{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2025/1264 — RTS — Liquidity Management Policy [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt/articles/4","url":"https://www.headlesslaw.com/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt/articles/4","title":"Article 4 — Segregation of the liquidity management policy and 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3.10.2025","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/eli/reg_del/2025/1264/oj/eng","valid_from":"2025-10-23","valid_until":null,"content_id":"69f6f06acc1df951","versions":["2025-10-23"],"version_url":"https://www.headlesslaw.com/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt/articles/4/versions/2026-10-26","revision_url":"https://www.headlesslaw.com/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt/articles/4/versions/2026-10-26/rev/69f6f06acc1df951","versions_url":"https://www.headlesslaw.com/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt/articles/4/versions","relations_url":"https://www.headlesslaw.com/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt/articles/4/relations","act_url":"https://www.headlesslaw.com/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt#art-4","source_line":"Commission Delegated Regulation (EU) 2025/1264 · binding · OJ L, 2025/1264, 3.10.2025 · dated 27 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":"2025-06-27","published_on":"2025-10-03","entry_into_force":"2025-10-23","locators":{"document_date":"CELLAR 32025R1264 work_date_document","published_on":"CELLAR 32025R1264 official-journal-act_date_publication","entry_into_force":"CELLAR 32025R1264 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt","path":"/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt","name":"Commission Delegated Regulation (EU) 2025/1264","number":"2025/1264","celex":"32025R1264","title_official":"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 (Text with EEA relevance)","document_date":"2025-06-27"},"position":{"kind":"article","key":"4","index":4,"articles":6,"annexes":0},"prev":{"path":"/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt/articles/3","key":"3","title":"Article 3 — Contingency policy and liquidity risk mitigation tools"},"next":{"path":"/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt/articles/5","key":"5","title":"Article 5 — Process and procedures to test scenarios of liquidity stress"},"act_anchor":"#art-4"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2025/1264/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt.md","unit_text_sha256":"af0cf37921ee6dbc1813c78a8a810be81a0ccbe8f099acb090f438aee9314a19","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-minimum-liquidity-management-policy-significant-art-emt/art-4","kind":"article","key":"4","heading":"Article 4 — Segregation of the liquidity management policy and procedures","text":"### <a id=\"art-4\"></a>Article 4 — Segregation of the liquidity management policy and procedures\n\n1. <a id=\"art-4-p-1\"></a>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.\n2. <a id=\"art-4-p-2\"></a>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](https://www.headlesslaw.com/definitions/mica/issuer) other than those related to issuing of asset-referenced tokens or e-money tokens.\n\n","marks":[],"text_hash":"af0cf37921ee6dbc1813c78a8a810be81a0ccbe8f099acb090f438aee9314a19","revision":1}}