Article 6 Liquidity management, reserve of assets and redemption rights

1. the comprehensive and detailed framework illustrating the constitution, composition, management, and segregation of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;, in accordance with Commission Delegated Regulation establishing technical standards adopted pursuant to Article 36(4) of Regulation (EU) 2023/1114;

2. the clear and detailed policy describing the stabilisation mechanism 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; for which the authorisation is sought, in accordance with Article 36(8) of Regulation (EU) 2023/1114;

3. the name of the external consultant that will be in charge of the independent audit on the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; every six months in accordance with Article 36(9) of Regulation (EU) 2023/1114;

4. the detailed policy and procedures on the custody of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;, including the selected custody modality, ensuring compliance with Article 37 of Regulation (EU) 2023/1114;

5. the clear and detailed investment policy of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; in accordance with Commission Delegated Regulation establishing technical standards adopted pursuant to Article 38(5) of Regulation (EU) 2023/1114;

6. the details of the contractual arrangements entered into with third parties for the operation, the investment and the custody of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;, in accordance with the policies referred to in points (d) and (e).

For the purposes of point (a), 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; applies for voluntary classification 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; 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;, the framework shall contain the liquidity management policy and procedures. The framework shall also illustrate the reporting lines to the management bodymeans the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity; and how the management bodymeans the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity;’s responsibility for the prudent management of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; will be ensured.

For the purposes of point (f), the detailed description shall indicate the name and contact details of the third-party service providers, and illustrate the roles, responsibilities, rights and obligations of both the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of an 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; and the third-party service providers in going concern and in case of the implementation of the redemption plan including the law applicable to the contract. Where such services are considered critical activities for the orderly redemption in accordance with Article 47(2), second subparagraph, of Regulation (EU) 2023/1114, the description shall also indicate that the contract cannot be terminated, but will be operational in case of implementation of the redemption plan in accordance with Article 47(1) of that Regulation. The description of the contractual arrangements shall also include the information referred to in Article 5(2) of this Regulation, as applicable.

The description of the contractual arrangements with third party service providers for the custody of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; shall include the measures taken by the third-party service provider to ensure legal and operational separation from its own assets.

1. a clear and detailed policy and procedures ensuring the respect of the rights of redemption granted to the holders 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; in accordance with Article 39 of Regulation (EU) 2023/1114;

2. an outline of the recovery plan to be developed in accordance with Article 46 of Regulation (EU) 2023/1114;

3. the redemption plan to be submitted in accordance with Article 47 of Regulation (EU) 2023/1114.