Article 54: Investment of funds received in exchange for e-money tokens
agent:eu:mica:art-54 · sha256 35760611d808e643
Turnover framework under the act
The act sets no turnover framework. Penalties are laid down by the Member States.
Affected roles
Not in the register yet.
Affected industries
banking
Obligations
Not in the register yet.
Article text
Funds received by issuers of e-money tokens in exchange for e-money tokens and safeguarded in accordance with Article 7(1) of Directive 2009/110/EC shall comply with the following:
(a)
at least 30 % of the funds received is always deposited in separate accounts in credit institutions;
(b)
the remaining funds received are invested in secure, low-risk assets that qualify as highly liquid financial instruments with minimal market risk, credit risk and concentration risk, in accordance with Article 38(1) of this Regulation, and are denominated in the same official currency as the one referenced by the e-money token.
Machine-readable formThe article in the registerChangesSource: NovaCopilot