CZECH REPUBLIC Law and Practice Contributed by: Ondřej Mikula, Jan Šovar and Markéta Klabouchová, FINREG PARTNERS
12.3 Responsibility for Losses The responsibility of fintech service providers for losses and the extent of this responsibility depends on the type of activity provided as well as on the circumstances of the case. Financial services providers are generally liable for providing their services in line with the appli - cable regulation. Financial service providers are therefore liable to customers for damages caused by a breach of any of their regulatory obligations. In addition, some legislation con - tains specific liability provisions, such as in the case of payment services or custody services under MiCA. Payment service providers are generally liable for unauthorised payment transactions and for non-execution, defective or late execution of payment transactions, unless an exemption applies (eg, in case of abnormal and unforesee - able circumstances or the payer’s fraudulent behaviour). The payer may be obliged to bear the losses relating to any unauthorised pay - ment transactions, up to a maximum of EUR50, resulting from the use of a lost or stolen pay - ment instrument or from the misappropriation of a payment instrument.
As regards the custody services related to cryp - to-asset subject to MiCA, MiCA includes specific provisions on the liability of CASPs providing this service. They will be liable for any loss resulting from an incident that is attributable to them. In addition, the general civil liability rules may apply (eg, when offering crypto-assets or “finan - cial instruments” to the public).
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