Source: OJ L, 2025/415, 24.3.2025

Article 7 Fréquence minimale des différents exercices de simulation de crise

Summary What does Article 7 of the RTS on stress test programmes say?

Article 7 sets the minimum frequency requirements for the two types of stress tests introduced in Article 6 — solvency and liquidity stress tests.

It draws a clear distinction between issuers of significant and non-significant tokens when it comes to solvency testing, while applying a uniform and more demanding frequency to liquidity testing across all issuers regardless of their classification.

Important points:

Conduct solvency stress tests at least quarterly if you are an issuer of significant asset-referenced tokens or e-money tokens, or at least semi-annually if your tokens are non-significant.
Conduct liquidity stress tests at least monthly, regardless of whether your tokens are classified as significant or non-significant.
The higher frequency demanded for liquidity stress testing reflects a stricter baseline obligation that applies universally to all issuers of asset-referenced tokens or e-money tokens.

Springlex's summary of the article, a reading aid, not a substitute for the legal text.

1. La fréquence des simulations de crise de solvabilité est au moins trimestrielle pour les émetteurs de jetons se référant à un ou des actifs ou de jetons de monnaie électronique d’importance significative, et semestrielle pour les émetteurs de jetons se référant à un ou des actifs ou de jetons de monnaie électronique d’importance non significative.
1. La fréquence des simulations de crise de liquidité est au moins mensuelle pour l’ensemble des émetteurs de jetons se référant à un ou des actifs ou de jetons de monnaie électronique.

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