Source: OJ L, 2024/1506, 30.5.2024
Current language: EN
- Markets in crypto-assets
Significant ART/EMT issuer
- Criteria for significance classification
Article 3 Indicators for assessing interconnectedness with the financial system
When assessing whether the criterion set out in Article 43(1), point (f), of Regulation (EU) 2023/1114 is fulfilled, the EBA shall assess all of the following core indicators:
the significance of the share of non-deposit reserve assets of an 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 an e-money token that are financial instrumentsmeans financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU; issued by financial institutionsmeans any of the following:a credit institution;an investment firm;an electronic money institution;a payment institution;a UCITS management company;an alternative investment fund manager;an insurance undertaking as defined in Article 13, point (1), of Directive 2009/138/EC of the European Parliament and of the Council(2) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1, ELI: http://data.europa.eu/eli/dir/2009/138/oj).;a reinsurance undertaking as defined in Article 13, point (4), of Directive 2009/138/EC;an institution for occupational retirement provision as defined in Article 6, point (1), of Directive (EU) 2016/2341 of the European Parliament and of the Council(3) Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37, ELI: http://data.europa.eu/eli/dir/2016/2341/oj).;;
the significance of the share of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’s asset holdings relative to the total supply of specific financial instrumentsmeans financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU;.
For the purposes of paragraph 1, point (a), the EBA shall consider the following sub-indicators:
the share of non-deposit reserve assets of an 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 an e-money token that are financial instrumentsmeans financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU; issued by financial institutionsmeans any of the following:a credit institution;an investment firm;an electronic money institution;a payment institution;a UCITS management company;an alternative investment fund manager;an insurance undertaking as defined in Article 13, point (1), of Directive 2009/138/EC of the European Parliament and of the Council(2) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1, ELI: http://data.europa.eu/eli/dir/2009/138/oj).;a reinsurance undertaking as defined in Article 13, point (4), of Directive 2009/138/EC;an institution for occupational retirement provision as defined in Article 6, point (1), of Directive (EU) 2016/2341 of the European Parliament and of the Council(3) Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37, ELI: http://data.europa.eu/eli/dir/2016/2341/oj).;;
in case 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;, share of non-deposit reserve assets of an 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; that are derivatives; or
in case of e-money tokens, share of non-deposit reserve assets of an e-money token that are covered bonds.
The EBA shall calculate the sub-indicator referred to in the first subparagraph, point (a), in respect of the last calendar day of the relevant periodmeans the period referred to in Article 43(2), point (a), of Regulation (EU) 2023/1114, or the period referred to in Article 43(2), point (b), of that Regulation. in accordance with the following formula:
the total value of financial instruments issued by financial institutions that are part of the reserve of assets of the asset-referenced token or e-money token
(the total value of the reserve of assets of the asset-referenced token or e-money token)-(the total value of deposits in the reserve of assets of the asset-referenced token or e-money token)
The EBA shall calculate the sub-indicator referred to in the first subparagraph, point (b), in respect of the last calendar day of the relevant periodmeans the period referred to in Article 43(2), point (a), of Regulation (EU) 2023/1114, or the period referred to in Article 43(2), point (b), of that Regulation. in accordance with the following formula:
the total value of derivatives that are part of the reserve of assets of the asset-referenced token
(the total value of the reserve of assets of the asset-referenced token)-(the total value of deposits in the reserve of assets of the asset-referenced token)
The EBA shall calculate the sub-indicator referred to in the first subparagraph, point (c), in respect of the last calendar day of the relevant periodmeans the period referred to in Article 43(2), point (a), of Regulation (EU) 2023/1114, or the period referred to in Article 43(2), point (b), of that Regulation. in accordance with the following formula:
the total value of covered bonds issued by credit institutions that are part of the reserve of assets of the e-money token
(the total value of the reserve of assets of the e-money token)-(the total value of deposits in the reserve of assets of the e-money token)
The EBA shall calculate the share of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’s asset holdings referred to in paragraph 1, point (b), in respect of the last calendar day of the relevant periodmeans the period referred to in Article 43(2), point (a), of Regulation (EU) 2023/1114, or the period referred to in Article 43(2), point (b), of that Regulation. in accordance with the following formula:
the total value of holdings of the issuer of an asset-referenced token or an e-money token of a type of a financial instrument
the total supply of that type of the financial instrument
Where the assessment of the core indicators referred to in paragraph 1 does not lead to a conclusive determination with regard to the interconnectedness criterion set out in of Article 43(1), point (f), of Regulation (EU) 2023/1114, the EBA shall assess all of the following ancillary indicators:
the ownership structure of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of an 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 an e-money token;
the degree of concentration of the reserve assets of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of an 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 an e-money token in financial institutionsmeans any of the following:a credit institution;an investment firm;an electronic money institution;a payment institution;a UCITS management company;an alternative investment fund manager;an insurance undertaking as defined in Article 13, point (1), of Directive 2009/138/EC of the European Parliament and of the Council(2) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1, ELI: http://data.europa.eu/eli/dir/2009/138/oj).;a reinsurance undertaking as defined in Article 13, point (4), of Directive 2009/138/EC;an institution for occupational retirement provision as defined in Article 6, point (1), of Directive (EU) 2016/2341 of the European Parliament and of the Council(3) Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37, ELI: http://data.europa.eu/eli/dir/2016/2341/oj).;;
the degree of portfolio overlap of reserve assets of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of an 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 an e-money token with the reserve assets of other 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; and e-money tokens.
