Art. 46 Recovery plan | MiCA regulation | MiCA

1. An issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of an asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; shall draw up and maintain a recovery plan providing for measures to be taken by the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; to restore compliance with the requirements applicable to the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; in cases where the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; fails to comply with those requirements.
2. The recovery plan shall also include the preservation of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’s services related to the asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;, the timely recovery of operations and the fulfilment of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’s obligations in the case of events that pose a significant risk of disrupting operations.
3. The recovery plan shall include appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options, including:
  1. liquidity fees on redemptions;
  2. limits on the amount of the asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; that can be redeemed on any working day;
  3. suspension of redemptions.
1. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; of the asset-referenced tokenmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; shall notify the recovery plan to the competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; within six months of the date of authorisation pursuant to Article 21 or within six months of the date of approval of the crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; white paper pursuant to Article 17. The competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; shall require amendments to the recovery plan where necessary to ensure its proper implementation and shall notify its decision requesting those amendments to the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; within 40 working days of the date of notification of that plan. That decision shall be implemented by the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; within 40 working days of the date of notification of that decision. The issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; shall regularly review and update the recovery plan.
2. Where applicable, the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; shall also notify the recovery plan to its resolution and prudential supervisory authorities in parallel to the competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens;.
1. Where the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; fails to comply with the requirements applicable to the reserve of assetsmeans the basket of reserve assets securing the claim against the issuer; as referred to in Chapter 3 of this Title or, due to a rapidly deteriorating financial condition, is likely in the near future to not comply with those requirements, the competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens;, in order to ensure compliance with the applicable requirements, shall have the power to require the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; to implement one or more of the arrangements or measures set out in the recovery plan or to update such a recovery plan when the circumstances are different from the assumptions set out in the initial recovery plan and implement one or more of the arrangements or measures set out in the updated plan within a specific timeframe.
1. In the circumstances referred to in paragraph 3, the competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; shall have the power to temporarily suspend the redemption of asset-referenced tokensmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;, provided that the suspension is justified having regard to the interests of the holders of asset-referenced tokensmeans a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies; and financial stability.
1. Where applicable, the competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; shall notify the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;’s resolution and prudential supervisory authorities of any measure taken pursuant to paragraphs 3 and 4.
1. EBA, after consultation with ESMA, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 to specify the format of the recovery plan and the information to be provided in the recovery plan.