Article 4 Segregation of the liquidity management policy and procedures

Issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of 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; or e-money tokens shall apply the requirements set out in Articles 2 and 3 separately for each 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; or e-money token. The procedures for identifying, measuring, managing and reporting liquidity risk, the contingency policies and liquidity risk mitigation tools, the risk limits, the liquidity management tools and strategies referred to in those Articles shall be established, in content and form, taking into account the different assets referenced by the different 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; or e-money token and their correlation with the relevant segregated reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;.

The liquidity management policy and procedures specified in this Regulation shall be separate, in content and form, from the liquidity policy and procedures related to activities of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; other than those related to issuing of 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; or e-money tokens.