{"id":"circulars/cssf-25-874","title":"Circular CSSF 25/874","type":"circular","date":"2025-02-17","kind":"circular","html":"

Circular CSSF 25/874 is a CSSF circular, published 17 February 2025 and updated 25 February 2025. Subject: Application of the Guidelines of the European Banking Authority establishing the common reference parameters of the stress test scenarios for the liquidity stress tests referred in Article 45(4) of Regulation (EU) 2023/1114 (EBA/GL/2024/08).

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Main topic: Markets in Crypto-Assets (MiCA/MiCAR). Keywords: Crypto-assets.

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Circular CSSF 25/874 Application of the Guidelines of the European Banking Authority establishing the common reference parameters of the stress test scenarios for the liquidity stress tests referred in Article 45(4) of Regulation (EU) 2023/1114 (EBA/GL/2024/08)

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Circular CSSF 25/874 Application of the Guidelines of the European Banking Authority establishing the common reference parameters of the stress test scenarios for the liquidity stress tests referred in Article 45(4) of Regulation (EU) 2023/1114 (EBA/GL/2024/08) To all the issuers, as defined in Article 3(1), point 10 of Regulation (EU) 2023/1114 1 (“MiCAR”), of asset-referenced tokens (“ARTs”) and e-money tokens (“EMTs”) as defined in Article 3(1), points 6 and 7 of MiCAR.

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Luxembourg, 17 February 2025 Ladies and Gentlemen, The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, applies the Guidelines of European Banking Authority (the “EBA”) establishing the common reference parameters of the stress test scenarios for the liquidity stress tests referred in Article 45(4) of Regulation (EU) 2023/1114 (Ref. EBA/GL/2024/08) (the “Guidelines”), published on 19 June 2024. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promoting supervisory convergence in this field at European level.

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  1. The Guidelines The Guidelines are issued by the EBA on the basis of Article 45(8) of MiCAR pursuant to Article 16 of Regulation (EU) No 1093/2010. The Guidelines apply as from 30 September 2024. These guidelines establish the common reference parameters of the stress test scenarios to be included in the liquidity stress testing referred to in Article 45(4) of MiCAR. As outlined in Article 45(4) of MiCAR, issuers of significant ARTs shall, on a regular basis, conduct liquidity stress testing and, depending on the outcome of such tests, the EBA may decide to strengthen the liquidity requirements. Article 58(1) of MiCAR extends notably the requirements referred to in Article 45(4) to electronic money institutions issuing significant EMTs. The
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Guidelines

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are

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attached

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this

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circular

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and

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are

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available

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the

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EBA’s

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website

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https://www.eba.europa.eu/.

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  1. Scope of application This circular shall apply to issuers of significant ARTs and electronic money (e-money) institutions issuing significant EMTs (in accordance with Article 58(1), point a, of MiCAR) as defined in points 6
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Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in cryptoassets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937

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and 7, respectively, of Article 3(1) of MiCAR, as well as non-significant ARTs and/or non-significant EMTs when the CSSF requires it so in accordance with Article 35(4) and Article 58(2) of MiCAR.

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  1. Date of application This circular shall apply with immediate effect.
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The text above is the opening of the document; the PDF carries the whole.

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Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

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