Art. 2 Timeframe | RTS on own funds adjustment timeframe | MiCA

1. 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; of the home Member Statemeans:where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has its registered office in the Union, the Member State where that offeror or person has its registered office;where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens has no registered office in the Union but does have one or more branches in the Union, the Member State chosen by that offeror or person from among the Member States where it has branches;where the offeror or person seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens is established in a third country and has no branch in the Union, either the Member State where the crypto-assets are intended to be offered to the public for the first time or, at the choice of the offeror or person seeking admission to trading, the Member State where the first application for admission to trading of those crypto-assets is made;in the case of an issuer of asset-referenced tokens, the Member State where the issuer of asset-referenced tokens has its registered office;in the case of an issuer of e-money tokens, the Member State where the issuer of e-money tokens is authorised as a credit institution under Directive 2013/36/EU or as an electronic money institution under Directive 2009/110/EC;in the case of crypto-asset service providers, the Member State where the crypto-asset service provider has its registered office; shall notify the timeframe within which an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; 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; or e-money tokens referred to in Article 1 shall adjust its own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;, within 25 working days from the notification of a decision to classify 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; or e-money token as significant, or from the notification to the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; to comply with the requirement of Article 45(5) of Regulation (EU) 2023/1114. That timeframe shall be set after a dialogue with the relevant issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;.
1. 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 grant to the relevant issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; no more than 6 months after the notification referred to in paragraph 1 to adjust its own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;, having regard to the potential impact on the relevant issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;, its specificities and risks to the financial stability of the wider financial system.
1. Within 25 working days from receipt of the notification on the timeframe referred to in paragraph 1, the relevant issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; shall submit 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; a detailed plan on how its own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; are to be adjusted to meet the requirement of Article 45(5) of Regulation (EU) 2023/1114.
2. The plan shall include time-bound steps and procedures to carry out the own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;’ adjustment within the set timeframe.
3. The plan shall ensure that the own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; items and instruments that will be used to comply with the increased and adjusted requirement fulfil all the conditions set out in Article 35(2) of Regulation (EU) 2023/1114.
1. The relevant issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; shall inform 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; immediately and in writing in case any step or procedure of the plan cannot be achieved in a timely manner. In such a case, the relevant issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; shall submit 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; an update of the plan, including alternative steps or procedures that allow the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; to adjust its own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; in the set timeframe.
1. 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 closely monitor the implementation of the plan.
1. The relevant issuermeans a natural or legal person, or other undertaking, who issues crypto-assets; shall inform 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; of the completion of the steps provided in the plan, including a final notification 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; when the required own fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; adjustment has been completed, within 20 workings days from the completion.