Article 1 Determination of the most relevant entities referred to in Article 119(2), points (d), (e), (f) and (h) of Regulation (EU) 2023/1114

1. where a consultative supervisory college (‘college’) is established for an issuer of a significant asset-referenced token or for an electronic money institution issuing a significant e-money token, the three crypto-asset service providers, credit institutions or investment firms that held in custody the highest value of the reserve assets referred to in Article 37 of Regulation (EU) 2023/1114 during the reference period, as defined in Article 3 of this Regulation;

2. where a college is established for a credit institution issuing a significant e-money token, the three crypto-asset service providers, credit institutions or investment firms that held in custody the highest percentage of the funds received in exchange of the e-money tokens, during the reference period, as defined in Article 3 of this Regulation.

1. the three crypto-asset service providers ensuring the operation of a trading platform for crypto-assets that have executed the highest average number of transactions per day with the significant asset-referenced token or the significant e-money token, during the reference period defined in Article 3 of this Regulation;

2. the three crypto-asset service providers ensuring the operation of a trading platform for crypto-assets that have executed the highest average aggregated value of trans-actions per day with the significant asset-referenced token or the significant e-money token, during the reference period defined in Article 3 of this Regulation.

1. the three payment service providers that have executed the highest average number of payment transactions, as defined in Article 4, point (5) of Directive (EU) 2015/2366 of the European Parliament and of the Council(⁴)Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35, ELI: http://data.europa.eu/eli/dir/2015/2366/oj)., in relation to the significant e-money token per day, during the reference period defined in Article 3 of this Regulation;

2. the three payment service providers that have executed the highest average aggregate value of payment transactions, as defined in Article 4, point (5) of Directive (EU) 2015/2366, in relation to the significant e-money token per day, during the reference period defined in Article 3 of this Regulation.

1. the three crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients that have executed the highest average number of transactions per day with the significant asset-referenced token or the significant e-money token, during the reference period defined in Article 3 of this Regulation;

2. the three crypto-asset service providers providing custody and administration of crypto-assets on behalf of clients that have executed the highest average aggregated value of transactions per day with the significant asset-referenced token or the significant e-money token, during the reference period defined in Article 3 of this Regulation.

EBA may decide to invite the competent authorities of only some of the entities referred to in paragraphs 1 to 4 to be a member of the college where the EBA is of the view that those entities are the only ones relevant in their category for the work of the college.