# Article 2 — Definitions **Commission Delegated Regulation (EU) 2025/418 · binding · OJ L, 2025/418, 24.3.2025 · dated 16 Dec 2024 [in force]** *In force · Commission Delegated Regulation (EU) 2025/418, OJ L, 2025/418, 24.3.2025 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/eli/reg_del/2025/418/oj/eng)* For the purposes of this Regulation, the following definitions shall apply:\ 1) ‘Staff’ means all employees of an issuer of asset-referenced tokens or e-money tokens, and all members of such issuer’s management bodies;\ 2) ‘Senior management’ means those natural persons who exercise executive functions within an issuer of asset-referenced tokens or e-money tokens and who are responsible and accountable to the management body, but are not members of that body, for the day-to-day management of the issuer under the direction of its management body;\ 3) ‘Identified staff’ means staff that has a material impact on the risk profile of the issuer of asset-referenced tokens or e-money tokens, or on the risk profile of significant asset-referenced or electronic-money tokens they issue;\ 4) ‘Managerial responsibility’ means a situation, in which a staff member either:\ a) leads a business unit, material business unit or a control function and is directly accountable to the management body as a whole or to a member of the management body or to the senior management; or\ b) carries out a function or a task laid down in Article 5(2), point (c);\ 5) ‘Risk appetite’ means the aggregate level and types of risk that an issuer of asset-referenced tokens or e-money token is willing to assume within its risk capacity, in line with its business model, to achieve its strategic objectives;\ 6) ‘Business unit’ means a business unit as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013;\ 7) ‘Material business unit’ means a business unit as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013 that is assessed by the issuer of asset-referenced tokens or e-money tokens as having a material impact on the issuer’s business model or as representing a material source of revenue, profit or franchise value for an issuer;\ 8) ‘Control function’ means a function that is independent from the business units it controls and that is responsible for internal control procedures and includes the risk management, compliance and the internal audit functions;\ 9) ‘Remuneration’ means all forms of fixed and variable remuneration, including the following:\ a) monetary or non-monetary payments and benefits, awarded directly to staff by or on behalf of issuers of asset-referenced tokens or e-money tokens in exchange for professional services provided by staff;\ b) carried interest payments within the meaning of Article 4(1), point (d), of Directive 2011/61/EU;\ c) other payments made via methods and vehicles which, if they were not considered as remuneration, would lead to a circumvention of the remuneration requirements set out in Regulation (EU) 2023/1114 and in this Regulation.\