1. Issuers of asset-referenced tokens shall, at all times, have own funds equal to an amount of at least the highest of the following:
(a) EUR 350 000;
(b) 2 % of the average amount of the reserve of assets referred to in Article 36;
(c) a quarter of the fixed overheads of the preceding year.
For the purposes of point (b) of the first subparagraph, the average amount of the reserve of assets shall mean the average amount of the reserve assets at the end of each calendar day, calculated over the preceding six months.
Where an issuer offers more than one asset-referenced token, the amount referred to in point (b) of the first subparagraph shall be the sum of the average amount of the reserve assets backing each asset-referenced token.
The amount referred to in point (c) of the first subparagraph shall be reviewed annually and calculated in accordance with Article 67(3).
2. The own funds referred to in paragraph 1 of this Article shall consist of the Common Equity Tier 1 items and instrum
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