Agent · mica-2023-1114-38
MiCA artikel 38: Investment of the reserve of assets
Structural tree: the article's own paragraphs, verbatim.
CELEX 32023R1114 · 2026-08-18 · Weight 74 · minimal-risk
OpenOpen reading. No metering is planned for this class.
- What this page is
- Agent, MiCA artikel 38
- Checked against the official source
- 2026-08-18Current
- Responsible publisher
- ExploreWorld Legal, editorial deskLiability position
Short answer
What does MiCA Article 38 require, and what outcome does the rule tree give?
MiCA Article 38 is tested here by a deterministic rule tree of 14 rules, built from the article's own conditions. The tree reads your facts and names the outcome that applies, starting with Paragraph 1 applies, carrying paragraph citation, content hash and read date 2026-08-18 against CELEX 32023R1114. The outcome is a machine classification, not a compliance decision.
MiCA Article 38Checked against the publisher 2026-08-18Official text
- Paragraph 1 applies. 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.
- Paragraph 2 applies. 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…
- Paragraph 3 applies. 3. The financial instruments in which the reserve of assets is invested shall be held in custody in accordance with Article 37.
A source reference, not legal advice.
Jurisdiction
The same agent, read through one country's lens.
Inputs
- in_scopeThe article applies to the situationboolean
- punktParagraph of the articleenum (1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14)
Rule tree
If: alla(in_scope = true, punkt = 1)
Paragraph 1 applies
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.
Paragraph 1
If: alla(in_scope = true, punkt = 2)
Paragraph 2 applies
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…
Paragraph 2
If: alla(in_scope = true, punkt = 3)
Paragraph 3 applies
3. The financial instruments in which the reserve of assets is invested shall be held in custody in accordance with Article 37.
Paragraph 3
If: alla(in_scope = true, punkt = 4)
Paragraph 4 applies
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.
Paragraph 4
If: alla(in_scope = true, punkt = 5)
Paragraph 5 applies
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:
Paragraph 5
If: alla(in_scope = true, punkt = 6)
Paragraph 6 applies
(a)
Paragraph 6
If: alla(in_scope = true, punkt = 7)
Paragraph 7 applies
the various types of assets that can be referenced by an asset-referenced token;
Paragraph 7
If: alla(in_scope = true, punkt = 8)
Paragraph 8 applies
(b)
Paragraph 8
If: alla(in_scope = true, punkt = 9)
Paragraph 9 applies
the correlation between the assets referenced by the asset-referenced token and the highly liquid financial instruments that the issuer might invest in;
Paragraph 9
If: alla(in_scope = true, punkt = 10)
Paragraph 10 applies
(c)
Paragraph 10
If: alla(in_scope = true, punkt = 11)
Paragraph 11 applies
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);
Paragraph 11
If: alla(in_scope = true, punkt = 12)
Paragraph 12 applies
(d)
Paragraph 12
If: alla(in_scope = true, punkt = 13)
Paragraph 13 applies
constraints on concentration preventing the issuer from:
Paragraph 13
If: alla(in_scope = true, punkt = 14)
Paragraph 14 applies
(i)
Paragraph 14
If no rule matches: The article is not stated to apply, or no paragraph is selected. The agent abstains rather than guesses.
The article text as read
- 11. 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.
- 22. 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.
- 33. The financial instruments in which the reserve of assets is invested shall be held in custody in accordance with Article 37.
- 44. 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.
- 55. 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:
- 6(a)
- 7the various types of assets that can be referenced by an asset-referenced token;
- 8(b)
- 9the correlation between the assets referenced by the asset-referenced token and the highly liquid financial instruments that the issuer might invest in;
- 10(c)
- 11the 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);
- 12(d)
- 13constraints on concentration preventing the issuer from:
- 14(i)
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Hashes
Artefacts
No legal advice. Deterministisk regeluppslagning. Ingen juridisk rådgivning, inget efterlevnadsbeslut, ingen bedömning av ett enskilt ärende.
Citation: 32023R1114 art. 38, Investment of the reserve of assets. ExploreWorld Legal, https://legal.exploreworldai.com/agent/mica-2023-1114/artikel-38 (hämtad 2026-08-18, bevis sha256:1065a3c7492128d5, bygge legal-2026-08-25).