{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2025/415 — RTS — Own Funds & Stress Test [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-to-specify-the-adjustment-of-own-funds-requirements-and-stress-testin/articles/4","url":"https://www.headlesslaw.com/mica/level-2/rts/regulatory-technical-standards-to-specify-the-adjustment-of-own-funds-requirements-and-stress-testin/articles/4","title":"Article 4 — 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Delegated Regulation (EU) 2025/415 · binding · OJ L, 2025/415, 24.3.2025 · dated 13 Dec 2024 [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":"2024-12-13","published_on":"2025-03-24","entry_into_force":"2025-04-13","locators":{"document_date":"CELLAR 32025R0415 work_date_document","published_on":"CELLAR 32025R0415 official-journal-act_date_publication","entry_into_force":"CELLAR 32025R0415 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"mica/level-2/rts/regulatory-technical-standards-to-specify-the-adjustment-of-own-funds-requirements-and-stress-testin","path":"/mica/level-2/rts/regulatory-technical-standards-to-specify-the-adjustment-of-own-funds-requirements-and-stress-testin","name":"Commission Delegated Regulation (EU) 2025/415","number":"2025/415","celex":"32025R0415","title_official":"COMMISSION DELEGATED REGULATION (EU) 2025/415 of 13 December 2024 supplementing [Regulation (EU) 2023/1114](../../README.md) of the European Parliament and of the Council with regard to regulatory technical standards specifying adjustment of own funds requirement and minimum features of stress testing programmes of issuers of asset-referenced tokens or of e-money tokens (Text with EEA relevance)","document_date":"2024-12-13"},"position":{"kind":"article","key":"4","index":4,"articles":11,"annexes":0},"prev":{"path":"/mica/level-2/rts/regulatory-technical-standards-to-specify-the-adjustment-of-own-funds-requirements-and-stress-testin/articles/3","key":"3","title":"Article 3 — Timeframe"},"next":{"path":"/mica/level-2/rts/regulatory-technical-standards-to-specify-the-adjustment-of-own-funds-requirements-and-stress-testin/articles/5","key":"5","title":"Article 5 — Design of stress testing programme"},"act_anchor":"#art-4"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2025/415/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"mica/level-2/rts/regulatory-technical-standards-to-specify-the-adjustment-of-own-funds-requirements-and-stress-testin.md","unit_text_sha256":"57e0e9a9f1fc3bda218a0d8372c3d77392f0746f177f9805c9db78df022d4828","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-to-specify-the-adjustment-of-own-funds-requirements-and-stress-testin/art-4","kind":"article","key":"4","heading":"Article 4 — Criteria","text":"## <a id=\"art-4\"></a>Article 4 — Criteria\n\nWhen adopting the decision referred to in [Article 35(3)](../../articles/35.md) of Regulation (EU) 2023/1114, the competent authority shall consider all the following risk assessment criteria:\\\n   <a id=\"art-4-p-a\"></a>a) whether the issuer of asset-referenced tokens or e-money tokens is likely to breach the requirements referred to in [Article 34(1)](../../articles/34.md), (8) and (10) and [Articles 36](../../articles/36.md) to 39 of Regulation (EU) 2023/1114 within the following 12 months by assessing whether there are potential deficiencies or weaknesses of the issuer of asset-referenced tokens or e-money tokens in applying all the requirements set out in Article 34 and in [Articles 36](../../articles/36.md) to 39 of Regulation (EU) 2023/1114;\\\n   <a id=\"art-4-p-b\"></a>b) whether redemption at par value and market value is ensured in normal or in stressed market circumstances;\\\n   <a id=\"art-4-p-c\"></a>c) whether there is an increased risk of a significant deterioration of the value of the reserve assets or the financial situation of the issuer of asset-referenced tokens or e-money tokens;\\\n   <a id=\"art-4-p-d\"></a>d) whether there is an increased operational risk arising from systems including the underlying distributed ledger and any trading platform, market infrastructure or payment system used for the issuance or the transfer of the token and from other third party crypto assets service providers such as custodians, which the tokens or reserve assets might rely on.\\\n\n","marks":[],"text_hash":"57e0e9a9f1fc3bda218a0d8372c3d77392f0746f177f9805c9db78df022d4828","revision":1}}