As a customer of Capital Financial Services SA (CFS) your e-money funds are protected in the unlikely event that CFS becomes insolvent. As an e-money institution regulated by the National Bank of Romania, CFS is required by the Romanian Law on Electronic Money, which implemented the EU Electronic Money Directive, to protect your funds that have been received in exchange for electronic money (also known as e-money) by segregating them from its own funds, in separate safeguarding bank accounts opened with a bank established within European Economic Area. We call this safeguarding.