+Article 37 1.

Article 37 1.

Issuers of asset-referenced tokens shall establish, maintain and implement custody policies, procedures and contractual arrangements that ensure at all times that:

(a) 

the reserve assets are not encumbered nor pledged as a financial collateral arrangement as defined in Article 2(1), point (a), of Directive 2002/47/EC of the European Parliament and of the Council ( 13 );

(b) 

the reserve assets are held in custody in accordance with paragraph 6 of this Article;

(c) 

the issuers of asset-referenced tokens have prompt access to the reserve assets to meet any requests for redemption from the holders of asset-referenced tokens;

(d) 

concentrations of the custodians of reserve assets are avoided;

(e) 

risk of concentration of reserve assets is avoided.

1. Panoramica

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1.1 Riferimenti

1.2 Requisiti identificati

1.3 Standard correlati

2. Requisiti identificati

Requisiti

3. Standard correlati

Standard