# Article 4 — Segregation of the liquidity management policy and procedures **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. 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. 2. 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.