keep merchant accounts in its name only with EEA regulated payment institutions used to settle payment transactions of its Clients. However, for the avoidance of doubt, it is noted that such merchant accounts are not used for safekeeping of Client money but only to effect settlements of payment transactions. There are instances where such merchant accounts might be held with a payment institution authorized in a third country. In such a case the Company will take all reasonable measures to ensure that payment institutions authorized in a third country are supervised by regulatory authorities of equivalent status to CySEC and/or are satisfying any other requirements set by the applicable regulations.