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Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (Text with EEA relevance) (Markets in Crypto-Assets Regulation (MiCAR))RecitalsTitle I Subject matter, scope and definitions (arts. 1-3)Article 1 Subject matterArticle 2 ScopeArticle 3 DefinitionsTitle II Crypto-assets other than asset-referenced tokens or e-money tokens (arts. 4-15)Article 4 Offers to the public of crypto-assets other than asset-referenced tokens or e-money tokensArticle 5 Admission to trading of crypto-assets other than asset-referenced tokens or e-money tokensArticle 6 Content and form of the crypto-asset white paperArticle 7 Marketing communicationsArticle 8 Notification of the crypto-asset white paper and of the marketing communicationsArticle 9 Publication of the crypto-asset white paper and of the marketing communicationsArticle 10 Result of the offer to the public and safeguarding arrangementsArticle 11 Rights of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokensArticle 12 Modification of published crypto-asset white papers and of published marketing communicationsArticle 13 Right of withdrawalArticle 14 Obligations of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokensArticle 15 Liability for the information given in a crypto-asset white paperTitle III Asset-referenced tokens (arts. 16-47)Chapter 1 Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading (arts. 16-26)Article 16 AuthorisationArticle 17 Requirements for credit institutionsArticle 18 Application for authorisationArticle 19 Content and form of the crypto-asset white paper for asset-referenced tokensArticle 20 Assessment of the application for authorisationArticle 21 Grant or refusal of the authorisationArticle 22 Reporting on asset-referenced tokensArticle 23 Restrictions on the issuance of asset-referenced tokens used widely as a means of exchangeArticle 24 Withdrawal of the authorisationArticle 25 Modification of published crypto-asset white papers for asset-referenced tokensArticle 26 Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paperChapter 2 Obligations of issuers of asset-referenced tokens (arts. 27-35)Article 27 Obligation to act honestly, fairly and professionally in the best interest of the holders of asset-referenced tokensArticle 28 Publication of the crypto-asset white paperArticle 29 Marketing communicationsArticle 30 Ongoing information to holders of asset-referenced tokensArticle 31 Complaints-handling proceduresArticle 32 Identification, prevention, management and disclosure of conflicts of interestArticle 33 Notification of changes to management bodyArticle 34 Governance arrangementsArticle 35 Own funds requirementsChapter 3 Reserve of assets (arts. 36-40)Article 36 Obligation to have a reserve of assets, and composition and management of such reserve of assetsArticle 37 Custody of reserve assetsArticle 38 Investment of the reserve of assetsArticle 39 Right of redemptionArticle 40 Prohibition of granting interestChapter 4 Acquisitions of issuers of asset-referenced tokens (arts. 41-42)Article 41 Assessment of proposed acquisitions of issuers of asset-referenced tokensArticle 42 Content of the assessment of proposed acquisitions of issuers of asset-referenced tokensChapter 5 Significant asset-referenced tokens (arts. 43-45)Article 43 Classification of asset-referenced tokens as significant asset-referenced tokensArticle 44 Voluntary classification of asset-referenced tokens as significant asset-referenced tokensArticle 45 Specific additional obligations for issuers of significant asset-referenced tokensChapter 6 Recovery and redemption plans (arts. 46-47)Article 46 Recovery planArticle 47 Redemption planTitle IV E-money tokens (arts. 48-58)Chapter 1 Requirements to be fulfilled by all issuers of e-money tokens (arts. 48-55)Article 48 Requirements for the offer to the public or admission to trading of e-money tokensArticle 49 Issuance and redeemability of e-money tokensArticle 50 Prohibition of granting interestArticle 51 Content and form of the crypto-asset white paper for e-money tokensArticle 52 Liability of issuers of e-money tokens for the information given in a crypto-asset white paperArticle 53 Marketing communicationsArticle 54 Investment of funds received in exchange for e-money tokensArticle 55 Recovery and redemption plansChapter 2 Significant e-money tokens (arts. 56-58)Article 56 Classification of e-money tokens as significant e-money tokensArticle 57 Voluntary classification of e-money tokens as significant e-money tokensArticle 58 Specific additional obligations for