Article 5 · Commission Delegated Regulation (EU) 2025/418

Contents

Article 5Identification of staff members#

1.Issuers of asset referenced tokens or e-money tokens, shall identify all staff members that have a material impact on the risk profile of those issuers or on the risk profile of the tokens they issue, by applying at least the criteria set out in paragraphs 2 and 3.

2.A person shall be identified as a staff member referred to in paragraph 1 if it meets one or more of the following criteria:

(a)they are members of the management body or senior management;

(b)they have managerial responsibility over the issuer’s control functions or material business units;

(c)they have managerial responsibility for:

(i)management of at least one of the following risk categories: liquidity risk, operational risk, including legal risk and information and communication technology risk;

(ii)information and communication technology used for the processing of the tokens;

(iii)the prevention of money laundering and terrorist financing;

(iv)the management of reserve assets;

(v)the token issuance function;

(vi)managing outsourcing arrangements with third-party service providers supporting critical or important functions;

(vii)finance, including taxation and budgeting;

(viii)legal affairs;

(ix)the soundness of accounting policies and procedures;

(x)human resources;

(xi)the establishment or internal approval of white papers.

3.A person shall be considered a staff member referred to in paragraph 1 where its professional activities have a comparable impact on the issuers’ risk profile or on the risk profile of the tokens they issue to that of the staff members specified in points (a) to (c) of paragraph 2.

Defined terms · 9

Show every defined term

Business unit
means a business unit as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013;
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;
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;
Managerial responsibility
means a situation, in which a staff member either:
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;
Remuneration
means all forms of fixed and variable remuneration, including the following:
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;
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;
Staff
means all employees of an issuer of asset-referenced tokens or e-money tokens, and all members of such issuer’s management bodies;