Annex I – List of minimum categories of recovery plan indicators and illustrative list of recovery plan indicators

A. Minimum categories for all issuers of ARTs and EMTs

• a) Sight deposits at credit institutions and (where applicable) central banks / daily redeemed amount (five rolling day average)
• b) Sight deposits at credit institutions and (where applicable) central banks + reverse repurchase agreements that can be terminated by one working day notice + highly liquid financial instruments / highest daily redeemed amount over the last three months
• c) Sight deposits at credit institutions and (where applicable) central banks + reverse repurchase agreements that can be terminated by five working day notice + highly liquid financial instruments / sum of the five highest daily redeemed amounts over the last twelve months
• d) Sight deposits at credit institutions and (where applicable) central banks + reverse repurchase agreements that can be terminated by one working day notice + highly liquid financial instruments / sum of highest daily redeemed amount over the last three months to the (x⁸ ) largest token holders
• e) Daily net flow, i.e. token issued – token redeemed (five rolling day average)

⁸ Number of the largest token holders by taking into account the principles laid down in these guidelines. Multiple indicators may be used, each one with a different number of the largest token holders if this suits better with their risk management practices.

• a) Any incident significantly disrupting the regular operation of the issuer’s services or its business continuity (e.g. prolonged outage affecting IT systems or token delivery systems; infrastructure failures, including dysfunctions of the Distributed Ledger Technology; risks stemming from interoperability of different infrastructures, e.g. via bridges), also where caused by a third party service provider
• b) Recovery Time Objective (i.e. the maximum acceptable time to recover from a product or system failure)
• c) Maximum time since resignation or prolonged absence of key personnel
• d) Breach or expected breach of any regulatory requirement
• e) Legal risk

• a) Highly liquid financial assets with impairment indicators (e.g. indicators of impairment to credit quality as laid down in IFRS 9) / reserve of assets
• b) Total amount of the reserve of assets held as deposits placed at credit institutions with the lowest credit rating as per issuer’s risk appetite in line with Article 36(4) of Regulation (EU) 2023/1114 / total banking deposit within the reserve of assets
• c) Distance from the minimum level of over-collateralization (as specified under Article 36(4) of Regulation (EU) 2023/1114)
• d) Negative change in the credit rating of key counterparties (e.g. credit institution holding issuer’s deposit)

• a) De-pegging risk, to be measured as the ratio between the market value of the token and the market value of the referenced asset(s)
• b) Regulatory changes negatively affecting the referenced asset(s)
• c) Freeze or significant negative change in the liquidity of the market where the referenced asset(s) is (are) exchanged

• a) Own funds indicator

B. Additional minimum categories for issuers of significant ARTs and EMTs and for other issuers

that do not provide appropriate justification for the non-inclusion to the competent authority

• a) Ratio ‘Daily change of reserve of assets’ market value / (x⁹ ) rolling day average’
• b) Ratio ‘Reserve of assets’ volatility / referenced assets’ volatility’
• c) Sensitivity to interest rate changes of the reserve of assets
• d) Ratio ‘Value At Risk of the reserve of assets / issuer’s own funds’

⁹ Number of days, by taking into account the principles laid down in these guidelines. Multiple indicators may be used, each one with a different time horizon if this suits better with their risk management practices.

• a) Ratio ‘Value of token held by five largest counterparties / total value of token issued’
• b) Ratio ‘(Deposit at single banking group + securities issued by a single counterparty) / maximum concentration limit¹⁰ ’
• c) Concentration ratio of deposits held in credit institutions / maximum concentration ratio for deposits

¹⁰ In accordance with Article 36(4) of Regulation (EU) 2023/1114.

• a) Negative media coverage¹¹ for the issuer or the tokens issued
• b) Negative news or media coverage for key counterparties (e.g. provider of custodial services; banks holding a material amount of deposits)
• c) Breach or expected breach of recovery plan indicators ’ thresholds relative to any other token issued
• d) Material changes in the frequency or amount of payments executed by using the token as well as in the way tokens are used as a means of payment
• e) Impairment to the reputation of the issuer or of key representatives of the issuer
• f) Sudden increase in redemption requests
• g) Sudden decrease of token issuance

¹¹ Reference to media includes social networks and specialised blogging platforms.