Art. 5 Process and procedures to test scenarios of liquidity stress | RTS on liquidity management policy | MiCA

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 include in their liquidity management policy the process and procedures to test scenarios of liquidity stress and the following information concerning each stress test:
  1. risks covered in the liquidity stress testing;
  2. parameters considered, their calibration under stress, and the stress scenarios and time horizons used in the liquidity stress testing;
  3. historical data and assumptions, including any expert judgments, considered by the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; in the calibration of the parameters referred to in point (b);
  4. the outcome of the liquidity stress testing and any remedies taken.
1. The liquidity stress testing shall include a reverse stress test element to assess the limit of resilience of the liquidity profile of each reserve of assetsmeans the basket of reserve assets securing the claim against the issuer;.