> For the complete documentation index, see [llms.txt](https://ark-defai.gitbook.io/ark/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ark-defai.gitbook.io/ark/4.-layer-1-or-economic-laws-of-ark-defai/4.2-five-regulation-modules/4.2.1-em-module-or-emissions-manager-intelligent-debt-issuance-module/i.-module-positioning.md).

# I. Module Positioning

EM is the core module controlling whether ARK protocol initiates daily token issuance.

When the market shows a certain degree of premium for ARK, the EM module activates the bond market according to set parameters and calculates the maximum daily issuance amount.

All issuances are conducted in the form of locked bond certificates and require corresponding assets to be injected into the treasury (ATS), ensuring that every newly created ARK has real value backing.