issuers of e-money tokensTitle V Authorisation and operating conditions for crypto-asset service providers (arts. 59-85)Chapter 1 Authorisation of crypto-asset service providers (arts. 59-65)Article 59 AuthorisationArticle 60 Provision of crypto-asset services by certain financial entitiesArticle 61 Provision of crypto-asset services at the exclusive initiative of the clientArticle 62 Application for authorisation as a crypto-asset service providerArticle 63 Assessment of the application for authorisation and grant or refusal of authorisationArticle 64 Withdrawal of authorisation of a crypto-asset service providerArticle 65 Cross-border provision of crypto-asset servicesChapter 2 Obligations for all crypto-asset service providers (arts. 66-74)Article 66 Obligation to act honestly, fairly and professionally in the best interests of clientsArticle 67 Prudential requirementsArticle 68 Governance arrangementsArticle 69 Information to competent authoritiesArticle 70 Safekeeping of clients' crypto-assets and fundsArticle 71 Complaints-handling proceduresArticle 72 Identification, prevention, management and disclosure of conflicts of interestArticle 73 OutsourcingArticle 74 Orderly wind-down of crypto-asset service providersChapter 3 Obligations in respect of specific crypto-asset services (arts. 75-82)Article 75 Providing custody and administration of crypto-assets on behalf of clientsArticle 76 Operation of a trading platform for crypto-assetsArticle 77 Exchange of crypto-assets for funds or other crypto-assetsArticle 78 Execution of orders for crypto-assets on behalf of clientsArticle 79 Placing of crypto-assetsArticle 80 Reception and transmission of orders for crypto-assets on behalf of clientsArticle 81 Providing advice on crypto-assets and providing portfolio management of crypto-assetsArticle 82 Providing transfer services for crypto-assets on behalf of clientsChapter 4 Acquisition of crypto-asset service providers (arts. 83-84)Article 83 Assessment of proposed acquisitions of crypto-asset service providersArticle 84 Content of the assessment of proposed acquisitions of crypto-asset service providersChapter 5 Significant crypto-asset service providers (arts. 59-85)Article 85 Identification of significant crypto-asset service providersTitle VI Prevention and prohibition of market abuse involving crypto-assets (arts. 86-92)Article 86 Scope of the rules on market abuseArticle 87 Inside informationArticle 88 Public disclosure of inside informationArticle 89 Prohibition of insider dealingArticle 90 Prohibition of unlawful disclosure of inside informationArticle 91 Prohibition of market manipulationArticle 92 Prevention and detection of market abuseTitle VII Competent authorities, EBA and ESMA (arts. 93 - draft 138j)Chapter 1 Powers of competent authorities and cooperation between competent authorities, EBA and ESMA (arts. 93-108)Article 93 Competent authoritiesArticle 94 Powers of competent authoritiesArticle 95 Cooperation between competent authoritiesArticle 96 Cooperation with EBA and ESMAArticle 97 Promotion of convergence on the classification of crypto-assetsArticle 98 Cooperation with other authoritiesArticle 99 Duty of notificationArticle 100 Professional secrecyArticle 101 Data protectionArticle 102 Precautionary measuresArticle 103 ESMA temporary intervention powersArticle 104 EBA temporary intervention powersArticle 105 Product intervention by competent authoritiesArticle 106 Coordination with ESMA or EBAArticle 107 Cooperation with third countriesArticle 108 Complaints-handling by competent authoritiesChapter 2 ESMA register (arts. 109-110a)Article 109 Register of crypto-asset white papers, of issuers of asset-referenced tokens and e-money tokens, and of crypto-asset service providersArticle 110 Register of non-compliant entities providing crypto-asset servicesArticle 110a Accessibility of information on the European single access pointChapter 3 Administrative penalties and other administrative measures by competent authorities (arts. 111-116)Article 111 Administrative penalties and other administrative measuresArticle 112 Exercise of supervisory powers and powers to impose penaltiesArticle 113 Right of appealArticle 114 Publication of decisionsArticle 115 Reporting of administrative penalties and other administrative measures to ESMA and EBAArticle 116 Reporting of infringements and protection of reporting personsChapter 4 Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and significant e-money tokens and colleges of supervisors (arts. 117-120)Article 117 Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokensArticle 