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In this act Article 5 of 6

Article 5 — Process and procedures to test scenarios of liquidity stress

Financial servicesLevel 2RTSMiCAIn forceOfficial source

5(1)

1.Issuers of asset-referenced tokens or e-money tokens shall include in their liquidity management policy the process and procedures to test scenarios of liquidity stress and the following information concerning each stress test:

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5(1)(a)
a)risks covered in the liquidity stress testing;
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5(1)(b)
b)parameters considered, their calibration under stress, and the stress scenarios and time horizons used in the liquidity stress testing;
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5(1)(c)
c)historical data and assumptions, including any expert judgments, considered by the issuer in the calibration of the parameters referred to in point (b);
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5(1)(d)
d)the outcome of the liquidity stress testing and any remedies taken.\
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5(2)

2.The liquidity stress testing shall include a reverse stress test element to assess the limit of resilience of the liquidity profile of each reserve of assets.

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