MiCA Article 54 — held text

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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.

CELEX: 32023R1114 · provision: 54
Locator: Article 54; PDF page 46; derived-text line 3081
Held artifact: docs_evidence/eu-legislation/eurlex-full-text/20260823T093000Z/32023R1114.pdf
Artifact SHA-256: 32c6d21e712dbb719a9a6b2d39e85133f3059d9e02d8d9ce70d35332bd568b8b
Captured: 20260823T093000Z
Extracted with: pdftotext version 4.00
Official source: EUR-Lex
This version: /celex/32023R1114/ART_54/20260823-32c6d21e/
Corpus Merkle root: 581628a5b36518981241d2b51f048aa46384f30a74bf648ef542c652028cdeff
Membership proof: 10 hashes — see corpus-proof.json
Modal verbs, counted verbatim (not a legal characterisation): 'shall not': 0 · 'shall': 1 · 'must': 0 · 'may not': 0 · 'may': 0 · 'should': 0

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