Annex V

LIST OF INFRINGEMENTS REFERRED TO IN TITLES III AND VI FOR ISSUERS OF SIGNIFICANT ASSET-REFERENCED TOKENS

1. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 22(1) by not reporting, for each significant 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; with an issue value that is higher than EUR100 000 000, on a quarterly basis to EBA the information referred to in the first subparagraph, points (a) to (d), of that paragraph.

2. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 23(1) by not stopping issuing a significant 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; upon reaching the thresholds provided for in that paragraph or by not submitting a plan to EBA within 40 working days of reaching those thresholds to ensure that the estimated quarterly average number and average aggregate value of the transactions per day are kept below those thresholds.

3. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 23(4) by not complying with the modifications of the plan referred to in paragraph 1, point (b), of that Article as required by EBA.

4. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 25 by not notifying EBA of any intended change of its business model likely to have a significant influence on the purchase decision of any holders or prospective holders of significant 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;, or by not describing such a change in a crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper.

5. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 25 by not complying with a measure requested by EBA in accordance with Article 25(4).

6. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 27(1) by not acting honestly, fairly and professionally.

7. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 27(1) by not communicating with holders and prospective holders of the significant 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; in a fair, clear and not misleading manner.

8. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 27(2) by not acting in the best interests of the holders of the significant 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 by giving preferential treatment to specific holders which is not disclosed in the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’s crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper or, where applicable, the marketing communications.

9. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 28 by not publishing on its website the approved crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper as referred to in Article 21(1) and, where applicable, the modified crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper as referred to in Article 25.

10. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 28 by not making the crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper publicly accessible by the starting date of the offer to the publicmeans a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; of the significant 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 the admission to trading of that token.

11. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 28 by not ensuring that the crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper, and, where applicable, the modified crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper, remains available on its website for as long as the significant 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; is held by the public.

12. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 29(1) and (2) by publishing marketing communications relating to an offer to the publicmeans a communication to persons in any form, and by any means, presenting sufficient information on the terms of the offer and the crypto-assets to be offered so as to enable prospective holders to decide whether to purchase those crypto-assets; of a significant 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 to the admission to trading of such significant 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;, which do not comply with the requirements set out in paragraph 1, points (a) to (d), and paragraph 2 of that Article.

13. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 29(3) by not publishing marketing communications and any modifications thereto on its website.

14. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 29(5) by not notifying marketing communications to EBA upon request.

15. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 29(6) by disseminating marketing communications prior to the publication of the crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper.

16. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 30(1) by not disclosing in a clear, accurate and transparent manner in a publicly and easily accessible place on its website the amount of the significant 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; in circulation and the value and composition of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; referred to in Article 36, or by not updating the required information at least monthly.

17. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 30(2) by not publishing as soon as possible in a publicly and easily accessible place on its website a brief, clear, accurate and transparent summary of the audit report, as well as the full and unredacted audit report, in relation to the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; referred to in Article 36.

18. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 30(3) by not disclosing in a publicly and easily accessible place on its website in a clear, accurate and transparent manner as soon as possible any event that has or is likely to have a significant effect on the value of the significant 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 on the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; referred to in Article 36.

19. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 31(1) by not establishing and maintaining effective and transparent procedures for the prompt, fair and consistent handling of complaints received from holders of the significant 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; and other interested parties, including consumer associations that represent holders of the significant 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;, and by not publishing descriptions of those procedures, or, where the significant 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; is distributed, totally or partially, by third-party entities, by not establishing procedures to also facilitate the handling of complaints between holders and third-party entities as referred to in Article 34(5), first subparagraph, point (h).

20. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 31(2) by not enabling the holders of the significant 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; to file complaints free of charge.

21. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 31(3) by not developing and making available to the holders of the significant 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; a template for filing complaints and by not keeping a record of all complaints received and any measures taken in response to those complaints.

22. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 31(4), by not investigating all complaints in a timely and fair manner or by not communicating the outcome of such investigations to the holders of its significant 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; within a reasonable period.

23. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 32(1) by not implementing and maintaining effective policies and procedures to identify, prevent, manage and disclose conflicts of interest between the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; itself and its shareholders or members, itself and any shareholder or member, whether direct or indirect, that has 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; in it, itself and the members of its management bodymeans the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity;, itself and its employees, itself and the holders of the significant 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 itself and any third party providing one of the functions as referred in Article 34(5), first subparagraph, point (h).

24. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 32(2) by not taking all appropriate steps to identify, prevent, manage and disclose conflicts of interest arising from the management and investment of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; referred to in Article 36.

25. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 32(3) and (4), by not disclosing, in a prominent place on its website, to the holders of the significant 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; the general nature and sources of conflicts of interest and the steps taken to mitigate those risks, or by not being sufficiently precise in the disclosure to enable the prospective holders of the significant 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; to take an informed purchasing decision about such token.

26. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 33 by not immediately notifying EBA of any changes to its management bodymeans the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity; or by not providing EBA with all necessary information to assess compliance with Article 34(2).

27. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(1) by not having robust governance arrangements, including a clear organisational structure with well-defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to which it is or might be exposed, and adequate internal control mechanisms, including sound administrative and accounting procedures.

28. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(2) by having members of its management bodymeans the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity; who are not of sufficiently good repute or do not possess the appropriate knowledge, skills and experience, both individually and collectively, to perform their duties or do not demonstrate that they are capable of committing sufficient time to effectively perform their duties.

29. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(3) by not having its management bodymeans the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity; assess or periodically review the effectiveness of the policy arrangements and procedures put in place to comply with Chapters 2, 3, 5 and 6 of Title III or by not taking appropriate measures to address any deficiencies in that respect.

30. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(4) by having shareholders or members, whether direct or indirect, with qualifying holdingsmeans 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; who are not of sufficiently good repute.

31. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(5) by not adopting policies and procedures that are sufficiently effective to ensure compliance with this Regulation, in particular by not establishing, maintaining and implementing any of the policies and procedures referred to in the first subparagraph, points (a) to (k), of that paragraph.

32. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(5) by not entering into contractual arrangements with third-party entities as referred to in the first subparagraph, point (h), of that paragraph that set out the roles, responsibilities, rights and obligations both of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; and of the third-party entity concerned, or by not providing for an unambiguous choice of applicable law.

33. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(6), unless it has initiated a plan as referred to in Article 47, by not employing appropriate and proportionate systems, resources or procedures to ensure the continued and regular performance of its services and activities, and by not maintaining all of its systems and security access protocols in conformity with the appropriate Union standards.

34. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(7) by not submitting a plan for discontinuation of providing services and activities to EBA, for approval of such discontinuation.

35. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(8) by not identifying sources of operational risks and by not minimising those risks through the development of appropriate systems, controls and procedures.

36. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(9) by not establishing a business continuity policy and plans to ensure, in the case of an interruption of its ICT systems and procedures, the preservation of essential data and functions and the maintenance of its activities, or, where that is not possible, the timely recovery of such data and functions and the timely resumption of its activities.

37. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(10) by not having in place internal control mechanisms and effective procedures for risk management, including effective control and safeguard arrangements for managing ICT systems as required by Regulation (EU) 2022/2554.

38. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(11) by not having in place systems and procedures that are adequate to safeguard the availability, authenticity, integrity and confidentiality of data as required by Regulation (EU) 2022/2554 and in line with Regulation (EU) 2016/679.

39. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 34(12) by not ensuring that the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; is regularly audited by independent auditors.

40. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 35(1) by not having, at all times, own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; equal to amounts of at least the highest of that set in point (a) or (c) of that paragraph or in Article 45(5).

41. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 35(2) of this Regulation where its own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; do not consist of the Common Equity Tier 1 items and instruments referred to in Articles 26 to 30 of Regulation (EU) No 575/2013 after the deductions in full, pursuant to Article 36 of that Regulation, without the application of threshold exemptions referred to in Article 46(4) and Article 48 of that Regulation.

42. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 35(3) by not complying with the requirement of EBA to hold a higher amount of own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;, following the assessment made in accordance with points (a) to (g) of that paragraph.

43. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 35(5) by not conducting, on a regular basis, stress testing that takes into account severe but plausible financial stress scenarios, such as interest rate shocks and non-financial stress scenarios such as operational risk.

44. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 35(5) by not complying with the requirement of EBA to hold a higher amount of own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; based on the outcome of the stress testing.

45. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 36(1) by not constituting and, at all times, maintaining a reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;.

46. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 36(1) by not ensuring that the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; is composed and managed in such a way that the risks associated to the assets referenced by the significant 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; are covered.

47. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 36(1) by not ensuring that the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; is composed and managed in such a way that the liquidity risks associated to the permanent rights of redemption of the holders are addressed.

48. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 36(3) by not ensuring that the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; is operationally segregated from the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’s estate, and from the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; of other 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;.

49. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 36(6) where its management bodymeans the body or bodies of an issuer, offeror or person seeking admission to trading, or of a crypto-asset service provider, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making in the entity and include the persons who effectively direct the business of the entity; does not ensure effective and prudent management of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;.

50. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 36(6) by not ensuring that the issuance and redemption of the significant 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; is always matched by a corresponding increase or decrease in the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;.

51. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 36(7) by not determining the aggregate value of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; using market prices, and by not having its aggregate value always at least equal to the aggregate value of the claims against the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; from holders of the significant 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; in circulation.

52. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 36(8), by not having a clear and detailed policy describing the stabilisation mechanism of the significant 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 meets the conditions set out in points (a) to (g) of that paragraph.

53. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 36(9) by not mandating an independent audit of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; every six months, as of the date of its authorisation or as of the date of approval of the crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper pursuant to Article 17.

54. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 36(10) by not notifying to EBA the result of the audit in accordance with that paragraph or by not publishing the result of the audit within two weeks of the date of notification to EBA.

55. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 37(1) by not establishing, maintaining or implementing custody policies, procedures and contractual arrangements that ensure at all times that the conditions listed in the first subparagraph, points (a) to (e), of that paragraph are met.

56. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 37(2) by not having, when issuing two or more significant 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;, a custody policy in place for each pool of reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;.

57. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 37(3) by not ensuring that the reserve assets are held in custody by a crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys;, a credit institutionmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU; or an investment firmmeans an investment firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU; by no later than five working days after the date of issuance of the significant 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;.

58. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 37(4) by not exercising all due skill, care and diligence in the selection, appointment and review of crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;, 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; and investment firmsmeans an investment firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU; appointed as custodians of the reserve assets, or by not ensuring that the custodian is a legal person different from the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;.

59. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 37(4) by not ensuring that the crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;, 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; and investment firmsmeans an investment firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU; appointed as custodians of the reserve assets have the necessary expertise and market reputation to act as custodians of such reserve assets.

60. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 37(4) by not ensuring in the contractual arrangements with the custodians that the reserve assets held in custody are protected against claims of the custodians’ creditors.

61. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 37(5) by not setting out in the custody policies and procedures the selection criteria for the appointment of crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;, 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; or investment firmsmeans an investment firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU; as custodians of the reserve assets or by not setting out the procedure for reviewing such appointment.

62. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 37(5) by not reviewing the appointment of crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;, 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; or investment firmsmeans an investment firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU; as custodians of the reserve assets on a regular basis, by not evaluating its exposures to such custodians or by not monitoring the financial conditions of such custodians on an ongoing basis.

63. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 37(6) by not ensuring that custody of the reserve assets is carried out in accordance with the first subparagraph, points (a) to (d), of that paragraph.

64. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 37(7) by not having the appointment of a crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;, credit institutionmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU; or investment firmmeans an investment firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU; as custodian of the reserve assets evidenced by a contractual arrangement, or by not regulating, by means of such a contractual arrangement, the flow of information necessary to enable the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant 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;, the crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;, the credit institutionmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU; and the investment firmmeans an investment firm as defined in Article 4(1), point (2), of Regulation (EU) No 575/2013 and authorised under Directive 2014/65/EU; to perform their functions as custodians.

65. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 38(1) by investing the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; in any products that are not highly liquid financial instrumentsmeans financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU; with minimal market risk, credit risk and concentration risks or where such investments cannot be liquidated rapidly with minimal adverse price effect.

66. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 38(3) by not holding in custody in accordance with Article 37 the financial instrumentsmeans financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU; in which the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; is invested.

67. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 38(4) by not bearing all profits and losses and any counterparty or operational risks that result from the investment of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;.

68. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 39(1), by not establishing, maintaining and implementing clear and detailed policies and procedures in respect of permanent rights of redemption of holders of the significant 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;.

69. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 39(1) and (2) by not ensuring that holders of the significant 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; have permanent rights of redemption in accordance with those paragraphs, and by not establishing a policy on such permanent rights of redemption that meets the conditions listed in Article 39(2), first subparagraph, points (a) to (e).

70. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 39(3) by applying fees in the event of the redemption of the significant 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;.

71. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 40 by granting interest in relation to the significant 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;.

72. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 45(1) by not adopting, implementing and maintaining a remuneration policy that promotes the sound and effective risk management of issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of significant 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 that does not create incentives to relax risk standards.

73. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 45(2) by not ensuring that its significant 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; can be held in custody by different crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; authorised for providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys;, on a fair, reasonable and non-discriminatory basis.

74. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 45(3) by not assessing or monitoring the liquidity needs to meet requests for redemption of the significant 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; by its holders.

75. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 45(3) by not establishing, maintaining or implementing a liquidity management policy and procedures or by not ensuring, with those policy and procedures, that the reserve assets have a resilient liquidity profile that enables the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant 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; to continue operating normally, including under scenarios of liquidity stress.

76. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 45(4) by not conducting, on a regular basis, liquidity stress testing or by not strengthening the liquidity requirements where requested by EBA based on the outcome of such tests.

77. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 46(1) by not drawing up and maintaining a recovery plan providing for measures to be taken by the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant 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; to restore compliance with the requirements applicable to the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; in cases where the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; fails to comply with those requirements, including the preservation of its services related to the significant 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;, the timely recovery of operations and the fulfilment of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’s obligations in the case of events that pose a significant risk of disrupting operations.

78. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 46(1) by not drawing up and maintaining a recovery plan that includes appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options, as listed in the third subparagraph of that paragraph.

79. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 46(2) by not notifying the recovery plan to EBA and, where applicable, to its resolution and prudential supervisory authorities, within six months of the date of authorisation pursuant to Article 21 or of the date of approval of the crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper pursuant to Article 17.

80. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 46(2) by not regularly reviewing or updating the recovery plan.

81. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 47(1) by not drawing up and maintaining an operational plan to support the orderly redemption of each significant 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;.

82. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 47(2) by not having a redemption plan that demonstrates the ability of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the significant 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; to carry out the redemption of the outstanding significant 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; issued without causing undue economic harm to its holders or to the stability of the markets of the reserve assets.

83. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 47(2) by not having a redemption plan that includes contractual arrangements, procedures or systems, including the designation of a temporary administrator, to ensure the equitable treatment of all holders of the significant 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; and to ensure that holders of the significant 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; are paid in a timely manner with the proceeds from the sale of the remaining reserve assets.

84. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 47(2) by not having a redemption plan that ensures the continuity of any critical activities that are necessary for the orderly redemption and that are performed by the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; or by any third-party entity.

85. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 47(3) by not notifying the redemption plan to EBA within six months of the date of authorisation pursuant to Article 21 or of the date of approval of the crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper pursuant to Article 17.

86. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 47(3) by not regularly reviewing or updating the redemption plan.

87. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; infringes Article 88(1), except where the conditions of Article 88(2) are met, by not informing the public as soon as possible of inside information as referred to in Article 87, that directly concerns that issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;, in a manner that enables fast access and complete, correct and timely assessment of the information by the public.