Article 3 Programme of operations: financial information on the business plan

The application for authorisation shall contain a business plan explaining the initial viability and the ongoing sustainability of the applicant issuer’s business model and the applicant issuer’s capability to comply with the prudential requirements set out in Regulation (EU) 2023/1114 for at least, a period of three years from the grant of authorisation on a baseline and on a stress scenario.

The stress scenario referred to in paragraph 1 shall rely on severe but plausible stress situations, designed on the basis of Commission Delegated Regulation (EU) 2025/415(¹⁰). For an application for authorisation relating to the offer to the public or admission to trading of an asset-referenced token for which voluntary classification as significant asset-referenced token is requested as referred to in paragraph 4 of this Article, the stress scenario shall pay particular attention to liquidity stress situations.

Any business plan assumptions shall be credible and realistic and rely on official macroeconomic forecasts elaborated by a Union or public national institution.

Where the application for authorisation relates to the offer to the public or admission to trading of an asset-referenced token for which voluntary classification as significant asset-referenced token is requested, the business plan shall clearly demonstrate that the proposed issuance meets the requirements set out in Article 44 of Regulation (EU) 2023/1114 and shall adequately reflect the applicant issuer’s higher complexity and risk profile.

1. forecast accounting plans for the three years following the granting of authorisation, including:

   1. forecast balance sheets;

   2. forecast profit and loss accounts or income statements, detailing the envisaged sources of revenues (including fees or revaluation of reserve of assets), fixed and variable costs (notably labour, administrative, DLT, ICT, custody and management of reserve of assets or third-party arrangements);

   3. forecast cash flow statements, where applicable;

   4. forecast growth rates with an explanation of the associated risk assumptions, including the applicant issuer’s risk management capabilities;

2. an explanation linking the elements of the programme of operations set out in Article 3(2) with the forecasts referred to in point (a) of this paragraph;

3. planning assumptions for the forecasts referred to in point (a), including the expected number of token holders, the expected number and value of transactions per day and the expected average number and average aggregate value of transactions per day for the business plan time horizon, profitability drivers, and explanations of the quantitative information set out in that business plan;

4. calculations of the applicant issuer’s own funds requirements pursuant to Article 35(1) of Regulation (EU) 2023/1114 covering the three-year business plan time horizon;

5. supporting evidence (including audited financial statement, or extract from the companies register) of the issued capital, paid-up capital and capital which has not yet been paid-up, including:

   1. for capital corresponding to the calculated own funds which has not yet been paid up, evidence of the deposit of such amount in escrow account with a credit institution;

   2. information on the legitimate origin of the funds used or to be used to pay up the capital, set out in Article 8 of Commission Delegated Regulation (EU) 2025/413(¹¹);

6. forecast calculations of the amount and composition of the reserve of assets and their adequacy to ensure the permanent exercise of the redemption rights throughout the business plan time horizon.

1. statutory financial statements of the applicant issuer, at individual level and, where applicable, at consolidated and sub-consolidated level, approved by the statutory auditor, where applicable, or external audit firm, covering at least the last three financial years preceding the application for authorisation, including:

   1. the balance sheet at individual and consolidated or sub-consolidated level where applicable;

   2. the profit and loss accounts or income statements at individual, consolidated and sub-consolidated level where applicable;

   3. cash flows statement at individual, consolidated and sub-consolidated level where applicable;

2. an outline of any indebtedness incurred or expected to be incurred by the applicant issuer prior to the offer to the public or the admission to trading of the asset-referenced token, including, where applicable, the name of the lenders, the maturities and terms of such indebtedness, the use of the proceeds and, where the lender is not a supervised financial institution, information on the origin of the funds borrowed or expected to be borrowed;

3. an outline of any security interests, guarantees or indemnities granted or expected to be granted by the applicant issuer prior to the offer to the public or the admission to trading of the asset-referenced tokens;

4. where available, information about the credit rating of the applicant issuer and, where applicable, the overall rating of any group it be a part of;

5. where the applicant issuer has been set-up for less than three years, for the years not covered by financial statements, an updated summary dated as close as possible to the date of application for authorisation, of the applicant issuer’s financial situation and for the shareholders or members with qualifying holdings the financial statements of the previous three years in case of legal persons or their tax declaration in case of natural persons.