Art. 3 Contingency policy and liquidity risk mitigation tools | RTS on liquidity management policy | MiCA

1. As part of the liquidity management policies and procedures, 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 develop and appropriately calibrate early warning signals. Those signals shall include the following warnings:
  1. for maximum deviations between the market value of the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; and the market value of the assets referenced by the tokens;
  2. for maximum deviations between the market value of the tokens and the market value of the assets referenced by the tokens.
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 and regularly review different liquidity risk mitigation tools, including adequate access to diversified funding sources, to react to any early warning signal, under normal and stress scenarios.
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 adjust their strategies, early warning signals, internal policies and limits on liquidity risk, and develop effective liquidity contingency plans to take into account the outcome of regular stress testing.
1. When applying paragraphs 1, 2 and 3, 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 maintain the following policy documentation:
  1. a description of the lines of responsibilities for designing, approving, monitoring, executing and maintaining up to date the liquidity contingency plan;
  2. a description of the strategies for addressing liquidity shortfalls in emergency situations;
  3. a description of tools, comprising the internal limits set out in the procedures for identifying, measuring and managing liquidity risk referred to in Article 2, to monitor market conditions that allow 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 to determine, in a timely manner, whether either escalation or execution of measures, or both, is warranted.