# Article 3 — Conflicts of interest potentially detrimental to the holders of asset-referenced tokens **Commission Delegated Regulation (EU) 2025/1141 · binding · OJ L, 2025/1141, 10.6.2025 · dated 27 Feb 2025 [in force]** *In force · Commission Delegated Regulation (EU) 2025/1141, OJ L, 2025/1141, 10.6.2025 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/eli/reg_del/2025/1141/oj/eng)* 1. The policies and procedures referred to in [Article 32(1)](../../articles/32.md) of Regulation (EU) 2023/1114 to identify, prevent, manage and disclose conflicts of interest potentially detrimental to the holders of asset-referenced tokens shall address conflicts of interest that arise in the course of issuing, processing and redeeming asset-referenced tokens or of investing or managing the reserve of assets referred to in [Article 36](../../articles/36.md) of Regulation (EU) 2023/1114, and shall cover any of the following situations:\ a) a connected person is likely to make a financial gain, avoid a financial loss, or receive another kind of benefit, to the detriment of the holder of asset-referenced tokens;\ b) a connected person has an interest in the outcome of an activity carried out to the benefit of the holder of asset-referenced tokens, including the redemption of the token, which is distinct from the interest of the holder of asset-referenced tokens.\ 2. When identifying the types of conflicts of interest that arise in the course of the activities referred to in paragraph 1, issuers of asset-referenced tokens shall assess whether they or a member of their management body or one of their employees receive or will receive from a person other than the holder of asset-referenced tokens an inducement in relation to that activity in the form of monetary or non-monetary benefit or services in a way that may damage the interest of the holder of asset-referenced tokens.