Regulatory Technical Standards to specify the adjustment of own funds requirements and stress testing of issuers of asset-referenced tokens and of e-money tokens under MiCAR

The Regulatory Technical Standards (RTS) on the adjustment of own funds requirements and design of stress testing programmes for issuers specify: i) the criteria for the assessment of  ‘higher degree of risk’, ii)  the procedure for competent authorities to determine the period of time considered appropriate for issuers to increase the own funds amount to the higher own funds requirements and the measures to be taken to ensure the timely compliance thereof and iii) a minimum set of requirements to issuers for the design and implementation of their stress-testing programmes.