Article 5 Identification of staff members

Issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; of asset referenced tokens or e-money tokens, shall identify all staffmeans all employees of an issuer of asset-referenced tokens or e-money tokens, and all members of such issuer’s management bodies; members that have a material impact on the risk profile of those issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets; or on the risk profile of the tokens they issue, by applying at least the criteria set out in paragraphs 2 and 3.

1. they are members of 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; or 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;;

2. they have 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); over the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’s control functionsmeans 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; or material business unitsmeans 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;;

3. they have 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); for:

   1. management of at least one of the following risk categories: liquidity risk, operational risk, including legal risk and information and communication technology risk;

   2. information and communication technology used for the processing of the tokens;

   3. the prevention of money laundering and terrorist financing;

   4. the management of reserve assets;

   5. the token issuance function;

   6. managing outsourcing arrangements with third-party service providers supporting critical or important functions;

   7. finance, including taxation and budgeting;

   8. legal affairs;

   9. the soundness of accounting policies and procedures;

   10. human resources;

   11. the establishment or internal approval of white papers.

A person shall be considered 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 referred to in paragraph 1 where its professional activities have a comparable impact on the issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets;’ risk profile or on the risk profile of the tokens they issue to that of the staffmeans all employees of an issuer of asset-referenced tokens or e-money tokens, and all members of such issuer’s management bodies; members specified in points (a) to (c) of paragraph 2.