118 EBA crypto-asset committeeArticle 119 Colleges for issuers of significant asset-referenced tokens and significant e-money tokensArticle 120 Non-binding opinions of the colleges for issuers of significant asset-referenced tokens and significant e-money tokensChapter 5 EBA's powers and competences with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens (arts. 121-138)Article 121 Legal privilegeArticle 122 Request for informationArticle 123 General investigative powersArticle 124 On-site inspectionsArticle 125 Exchange of informationArticle 126 Administrative agreements on the exchange of information between EBA and third countriesArticle 127 Disclosure of information from third countriesArticle 128 Cooperation with other authoritiesArticle 129 Professional secrecyArticle 130 Supervisory measures by EBAArticle 131 FinesArticle 132 Periodic penalty paymentsArticle 133 Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsArticle 134 Procedural rules for taking supervisory measures and imposing finesArticle 135 Hearing of the persons concernedArticle 136 Review by the Court of JusticeArticle 137 Supervisory feesArticle 138 Delegation of tasks by EBA to competent authoritiesDraft Chapter 6 Supervisory responsibilities, powers and competences of ESMA with respect to crypto-asset service providers (draft arts. 138a-138j)Draft Article 138a Supervisory responsibilities of ESMA with respect to crypto-asset service providersDraft Article 138b Request for information from ESMADraft Article 138c Exchange of information with ESMADraft Article 138d Administrative agreements on the exchange of information between ESMA and third countriesDraft Article 138e Disclosure of information from third countries by ESMADraft Article 138f Cooperation of ESMA with other authoritiesDraft Article 138g Supervisory measures by ESMADraft Article 138h Fines imposed by ESMADraft Article 138i Disclosure, nature, enforcement and allocation of fines and periodic penalty payments of ESMADraft Article 138j Supervisory fees for ESMATitle VIII Delegated acts (art. 139)Article 139 Exercise of the delegationTitle IX Transitional and final provisions (arts. 140-149)Article 140 Reports on the application of this RegulationArticle 141 ESMA annual report on market developmentsArticle 142 Report on latest developments in crypto-assetsArticle 143 Transitional measuresDraft Article 143a Transitional measures related to ESMAArticle 144 Amendment to Regulation (EU) No 1093/2010Article 145 Amendment to Regulation (EU) No 1095/2010Article 146 Amendment to Directive 2013/36/EUArticle 147 Amendment to Directive (EU) 2019/1937Article 148 Transposition of amendments to Directives 2013/36/EU and (EU) 2019/1937Article 149 Entry into force and applicationAnnex I Disclosure items for the crypto-asset white paper for crypto-assets other than asset-referenced tokens or e-money tokensAnnex II Disclosure items for the crypto-asset white paper for an asset-referenced tokenAnnex III Disclosure items for the crypto-asset white paper for an e-money tokenAnnex IV Minimum capital requirements for crypto-asset service providersAnnex V List of infrigements referred to in Titles III and VI for issuers of significant asset-referenced tokensAnnex VI List of infrigements of provisions referred to in Title IV in conjunction with Title III for issuers of significant e-money tokensDraft Annex VII List of infringements referred to in Titles V and VI for crypto-asset service providersDone at
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AI Summary of Article 54 Investment of funds received in exchange for e-money tokens

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Version status: Applicable | Document consolidation status: Updated to reflect all known changes
Version date: 30 June 2024 - onwards
Version 3 of 3

Article 54 Investment of funds received in exchange for e-money tokens

Funds received by issuers of e-money tokens in exchange for e-money tokens and safeguarded in accordance with Article 7(1) of Directive 2009/110/EC shall comply with the following:

(a) at least 30 % of the funds received is always deposited in separate accounts in credit institutions;

(b) the remaining funds received are invested in secure, low-risk assets that qualify as highly liquid financial instruments with minimal market risk, credit risk and concentration risk, in accordance with Article 38(1) of this Regulation, and are denominated in the same official currency as the one referenced by the e-money token.

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