MiCA, Article 38, DE

1. Issuers of asset-referenced tokens that invest a part of the reserve of assets shall only invest those assets in highly liquid financial instruments with minimal market risk, credit risk and concentration risk. The investments shall be capable of being liquidated rapidly with minimal adverse price effect.

2. Units in an undertaking for collective investment in transferable securities (UCITS) shall be deemed to be assets with minimal market risk, credit risk and concentration risk for the purposes of paragraph 1, where that UCITS invests solely in assets as further specified by EBA in accordance with paragraph 5 and where the issuer of the asset-referenced token ensures that the reserve of assets is invested in such a way that the concentration risk is minimised.

3. The financial instruments in which the reserve of assets is invested shall be held in custody in accordance with Article 37.

4. All profits or losses, including fluctuations in the value of the financial instruments referred to in paragraph 1, and any counterparty or operational risks that result from the investment of the reserve of assets shall be borne by the issuer of the asset-referenced token.

5. EBA, in cooperation with ESMA and the ECB, shall develop draft regulatory technical standards specifying the financial instruments that can be considered highly liquid and bearing minimal market risk, credit risk and concentration risk as referred to in paragraph 1. When specifying those financial instruments, EBA shall take into account:

(a)

the various types of assets that can be referenced by an asset-referenced token;

(b)

the correlation between the assets referenced by the asset-referenced token and the highly liquid financial instruments that the issuer might invest in;

(c)

the liquidity coverage requirement as referred to in Article 412 of Regulation (EU) No 575/2013 and as further specified in Commission Delegated Regulation (EU) 2015/61 (41);

(d)

constraints on concentration preventing the issuer from:

(i)

Official source

Version: 4f2f677341a0c942

SHA-256: sha256:4f2f677341a0c9421d70bb1849486510c31feb10a5202f51ad91f82433262a6b

• Article 1
• Article 2
• Article 3
• Article 4
• Article 5
• Article 6
• Article 7
• Article 8
• Article 9
• Article 10
• Article 11
• Article 12
• Article 13
• Article 14
• Article 15
• Article 16
• Article 17
• Article 18
• Article 19
• Article 20
• Article 21
• Article 22
• Article 23
• Article 24
• Article 25
• Article 26
• Article 27
• Article 28
• Article 29
• Article 30
• Article 31
• Article 32
• Article 33
• Article 34
• Article 35
• Article 36
• Article 37
• Article 39
• Article 40
• Article 41
• Article 42
• Article 43
• Article 44
• Article 45
• Article 46
• Article 47
• Article 48
• Article 49
• Article 50
• Article 51
• Article 52
• Article 53
• Article 54
• Article 55
• Article 56
• Article 57
• Article 58
• Article 59
• Article 60
• Article 61
• Article 62
• Article 63
• Article 64
• Article 65
• Article 66
• Article 67
• Article 68
• Article 69
• Article 70
• Article 71
• Article 72
• Article 73
• Article 74
• Article 75
• Article 76
• Article 77
• Article 78
• Article 79
• Article 80
• Article 81
• Article 82
• Article 83
• Article 84
• Article 85
• Article 86
• Article 87
• Article 88
• Article 89
• Article 90
• Article 91
• Article 92
• Article 93
• Article 94
• Article 95
• Article 96
• Article 97
• Article 98
• Article 99
• Article 100
• Article 101
• Article 102
• Article 103
• Article 104
• Article 105
• Article 106
• Article 107
• Article 108
• Article 109
• Article 110
• Article 111
• Article 112
• Article 113
• Article 114
• Article 115
• Article 116
• Article 117
• Article 118
• Article 119
• Article 120
• Article 121
• Article 122
• Article 123
• Article 124
• Article 125
• Article 126
• Article 127
• Article 128
• Article 129
• Article 130
• Article 131
• Article 132
• Article 133
• Article 134
• Article 135
• Article 136
• Article 137
• Article 138
• Article 139
• Article 140
• Article 141
• Article 142
• Article 143
• Article 144
• Article 145
• Article 146
• Article 147
• Article 148
• Article 149

Geographical article agents

Source: NovaCopilot