51. Issuers of ARTs should maintain at all times sufficient substance and not become ‘empty shells’ …

Issuers of ARTs should maintain at all times sufficient substance and not become ‘empty shells’ or ‘letter - box entities’. To this end, they should:

• a. meet all the conditions of their authorisation at all times, including the manage-ment body effectively carrying out its responsibilities as set out in Section I of these guidelines;
• b. retain a clear and transparent organisational framework and structure that ena-bles them to ensure compliance with legal and regulatory requirements as re-ferred to Section 4;
• c. where operational tasks of internal control functions are outsourced, exercise ap-propriate oversight and be able to manage the risks that are generated by the out-sourcing of critical or important functions; and
• d. have sufficient resources and capacities to ensure compliance with points
• (a) to (c).

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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