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

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

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1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards
  • EBA - Published by the European Banking Authority at https://www.eba.europa.eu/