21. Issuers of ARTs and of EMTs subject to the requirement to hold a reserve of assets should …

Issuers of ARTs and of EMTs subject to the requirement to hold a reserve of assets should develop the redemption plan on the assumption that the remaining reserve of assets underpinning the relevant ART or EMT will be used for the benefit of all token holders’ redemption claim s when the issuer is assessed by the competent authority as being unable or likely to be unable to fulfil its obligations towards such holders. This should be without prejudice to the right of the token holders that the portion of their claim (if any) left unsatisfied by the liquidation of the remaining

7 Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Di-rective 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1). 16 reserve of assets, should be met by the issuer in accordance with the applicable law, including the applicable insolvency law.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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