art_35__para_3

3. The competent authority of the home Member State may require an issuer of an asset-referenced token to hold an amount of own funds which is up to 20 % higher than the amount resulting from the application of paragraph 1, first subparagraph, point (b), where an assessment of any of the following indicates a higher degree of risk: the evaluation of the risk-management processes and internal control mechanisms of the issuer of the asset-referenced token as referred to in Article 34(1), (8) and (10); the quality and volatility of the reserve of assets referred to in Article 36; the types of rights granted by the issuer of the asset-referenced token to holders of the asset-referenced token in accordance with Article 39; where the reserve of assets includes investments, the risks posed by the investment policy on the reserve of assets; the aggregate value and number of transactions settled in the asset-referenced token; the importance of the markets on which the asset-referenced token is offered and marketed; where applicable, the market capitalisation of the asset-referenced token.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.