(1)

‘Staff’ means all employees of an issuer of asset-referenced tokens or e-money tokens, and all members of such issuer’s management bodies;

(2)

‘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;

(3)

‘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;

(4)

‘Managerial responsibility’ means a situation, in which a staff member either:

(5)

‘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;

(6)

‘Business unit’ means a business unit as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013;

(7)

‘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;

(8)

‘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;

(9)

‘Remuneration’ means all forms of fixed and variable remuneration, including the following: