Article 120 Non-binding opinions of the colleges for issuers of significant asset-referenced tokens and significant e-money tokens

1. the supervisory reassessment as referred to in Article 117(3);

2. any decision to require an issuermeans a natural or legal person, or other undertaking, who issues 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 a significant e-money token to hold a higher amount of own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; in accordance with Article 35(2), (3) and (5), Article 45(5) and Article 58(1), as applicable;

3. any update of the recovery plan or redemption plan of an issuermeans a natural or legal person, or other undertaking, who issues 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 an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of a significant e-money token pursuant to Articles 46, 47 and 55, as applicable;

4. any change of the business model of an issuermeans a natural or legal person, or other undertaking, who issues 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; pursuant to Article 25(1);

5. a draft 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 drawn up in accordance with Article 25(2);

6. any envisaged appropriate corrective measures pursuant to Article 25(4);

7. any envisaged supervisory measures pursuant to Article 130;

8. any envisaged administrative agreement on the exchange of information with a supervisory authority of a third-country in accordance with Article 126;

9. any delegation of supervisory tasks from EBA to a competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; pursuant to Article 138;

10. any envisaged change in the authorisation of, or any envisaged supervisory measure on, the members of the college referred to in Article 119(2), points (d) to (h);

11. a draft 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 drawn up in accordance with Article 51(12).

Where the college issues an opinion in accordance with paragraph 1, at the request of any member of the college and upon adoption by a majority of the college in accordance with paragraph 3, the opinion may include any recommendations aimed at addressing shortcomings of the measure envisaged by EBA or the competent authoritiesmeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens;.

An opinion of the college shall be adopted based on a simple majority of its members.

Where there are several members of the college per Member State, only one of those members shall have a vote.

Where the ECB is a member of the college in several capacities, including supervisory capacities, it shall have only one vote.

Supervisory authorities of third countries referred to in Article 119(2), point (m), shall have no voting right in respect of an opinion of the college.

EBA or the competent authoritiesmeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens;, as applicable, shall duly consider the non-binding opinion of the college reached in accordance with paragraph 3, including any recommendations aimed at addressing shortcomings of the supervisory measure envisaged in respect of an issuermeans a natural or legal person, or other undertaking, who issues 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;, an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of a significant e-money token, an entity or 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; as referred to in Article 119(2), points (d) to (h). Where EBA or a competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; does not agree with an opinion of the college, including any recommendations aimed at addressing shortcomings of the supervisory measure envisaged, its decision shall contain its reasons and an explanation for any significant deviation from that opinion or recommendations.