Rule · BLOCKER

ANNEX_II.F

Risk factors specific to ARTs (reserve of assets, issuer, offer or admission to trading, token, operationalisation, technology and any mitigation measures)

Citation: Annex II, Part F MiCAR
Canonical form: Anhang II Teil F MiCAR
Runs for: Annex II · asset-referenced tokens
Severity if open: BLOCKER
Section key: risks
Minimum words: 150
Listed terms (English): reserve, issuer, technology, offer or admission to trading (pattern (?P<offer_or_admission_to_trading>\boffer(?!or)(?!\s+and\s+demand)|admission\s+(?:of\s+(?:[\w-]+\s+){1,3})?to\s+trading))
Listed terms (German): reserve, emittent, technologie, angebot oder zulassung zum handel (pattern (?P<angebot_oder_zulassung_zum_handel>\bangebot(?!\s+und\s+nachfrage)|zulassung\s+(?:[\w-]+\s+){0,3}zum\s+handel))
Package version: 1.2.1, built from source that may include unreleased changes
Source: rules/annex_ii.py

How the status is set

Missing: section risks is absent or empty, or holds only placeholder text such as TBD or TBC.
Review: the section has fewer than 150 words, or a listed term does not appear (case-insensitive substring match, with any run of spaces and line breaks read as one space; a term shown with a pattern counts only where the pattern matches, so that a look-alike word does not stand in for it).
In a numbered-field XHTML draft, Review also follows when a field of the section holds only a placeholder such as TBD; the finding names the field by its number and, in English, by the template's name where the linter has one for that field.
Pass: none of the above. A pass means the check matched, nothing more.

Legal basis

Annex II, Part F MiCAR

https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng

Checked on 2026-10-27 against the Official Journal text in English and German (OJ L 150, 9.6.2023) and the consolidated version of 9 January 2024, and against the templates of Implementing Regulation (EU) 2024/2984. No amendment and no English or German corrigendum changes Annex II Part F or the templates.

Synthetic examples

Each example is linted when this page is generated. The build fails if a result differs.

MissingSection absent

The section key is missing or empty.

{
  "title": "Synthetic rule example",
  "type": "art",
  "sections": {}
}

ReviewThin section

Every listed term appears, but the section is shorter than 150 words.

{
  "title": "Synthetic rule example",
  "type": "art",
  "sections": {
    "risks": "reserve issuer technology offer or admission to trading"
  }
}

PassSection that matches

This text passes and shows what the check measures: listed terms and length. It is not model disclosure wording and does not meet MiCAR.

{
  "title": "Synthetic rule example",
  "type": "art",
  "sections": {
    "risks": "Synthetic example naming reserve, issuer, technology, offer or admission to trading. This synthetic sentence only adds length and states no fact about any issuer or token. This synthetic sentence only adds length and states no fact about any issuer or token. This synthetic sentence only adds length and states no fact about any issuer or token. This synthetic sentence only adds length and states no fact about any issuer or token. This synthetic sentence only adds length and states no fact about any issuer or token. This synthetic sentence only adds length and states no fact about any issuer or token. This synthetic sentence only adds length and states no fact about any issuer or token. This synthetic sentence only adds length and states no fact about any issuer or token. This synthetic sentence only adds length and states no fact about any issuer or token. This synthetic sentence only adds length and states no fact about any issuer or token."
  }
}

Limitations

Reads one section key, risks. Text elsewhere in the draft is not considered.
Matches words and counts length. It does not test accuracy, consistency with other sections or the point-level items of the cited Part.
Status and severity are fixed by the rule. A draft cannot waive or downgrade them.
The Annex II rules have not yet been run against a real ART white paper.

Disagree with this rule, or missing one? Propose a rule change.