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Delegated Regulation (EU) 2025/1125 · binding · OJ L, 2025/1125, 15.9.2025 · dated 5 Jun 2025 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2025-06-05","published_on":"2025-09-15","entry_into_force":"2025-10-05","locators":{"document_date":"CELLAR 32025R1125 work_date_document","published_on":"CELLAR 32025R1125 official-journal-act_date_publication","entry_into_force":"CELLAR 32025R1125 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"mica/level-2/rts/regulatory-technical-standards-information-in-application-art-authorisation","path":"/mica/level-2/rts/regulatory-technical-standards-information-in-application-art-authorisation","name":"Commission Delegated Regulation (EU) 2025/1125","number":"2025/1125","celex":"32025R1125","title_official":"COMMISSION DELEGATED REGULATION (EU) 2025/1125 of 5 June 2025 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the information in an application for authorisation to offer asset-referenced tokens to the public or to seek their admission to trading (Text with EEA relevance)","document_date":"2025-06-05"},"position":{"kind":"article","key":"6","index":6,"articles":9,"annexes":0},"prev":{"path":"/mica/level-2/rts/regulatory-technical-standards-information-in-application-art-authorisation/articles/5","key":"5","title":"Article 5 — Information on the internal control framework"},"next":{"path":"/mica/level-2/rts/regulatory-technical-standards-information-in-application-art-authorisation/articles/7","key":"7","title":"Article 7 — Identity and proof of good repute, knowledge, skills, experience and of sufficient time commitment of the members of the management body"},"act_anchor":"#art-6"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2025/1125/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"mica/level-2/rts/regulatory-technical-standards-information-in-application-art-authorisation.md","unit_text_sha256":"e42e892c6d93c80297c3abfd0f1a2ab846557ae23bc7c7c5d4df4cb735fd59a3","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"mica/level-2/rts/regulatory-technical-standards-information-in-application-art-authorisation/art-6","kind":"article","key":"6","heading":"Article 6 — Liquidity management, reserve of assets and redemption rights","text":"### <a id=\"art-6\"></a>Article 6 — Liquidity management, reserve of assets and redemption rights\n\n1.  <a id=\"art-6-p-1\"></a>The application for authorisation shall contain the following information ensuring compliance with the requirements on liquidity management and on the reserve of assets:\\\n    <a id=\"art-6-p-1-a\"></a>a) the comprehensive and detailed framework illustrating the constitution, composition, management, and segregation of the reserve of assets, in accordance with Commission Delegated Regulation establishing technical standards adopted pursuant to [Article 36(4)](../../articles/36.md) of Regulation (EU) 2023/1114;\\\n    <a id=\"art-6-p-1-b\"></a>b) the clear and detailed policy describing the stabilisation mechanism of the asset-referenced token for which the authorisation is sought, in accordance with [Article 36(8)](../../articles/36.md) of Regulation (EU) 2023/1114;\\\n    <a id=\"art-6-p-1-c\"></a>c) the name of the external consultant that will be in charge of the independent audit on the reserve of assets every six months in accordance with [Article 36(9)](../../articles/36.md) of Regulation (EU) 2023/1114;\\\n    <a id=\"art-6-p-1-d\"></a>d) the detailed policy and procedures on the custody of the reserve of assets, including the selected custody modality, ensuring compliance with [Article 37](../../articles/37.md) of Regulation (EU) 2023/1114;\\\n    <a id=\"art-6-p-1-e\"></a>e) the clear and detailed investment policy of the reserve of assets in accordance with Commission Delegated Regulation establishing technical standards adopted pursuant to [Article 38(5)](../../articles/38.md) of Regulation (EU) 2023/1114;\\\n    <a id=\"art-6-p-1-f\"></a>f) the details of the contractual arrangements entered into with third parties for the operation, the investment and the custody of the reserve of assets, in accordance with the policies referred to in points (d) and (e).\\\\\n\n    For the purposes of point (a), where the applicant issuer applies for voluntary classification of the asset-referenced token as significant asset-referenced token, the framework shall contain the liquidity management policy and procedures. The framework shall also illustrate the reporting lines to the management body and how the management body’s responsibility for the prudent management of the reserve of assets will be ensured.\n\n    For the purposes of point (f), the detailed description shall indicate the name and contact details of the third-party service providers, and illustrate the roles, responsibilities, rights and obligations of both the issuer of an asset-referenced tokens and the third-party service providers in going concern and in case of the implementation of the redemption plan including the law applicable to the contract. Where such services are considered critical activities for the orderly redemption in accordance with [Article 47(2)](../../articles/47.md), second subparagraph, of Regulation (EU) 2023/1114, the description shall also indicate that the contract cannot be terminated, but will be operational in case of implementation of the redemption plan in accordance with [Article 47(1)](../../articles/47.md) of that Regulation. The description of the contractual arrangements shall also include the information referred to in Article 5(2) of this Regulation, as applicable.\n\n    The description of the contractual arrangements with third party service providers for the custody of the reserve of assets shall include the measures taken by the third-party service provider to ensure legal and operational separation from its own assets.\n2. <a id=\"art-6-p-2\"></a>The application for authorisation shall also contain the following:\\\n   <a id=\"art-6-p-2-a\"></a>a) a clear and detailed policy and procedures ensuring the respect of the rights of redemption granted to the holders of the asset-referenced token in accordance with [Article 39](../../articles/39.md) of Regulation (EU) 2023/1114;\\\n   <a id=\"art-6-p-2-b\"></a>b) an outline of the recovery plan to be developed in accordance with [Article 46](../../articles/46.md) of Regulation (EU) 2023/1114;\\\n   <a id=\"art-6-p-2-c\"></a>c) the redemption plan to be submitted in accordance with [Article 47](../../articles/47.md) of Regulation (EU) 2023/1114.\\\\\n\n","marks":[],"text_hash":"e42e892c6d93c80297c3abfd0f1a2ab846557ae23bc7c7c5d4df4cb735fd59a3","revision":1}}