For the purposes of paragraph 4, point (a), the EBA shall consider all of the following:
whether the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; has a dispersed or concentrated ownership structure;
whether a natural or legal person with a qualifying holdingmeans any direct or indirect holding in an issuer of asset-referenced tokens or in a crypto-asset service provider which represents at least 10 % of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council(32) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38)., respectively, taking into account the conditions for the aggregation thereof laid down in Article 12(4) and (5) of that Directive, or which makes it possible to exercise a significant influence over the management of the issuer of asset-referenced tokens or the management of the crypto-asset service provider in which that holding subsists; is a financial institutionmeans any of the following:a credit institution;an investment firm;an electronic money institution;a payment institution;a UCITS management company;an alternative investment fund manager;an insurance undertaking as defined in Article 13, point (1), of Directive 2009/138/EC of the European Parliament and of the Council(2) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1, ELI: http://data.europa.eu/eli/dir/2009/138/oj).;a reinsurance undertaking as defined in Article 13, point (4), of Directive 2009/138/EC;an institution for occupational retirement provision as defined in Article 6, point (1), of Directive (EU) 2016/2341 of the European Parliament and of the Council(3) Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37, ELI: http://data.europa.eu/eli/dir/2016/2341/oj).;;
the complexity of the ownership structure.
For the purposes of paragraph 4, point (b), the EBA shall consider all of the following sub-indicators:
the concentration of the reserve assets of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of an 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 an e-money token in financial institutionsmeans any of the following:a credit institution;an investment firm;an electronic money institution;a payment institution;a UCITS management company;an alternative investment fund manager;an insurance undertaking as defined in Article 13, point (1), of Directive 2009/138/EC of the European Parliament and of the Council(2) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1, ELI: http://data.europa.eu/eli/dir/2009/138/oj).;a reinsurance undertaking as defined in Article 13, point (4), of Directive 2009/138/EC;an institution for occupational retirement provision as defined in Article 6, point (1), of Directive (EU) 2016/2341 of the European Parliament and of the Council(3) Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37, ELI: http://data.europa.eu/eli/dir/2016/2341/oj).;;
the concentration of depositsmeans a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU; held in credit institutionsmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU; by the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of an 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 an e-money token.
The EBA shall calculate the sub-indicator referred to in the first subparagraph, point (a), in respect of the last calendar day of the relevant periodmeans the period referred to in Article 43(2), point (a), of Regulation (EU) 2023/1114, or the period referred to in Article 43(2), point (b), of that Regulation. in accordance with the following formula:
Concentration = s12+s22+s32+…sn2
where sn = the share of reserve assets held in financial institutions n (expressed as a whole number).
The EBA shall calculate the sub-indicator referred to in the first subparagraph, point (b), in respect of the last calendar day of the relevant periodmeans the period referred to in Article 43(2), point (a), of Regulation (EU) 2023/1114, or the period referred to in Article 43(2), point (b), of that Regulation. in accordance with the following formula:
Concentration = c12+c22+c32+…cn2
where cn = the share of deposits held in credit institutions n (expressed as a whole number).
The EBA shall calculate the ancillary indicator referred to in paragraph 4, point (c), in respect of the last calendar day of the relevant periodmeans the period referred to in Article 43(2), point (a), of Regulation (EU) 2023/1114, or the period referred to in Article 43(2), point (b), of that Regulation. in accordance with the following formula:
the total value of the reserve assets ofan asset-referenced token or an e-money token that are also held in the reserve of assets of other issuers of asset-referenced tokens or e-money tokens
the total value of the reserve assets of the asset-referenced token or an e-money token
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