Recital 1

(1)Pursuant to Article 32(1) of Regulation (EU) 2023/1114, issuers of asset-referenced tokens are to implement and maintain effective policies and procedures to identify, prevent, manage and disclose conflicts of interest between themselves and certain categories of persons. Where implementing and maintaining the policies and procedures required pursuant to Article 32(1) of Regulation (EU) 2023/1114, issuers of asset-referenced tokens should take into account the principle of proportionality with a view to ensuring that the policies and procedures take into account their size, internal organisation, business model, nature, scale and complexity of their activities, are consistent with, where applicable, group policies and sufficient to effectively achieve the objectives of that Article.