# Article 3 — Contingency policy and liquidity risk mitigation tools **Commission Delegated Regulation (EU) 2025/1264 · binding · OJ L, 2025/1264, 3.10.2025 · dated 27 Jun 2025 [in force]** *In force · Commission Delegated Regulation (EU) 2025/1264, OJ L, 2025/1264, 3.10.2025 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/eli/reg_del/2025/1264/oj/eng)* 1. 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;\ b) for maximum deviations between the market value of the tokens and the market value of the assets referenced by the tokens.\\ 2. 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. 3. 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. 4. 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;\ b) a description of the strategies for addressing liquidity shortfalls in emergency situations;\ 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.\\