Article 3 Programme of operations: financial information on the business plan

The application for authorisation shall contain a business plan explaining the initial viability and the ongoing sustainability of the applicant issuermeans an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets;’s business model and the applicant issuermeans an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets;’s capability to comply with the prudential requirements set out in Regulation (EU) 2023/1114 for at least, a period of three years from the grant of authorisation on a baseline and on a stress scenario.

The stress scenario referred to in paragraph 1 shall rely on severe but plausible stress situations, designed on the basis of Commission Delegated Regulation (EU) 2025/415(¹⁰)Commission Delegated Regulation (EU) 2025/415 of 13 December 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regards to regulatory technical standards specifying adjustment of own funds requirement and minimum features of stress testing programmes of issuers of asset-referenced tokens or of e-money tokens (OJ L, 2025/415, 24.3.2025, ELI: http://data.europa.eu/eli/reg_del/2025/415/oj).. For an application for authorisation relating to the offer to the publicmeans a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; or admission to trading of an asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; for which voluntary classification as significant asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; is requested as referred to in paragraph 4 of this Article, the stress scenario shall pay particular attention to liquidity stress situations.

Any business plan assumptions shall be credible and realistic and rely on official macroeconomic forecasts elaborated by a Union or public national institution.

Where the application for authorisation relates to the offer to the publicmeans a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; or admission to trading of an asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; for which voluntary classification as significant asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; is requested, the business plan shall clearly demonstrate that the proposed issuance meets the requirements set out in Article 44 of Regulation (EU) 2023/1114 and shall adequately reflect the applicant issuermeans an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets;’s higher complexity and risk profile.

1. forecast accounting plans for the three years following the granting of authorisation, including:

   1. forecast balance sheets;

   2. forecast profit and loss accounts or income statements, detailing the envisaged sources of revenues (including fees or revaluation of reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;), fixed and variable costs (notably labour, administrative, DLT, ICT, custody and management of reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; or third-party arrangements);

   3. forecast cash flow statements, where applicable;

   4. forecast growth rates with an explanation of the associated risk assumptions, including the applicant issuermeans an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets;’s risk management capabilities;

2. an explanation linking the elements of the programme of operations set out in Article 3(2) with the forecasts referred to in point (a) of this paragraph;

3. planning assumptions for the forecasts referred to in point (a), including the expected number of token holders, the expected number and value of transactions per day and the expected average number and average aggregate value of transactions per day for the business plan time horizon, profitability drivers, and explanations of the quantitative information set out in that business plan;

4. calculations of the applicant issuermeans an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets;’s own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; requirements pursuant to Article 35(1) of Regulation (EU) 2023/1114 covering the three-year business plan time horizon;

5. supporting evidence (including audited financial statement, or extract from the companies register) of the issued capital, paid-up capital and capital which has not yet been paid-up, including:

   1. for capital corresponding to the calculated own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; which has not yet been paid up, evidence of the depositmeans a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU; of such amount in escrow account with a credit institutionmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU;;

   2. information on the legitimate origin of the fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; used or to be used to pay up the capital, set out in Article 8 of Commission Delegated Regulation (EU) 2025/413(¹¹)Commission Delegated Regulation (EU) 2025/413 of 18 December 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the detailed content of information necessary to carry out the assessment of a proposed acquisition of a qualifying holding in an issuer of an asset-referenced token (OJ L, 2025/413, 31.3.2025, ELI: http://data.europa.eu/eli/reg_del/2025/413/oj).;

6. forecast calculations of the amount and composition of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; and their adequacy to ensure the permanent exercise of the redemption rights throughout the business plan time horizon.

1. statutory financial statements of the applicant issuermeans an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets;, at individual level and, where applicable, at consolidated and sub-consolidated level, approved by the statutory auditor, where applicable, or external audit firm, covering at least the last three financial years preceding the application for authorisation, including:

   1. the balance sheet at individual and consolidated or sub-consolidated level where applicable;

   2. the profit and loss accounts or income statements at individual, consolidated and sub-consolidated level where applicable;

   3. cash flows statement at individual, consolidated and sub-consolidated level where applicable;

2. an outline of any indebtedness incurred or expected to be incurred by the applicant issuermeans an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets; prior to the offer to the publicmeans a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; or the admission to trading of the asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;, including, where applicable, the name of the lenders, the maturities and terms of such indebtedness, the use of the proceeds and, where the lender is not a supervised financial institution, information on the origin of the fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; borrowed or expected to be borrowed;

3. an outline of any security interests, guarantees or indemnities granted or expected to be granted by the applicant issuermeans an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets; prior to the offer to the publicmeans a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; or the admission to trading of the asset-referenced tokensmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;;

4. where available, information about the credit rating of the applicant issuermeans an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets; and, where applicable, the overall rating of any group it be a part of;

5. where the applicant issuermeans an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets; has been set-up for less than three years, for the years not covered by financial statements, an updated summary dated as close as possible to the date of application for authorisation, of the applicant issuermeans an issuer of asset-referenced tokens or e-money tokens who applies for authorisation to offer to the public or seeks the admission to trading of those crypto-assets;’s financial situation and for the shareholders or members with qualifying holdingsmeans any direct or indirect holding in an issuer of asset-referenced tokens or in a crypto-asset service provider which represents at least 10 % of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council(32) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38)., respectively, taking into account the conditions for the aggregation thereof laid down in Article 12(4) and (5) of that Directive, or which makes it possible to exercise a significant influence over the management of the issuer of asset-referenced tokens or the management of the crypto-asset service provider in which that holding subsists; the financial statements of the previous three years in case of legal persons or their tax declaration in case of natural persons.