Art. 2 Policies and procedures for identifying, measuring and managing liquidity risk | RTS on liquidity management policy | MiCA

1. The liquidity management policies and procedures shall include robust strategies, and processes for the identification, measurement, management, monitoring and internal reporting of liquidity risk over a set of time horizons appropriately reflecting that risk.
1. The liquidity management policies and procedures shall ensure that adequate levels of reserve assets are maintained to meet requests for redemption by holders 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; or e-money tokens at any moment, including under stress scenarios.
1. The liquidity management policies and procedures shall be proportionate to the complexity, risk profile and scope of operation of the 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; or e-money tokens.
2. The management bodiesmeans 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; of the 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; or e-money tokens shall approve the liquidity management policies and procedures and shall set risk tolerance levels to each 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 e-money token.
3. The liquidity management policies and procedures shall reflect the current and expected liquidity risks of 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; or e-money tokens.
4. The 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; or e-money tokens shall monitor those risks on an ongoing basis. That monitoring shall include the following:
  1. identification of depositsmeans a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU; with 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;, of the highly liquid financial instrumentsmeans financial instruments as defined in Article 4(1), point (15), of Directive 2014/65/EU; and of any other reserve assets;
  2. the setting of the criteria to determine the market value of the reserve assets;
  3. the assessment of concentration risk, creditworthiness and liquidity soundness, as well as the limits and time horizons of such risks, and the currencies’ consistency;
  4. the techniques for ensuring the stability of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;’ value with respect to the referenced assets.
1. 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; or e-money tokens shall establish arrangements for sound management of the intra-day liquidity risk. Those arrangements shall include the following:
  1. the identification of the expected intra-day liquidity needs and resources;
  2. the setting up of processes and procedures coherent with the profile of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the 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 e-money token and the contingent and expected market situation.
1. 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; or e-money tokens shall monitor their reserve assets to ensure that they are available to cover the value of the assets referenced by such tokens at all times, including during emergency situations, and shall assess the appropriateness of overcollateralisation, in particular where the assets referenced by the tokens are highly volatile or do not form part of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;.
1. 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; or e-money tokens shall monitor, on a regular basis, the appointment of custodians of reserve assets as referred to in Article 37 of Regulation (EU) 2023/1114, the custody policies and the related contractual arrangements.
1. 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; or e-money tokens shall have in place specific measures and shall establish internal limits to avoid concentration of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; by a custodian.
1. 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; that reference at least one asset that is not an official currencymeans an official currency of a country that is issued by a central bank or other monetary authority; shall establish processes and procedures to address risks arising from cases in which the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; are not composed by the assets referenced, including arrangements for managing risks arising from the use of derivative instruments or instruments tracking the referenced assets.