MiCAR Whitepaper Linter - Synthetic EuroStable ART White Paper
Whitepaper type: ART
==============================================================================
Pass: 16  |  Review: 3  |  Missing: 1  |  Blockers: 4

[PASS  ] [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'  (85 words)

[PASS  ] [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'  (73 words)

[PASS  ] [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'  (60 words)

[PASS  ] [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'  (9 words)

[PASS  ] [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'  (28 words)

[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.

[PASS  ] [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)

[PASS  ] [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)

[PASS  ] [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'  (106 words)

[PASS  ] [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'  (95 words)

[PASS  ] [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'  (77 words)

[PASS  ] [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'  (94 words)

[PASS  ] [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'  (77 words)

[PASS  ] [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'  (157 words)

[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'  (192 words)
           -  Missing review terms: 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'  (192 words)
           -  Draft percentage candidate(s) detected: 30%. The draft characterisation indicates a 30% candidate floor (Art. 36(4)(d) MiCAR). A lawyer must confirm applicability, statement context, and compliance.

[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'  (192 words)
           -  Missing review terms: insolvency.

[PASS  ] [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'  (192 words)

[PASS  ] [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'  (104 words)

[PASS  ] [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'  (125 words)

==============================================================================
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.
