{"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/5","url":"https://www.headlesslaw.com/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt/articles/5","title":"Article 5 — Process and procedures to test scenarios of liquidity 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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":"5","index":5,"articles":6,"annexes":0},"prev":{"path":"/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt/articles/4","key":"4","title":"Article 4 — Segregation of the liquidity management policy and procedures"},"next":{"path":"/mica/level-2/rts/regulatory-technical-standards-minimum-liquidity-management-policy-significant-art-emt/articles/6","key":"6","title":"Article 6 — Entry into force"},"act_anchor":"#art-5"}},"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":"efb1765b3f1b4fe9260b64abdc0b816837f5a1924277976ccffce8f05251588a","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-5","kind":"article","key":"5","heading":"Article 5 — Process and procedures to test scenarios of liquidity stress","text":"### <a id=\"art-5\"></a>Article 5 — Process and procedures to test scenarios of liquidity stress\n\n1. <a id=\"art-5-p-1\"></a>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:\\\n   <a id=\"art-5-p-1-a\"></a>a) risks covered in the liquidity stress testing;\\\n   <a id=\"art-5-p-1-b\"></a>b) parameters considered, their calibration under stress, and the stress scenarios and time horizons used in the liquidity stress testing;\\\n   <a id=\"art-5-p-1-c\"></a>c) historical data and assumptions, including any expert judgments, considered by the issuer in the calibration of the parameters referred to in point (b);\\\n   <a id=\"art-5-p-1-d\"></a>d) the outcome of the liquidity stress testing and any remedies taken.\\\\\n2. <a id=\"art-5-p-2\"></a>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.\n\n","marks":[],"text_hash":"efb1765b3f1b4fe9260b64abdc0b816837f5a1924277976ccffce8f05251588a","revision":1}}