Commission Delegated Regulation (EU) 2025/1264 of 27 June 2025 supplementing Regulation (EU) 2023/1114
as it stood on 2025-06-27, permalink: /eu-eurlex/32025r1264/2025-06-27
Article 1
This Regulation applies to the following issuers of asset referenced tokens and e-money tokens:
| (a) | issuers of significant asset-referenced tokens; |
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| (b) | electronic money institutions issuing significant e-money tokens; |
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| (c) | issuers of asset-referenced tokens that are not significant, where required by a competent authority under Article 35(4) of Regulation (EU) 2023/1114; |
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| (d) | electronic money institutions issuing e-money tokens that are not significant, where required by a competent authority under Article 58(2) of Regulation (EU) 2023/1114. |
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Article 2
The liquidity management policies and procedures shall include robust strategies, and processes for the identification, measurement, management, monitoring and internal reporting of liquidity risk over a set of time horizons appropriately reflecting that risk.
The liquidity management policies and procedures shall ensure that adequate levels of reserve assets are maintained to meet requests for redemption by holders of asset-referenced tokens or e-money tokens at any moment, including under stress scenarios.
The liquidity management policies and procedures shall be proportionate to the complexity, risk profile and scope of operation of the issuers of asset-referenced tokens or e-money tokens.
The management bodies of the issuers of asset-referenced tokens or e-money tokens shall approve the liquidity management policies and procedures and shall set risk tolerance levels to each asset-referenced token or e-money token.
The liquidity management policies and procedures shall reflect the current and expected liquidity risks of issuers of asset-referenced tokens or e-money tokens.
The issuers of asset-referenced tokens or e-money tokens shall monitor those risks on an ongoing basis. That monitoring shall include the following:
| (a) | identification of deposits with credit institutions, of the highly liquid financial instruments and of any other reserve assets; |
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| (b) | the setting of the criteria to determine the market value of the reserve assets; |
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| (c) | the assessment of concentration risk, creditworthiness and liquidity soundness, as well as the limits and time horizons of such risks, and the currencies’ consistency; |
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| (d) | the techniques for ensuring the stability of the reserve of assets’ value with respect to the referenced assets. |
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- Issuers of asset-referenced tokens or e-money tokens shall establish arrangements for sound management of the intra-day liquidity risk. Those arrangements shall include the following:
| (a) | the identification of the expected intra-day liquidity needs and resources; |
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| (b) | the setting up of processes and procedures coherent with the profile of the issuer of the asset-referenced token or e-money token and the contingent and expected market situation. |
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Issuers of asset-referenced tokens or e-money tokens shall monitor their reserve assets to ensure that they are available to cover the value of the assets referenced by such tokens at all times, including during emergency situations, and shall assess the appropriateness of overcollateralisation, in particular where the assets referenced by the tokens are highly volatile or do not form part of the reserve of assets.
Issuers of asset-referenced tokens or e-money tokens shall monitor, on a regular basis, the appointment of custodians of reserve assets as referred to in Article 37 of Regulation (EU) 2023/1114, the custody policies and the related contractual arrangements.
Issuers of asset-referenced tokens or e-money tokens shall have in place specific measures and shall establish internal limits to avoid concentration of the reserve of assets by a custodian.
Issuers of asset-referenced tokens that reference at least one asset that is not an official currency shall establish processes and procedures to address risks arising from cases in which the reserve of assets are not composed by the assets referenced, including arrangements for managing risks arising from the use of derivative instruments or instruments tracking the referenced assets.
Article 3
- As part of the liquidity management policies and procedures, issuers of asset-referenced tokens or e-money tokens shall develop and appropriately calibrate early warning signals. Those signals shall include the following warnings:
| (a) | for maximum deviations between the market value of the reserve of assets and the market value of the assets referenced by the tokens; |
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| (b) | for maximum deviations between the market value of the tokens and the market value of the assets referenced by the tokens. |
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Issuers of asset-referenced tokens or e-money tokens shall have in place and regularly review different liquidity risk mitigation tools, including adequate access to diversified funding sources, to react to any early warning signal, under normal and stress scenarios.
Issuers of asset-referenced tokens or e-money tokens shall adjust their strategies, early warning signals, internal policies and limits on liquidity risk, and develop effective liquidity contingency plans to take into account the outcome of regular stress testing.
When applying paragraphs 1, 2 and 3, issuers of asset-referenced tokens or e-money tokens shall maintain the following policy documentation:
| (a) | a description of the lines of responsibilities for designing, approving, monitoring, executing and maintaining up to date the liquidity contingency plan; |
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| (b) | a description of the strategies for addressing liquidity shortfalls in emergency situations; |
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| (c) | a description of tools, comprising the internal limits set out in the procedures for identifying, measuring and managing liquidity risk referred to in Article 2, to monitor market conditions that allow issuers of asset-referenced tokens or e-money tokens to determine, in a timely manner, whether either escalation or execution of measures, or both, is warranted. |
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Article 4
Issuers of asset-referenced tokens or e-money tokens shall apply the requirements set out in Articles 2 and 3 separately for each asset-referenced token or e-money token. The procedures for identifying, measuring, managing and reporting liquidity risk, the contingency policies and liquidity risk mitigation tools, the risk limits, the liquidity management tools and strategies referred to in those Articles shall be established, in content and form, taking into account the different assets referenced by the different asset-referenced token or e-money token and their correlation with the relevant segregated reserve of assets.
The liquidity management policy and procedures specified in this Regulation shall be separate, in content and form, from the liquidity policy and procedures related to activities of the issuer other than those related to issuing of asset-referenced tokens or e-money tokens.
Article 5
- Issuers of asset-referenced tokens or e-money tokens shall include in their liquidity management policy the process and procedures to test scenarios of liquidity stress and the following information concerning each stress test:
| (a) | risks covered in the liquidity stress testing; |
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| (b) | parameters considered, their calibration under stress, and the stress scenarios and time horizons used in the liquidity stress testing; |
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| (c) | historical data and assumptions, including any expert judgments, considered by the issuer in the calibration of the parameters referred to in point (b); |
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| (d) | the outcome of the liquidity stress testing and any remedies taken. |
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- The liquidity stress testing shall include a reverse stress test element to assess the limit of resilience of the liquidity profile of each reserve of assets.
Article 6
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Provenance and validity dates, identifier, hash
| as of | 2025-06-27 → this version applied |
| valid | 2025-06-27 → open publisher-asserted |
| type | REG_DEL Commission Delegated Regulation (EU) 2025/1264 of 27 June 2025 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the minimum contents of the liquidity management policy and procedures for certain issuers of asset-referenced tokens and e-money tokens |
| language | en |
| published | 2025-06-27 |
| lex_id | eu-eurlex:32025r1264:2025-06-27 |
| record sha256 | 4c00b6244c47d1c6e621327646f91f36bc0b665a7feda728ef0b42fa0e022885 |
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