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Article (4) Limitations

  1. An Open Finance Provider must not:

    1.1.receive, hold or transfer any funds for or on behalf of a User;
    1.2. provide Advice to a User in relation to a particular Account or Product;
    1.3.provide any personal and specific recommendation to a User in relation to a particular Account or Product;
    1.4.receive any fee, commission, payment or other benefit from the provider of an Account or Product;
    1.5.process any User Data that is Sensitive Data for the provision of any Open Finance Service, even with the explicit consent of the User;
    1.6.negotiate, mediate, effect or enter into any agreement or Transaction on behalf of a User in relation to an Account or Product; or
    1.7.engage in any form of Insurance Intermediation or Insurance Underwriting.
  2. The limitations specified in Article 4(1) of this Regulation, do not prevent an Open Finance Provider from providing Users with information, including information based on analyses, relating to commercially available but nonspecific Accounts and/or Products. This can be communicated by displaying the information on-line or otherwise, but must not involve the provision of Advice.
  3. The limitations specified in Article 4(1) of this Regulation do not apply to an Open Finance Provider who holds any required additional license to perform the relevant activities from the Central Bank.