Article 2 Definitions

‘Staffmeans all employees of an issuer of asset-referenced tokens or e-money tokens, and all members of such issuer’s management bodies;’ means all employees of an issuermeans 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, and all members of such issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’s 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;;

‘Senior managementmeans those natural persons who exercise executive functions within an issuer of asset-referenced tokens or e-money tokens and who are responsible and accountable to the management body, but are not members of that body, for the day-to-day management of the issuer under the direction of its management body;’ means those natural persons who exercise executive functions within an issuermeans 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 and who are responsible and accountable to the management bodymeans 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;, but are not members of that body, for the day-to-day management of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; under the direction of its management bodymeans 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;;

‘Identified staffmeans staff that has a material impact on the risk profile of the issuer of asset-referenced tokens or e-money tokens, or on the risk profile of significant asset-referenced or electronic-money tokens they issue;’ means staffmeans all employees of an issuer of asset-referenced tokens or e-money tokens, and all members of such issuer’s management bodies; that has a material impact on the risk profile of the issuermeans 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, or on the risk profile of significant asset-referenced or electronic-money tokens they issue;

‘Managerial responsibilitymeans a situation, in which a staff member either:leads a business unit, material business unit or a control function and is directly accountable to the management body as a whole or to a member of the management body or to the senior management; orcarries out a function or a task laid down in Article 5(2), point (c);’ means a situation, in which a staffmeans all employees of an issuer of asset-referenced tokens or e-money tokens, and all members of such issuer’s management bodies; member either:

‘Risk appetitemeans the aggregate level and types of risk that an issuer of asset-referenced tokens or e-money token is willing to assume within its risk capacity, in line with its business model, to achieve its strategic objectives;’ means the aggregate level and types of risk that an issuermeans 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 token is willing to assume within its risk capacity, in line with its business model, to achieve its strategic objectives;

‘Business unitmeans a business unit as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013;’ means a business unitmeans a business unit as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013; as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013;

‘Material business unitmeans a business unit as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013 that is assessed by the issuer of asset-referenced tokens or e-money tokens as having a material impact on the issuer’s business model or as representing a material source of revenue, profit or franchise value for an issuer;’ means a business unitmeans a business unit as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013; as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013 that is assessed by the issuermeans 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 as having a material impact on the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’s business model or as representing a material source of revenue, profit or franchise value for an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;;

‘Control functionmeans a function that is independent from the business units it controls and that is responsible for internal control procedures and includes the risk management, compliance and the internal audit functions;’ means a function that is independent from the business unitsmeans a business unit as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013; it controls and that is responsible for internal control procedures and includes the risk management, compliance and the internal audit functions;

‘Remunerationmeans all forms of fixed and variable remuneration, including the following:monetary or non-monetary payments and benefits, awarded directly to staff by or on behalf of issuers of asset-referenced tokens or e-money tokens in exchange for professional services provided by staff;carried interest payments within the meaning of Article 4(1), point (d), of Directive 2011/61/EU;other payments made via methods and vehicles which, if they were not considered as remuneration, would lead to a circumvention of the remuneration requirements set out in Regulation (EU) 2023/1114 and in this Regulation.’ means all forms of fixed and variable remunerationmeans all forms of fixed and variable remuneration, including the following:monetary or non-monetary payments and benefits, awarded directly to staff by or on behalf of issuers of asset-referenced tokens or e-money tokens in exchange for professional services provided by staff;carried interest payments within the meaning of Article 4(1), point (d), of Directive 2011/61/EU;other payments made via methods and vehicles which, if they were not considered as remuneration, would lead to a circumvention of the remuneration requirements set out in Regulation (EU) 2023/1114 and in this Regulation., including the following: