MiCAR Whitepaper Linter - Incomplete Synthetic EuroStable ART Draft
Whitepaper type: ART
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Pass: 0  |  Review: 12  |  Missing: 8  |  Blockers: 15

[REVIEW] [BLOCKER] COMMON.SUMMARY  Plain-language summary
           Cite:  Art. 6(7), Art. 19(6), Art. 51(6) MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'summary'  (4 words)
           -  Section is thin: 4 words, expected at least 80.
           -  Missing review terms: summary, key information.

[MISS  ] [BLOCKER] COMMON.RISK_WARNING  Mandatory risk warning statement
           Cite:  Art. 6(5), Art. 19(4), Art. 51(4) MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'risk_warning'  (0 words)
           -  Section is empty or absent.

[REVIEW] [BLOCKER] COMMON.MANAGEMENT_STATEMENT  Statement by the management body on completeness, fairness, and clarity
           Cite:  Art. 6(6), Art. 19(5), Art. 51(5) MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'management_statement'  (1 words)
           -  Section is thin: 1 words, expected at least 40.
           -  Missing review terms: management body, complies, fair, clear, not misleading.

[MISS  ] [MAJOR  ] COMMON.NOTIFICATION_DATE  Date of notification to the competent authority
           Cite:  Art. 6(8), Art. 19(7), Art. 51(7) MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'notification_date'  (0 words)
           -  Section holds only placeholder text such as TBD or TBC.

[REVIEW] [MAJOR  ] COMMON.LANGUAGE  Language of the white paper (home Member State official language or customary in international finance)
           Cite:  Art. 6(9), Art. 19(8), Art. 51(8) MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'language'  (1 words)
           -  Section is thin: 1 words, expected at least 10.
           -  Missing review terms: language.

[MISS  ] [BLOCKER] COMMON.IXBRL_TAGGING  Inline XBRL (iXBRL) compliance and ESMA metadata tagging
           Cite:  Art. 2 Regulation (EU) 2024/2984
           Text:  https://eur-lex.europa.eu/eli/reg_impl/2024/2984/oj/eng
           Section: 'ixbrl_tagging'  (0 words)
           -  Draft format: notification requires XHTML with Inline XBRL tagging. This format cannot satisfy that requirement; the content checks still apply.

[MISS  ] [MAJOR  ] COMMON.LEI_CHECK_DIGITS  Legal Entity Identifier format and check digits (ISO 17442, ISO/IEC 7064 MOD 97-10)
           Cite:  Annex I, Part A, Annex II, Part A, Annex III, Part A MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'issuer'  (0 words)
           -  No Legal Entity Identifier (20 characters, ISO 17442) was found in the draft, so its check digits could not be checked.

[MISS  ] [MAJOR  ] COMMON.LEI_CONSISTENCY  Legal Entity Identifiers agree across the party sections and the rest of the draft
           Cite:  Annex I, Part A, Annex II, Part A, Annex III, Part A MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'issuer'  (0 words)
           -  No valid LEI was found in the issuer, offeror or trading_platform_operator sections, so consistency cannot be checked.

[REVIEW] [BLOCKER] ANNEX_II.A  Information about the issuer of the ART (legal form, governance, prudential profile)
           Cite:  Annex II, Part A MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'issuer'  (6 words)
           -  Section is thin: 6 words, expected at least 80.
           -  Missing review terms: legal form, registered, address, management body.

[REVIEW] [BLOCKER] ANNEX_II.B  Information about the asset-referenced token (reference assets, stabilisation mechanism)
           Cite:  Annex II, Part B MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'art'  (4 words)
           -  Section is thin: 4 words, expected at least 80.
           -  Missing review terms: asset-referenced, reference assets, stabilisation, basket.

[MISS  ] [BLOCKER] ANNEX_II.C  Information about the offer to the public of the ART or its admission to trading
           Cite:  Annex II, Part C MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'offer_or_admission'  (0 words)
           -  Section is empty or absent.

[REVIEW] [BLOCKER] ANNEX_II.D  Rights and obligations of holders (redemption right at par, complaints handling)
           Cite:  Annex II, Part D in conjunction with Art. 39 MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'rights_and_obligations'  (3 words)
           -  Section is thin: 3 words, expected at least 80.
           -  Missing review terms: redemption, at par, complaints.

[REVIEW] [BLOCKER] ANNEX_II.E  Information on the underlying technology (DLT, custody architecture, key management)
           Cite:  Annex II, Part E MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'technology'  (4 words)
           -  Section is thin: 4 words, expected at least 70.
           -  Missing review terms: protocol, consensus, custody, key management, audit.

[REVIEW] [BLOCKER] ANNEX_II.F  Risk factors specific to ARTs (de-pegging, reserve impairment, redemption suspension)
           Cite:  Annex II, Part F MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'risks'  (3 words)
           -  Section is thin: 3 words, expected at least 150.
           -  Missing review terms: market, credit, liquidity, operational, de-peg, redemption, reserve.

[REVIEW] [BLOCKER] ANNEX_II.G.COMPOSITION_DISCLOSURE  Reserve composition disclosure (Annex II Part G)
           Cite:  Annex II, Part G in conjunction with Art. 36 MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'reserve_of_assets'  (3 words)
           -  Section is thin: 3 words, expected at least 60.
           -  Missing review terms: composition, deposit, concentration.

[REVIEW] [BLOCKER] ANNEX_II.G.DEPOSIT_FLOOR_REVIEW  Candidate deposit floor for the reserve (30 % under Art. 36(4)(d); 60 % under Art. 45(7)(b) for significant ARTs, or for non-significant ARTs via Arts. 35(4) and 45(3) MiCAR) - lawyer review required
           Cite:  Annex II, Part G in conjunction with Art. 35(4), Art. 36(4), point (d), Art. 45(3) and Art. 45(7), point (b) MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'reserve_of_assets'  (3 words)
           -  Draft characterisation assertion missing or invalid (references_official_currency, art_significant); the applicable minimum share cannot be determined. The assertion remains pending lawyer confirmation.

[REVIEW] [BLOCKER] ANNEX_II.G.CUSTODY  Custody policy and custodian selection (Art. 36(2) MiCAR)
           Cite:  Annex II, Part G in conjunction with Art. 36(2), Art. 37 MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'reserve_of_assets'  (3 words)
           -  Section is thin: 3 words, expected at least 60.
           -  Missing review terms: custody, custodian, segregation, insolvency.

[REVIEW] [BLOCKER] ANNEX_II.G.VALUATION_AUDIT  Valuation procedure and audit frequency (Art. 36(3) MiCAR)
           Cite:  Annex II, Part G in conjunction with Art. 36(3) MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'reserve_of_assets'  (3 words)
           -  Section is thin: 3 words, expected at least 50.
           -  Missing review terms: valuation, audit.

[MISS  ] [MAJOR  ] ANNEX_II.H  Principal adverse environmental and climate-related impact of the consensus mechanism
           Cite:  Art. 19(1), first subparagraph, point (h) MiCAR in conjunction with Art. 4 Regulation (EU) 2025/422; Annex, Table 3, Part H Regulation (EU) 2024/2984
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Text:  https://eur-lex.europa.eu/eli/reg_del/2025/422/oj/eng
           Text:  https://eur-lex.europa.eu/eli/reg_impl/2024/2984/oj/eng
           Section: 'environmental_impact'  (0 words)
           -  Section is empty or absent.

[MISS  ] [BLOCKER] ANNEX_II.I  Redemption rights and procedure (timing, fees, suspension conditions)
           Cite:  Annex II, Part D, points 9, 15 and 16, Part G, point 3 in conjunction with Art. 39 MiCAR
           Text:  https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
           Section: 'redemption'  (0 words)
           -  Section is empty or absent.

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First-pass screening only. The draft is not package-ready. The white paper notification or submission for approval (Art. 8(1), Art. 16(2), second subparagraph, Art. 17(1), point (a), Art. 18(2), point (k), Art. 51(11) MiCAR) should not enter an external review or filing workflow until BLOCKER items are cured and a lawyer has signed off.
This tool is not legal advice.
