15. For the purpose of applying the principle of proportionality and to ensure the appropriate …

For the purpose of applying the principle of proportionality and to ensure the appropriate implementation of the governance requirements of Regulation (EU) 2023/1114 as further specified by these Guidelines, issuers of ARTs and competent authorities should take into account the following criteria:

• a. the size of the issuer of ARTs in terms of the balance sheet total;
• b. the legal form of the issuer of ARTs;
• c. whether the issuer of ARTs is listed or not;
• d. the classification of the asset-referenced token issued as significant or non-significant pursuant to Articles 43 and 44 and Articles 56 and 57 of Regulation (EU) 2023/1114
• e. the specifics, volume and number of ARTs issued;
• f. whether the ARTs issued are admitted to trading;
• g. the consensus mechanism used to issue and validate the ARTs;
• h. the nature and complexity of all business activities;
• i. the type of authorised activities and the services performed;
• j. whether cross borders activities are provided and the size of the operations in each jurisdiction;
• k. the size of the reserve of assets;
• l. the type and complexity of the assets a token is referenced to;
• m. whether the holders of ART are retail holders or not;
• n. the use of third-party service providers;
• o. the distribution channels used, including the ones provided by third-party service providers; and
• p. the existing information and communication technology (ICT) systems, including business continuity measures and the use of ICT third-party entities as referred to in paragraph 5, first subparagraph, point (h), Article 34 of Regulation (EU) 2023/1114.

1. Overview

1.1 References

• Article 56 Classification of e-money tokens as significant e-money tokens
• Article 57 Voluntary classification of e-money tokens as significant e-money tokens
• Article 34 Governance arrangements

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA -

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  DE: Leitlinien und weitere Veröffentlichungen der Europäischen Bankenaufsichtsbehörde (EBA), https://www.eba.europa.eu/. © European Banking Authority. Wiedergabe mit Quellenangabe gestattet (Rechtlicher Hinweis der EBA). In Abschnitte aufgeteilt und in das GRCA-Format umgewandelt, der Wortlaut unverändert. Maßgeblich sind allein die von der EBA veröffentlichten Fassungen.