The EBA consults on draft Guidelines on recovery plans for issuers of asset-referenced tokens and e-money tokens under MiCAR

EBA initiated a consultation on draft Guidelines regarding recovery plans for issuers of ARTs and EMTs (EBA/CP/2023/30). The purpose of these draft guidelines is to establish requirements for the format and content of recovery plans that issuers of ARTs and EMTs should prepare. The recovery plans aim to help these issuers anticipate and address adverse scenarios that could hinder their compliance with regulatory requirements related to asset reserves. The draft guidelines outline supervisory expectations for identifying risks, understanding potential impacts, and proposing actions to restore compliance.
The draft guidelines consider the specifics of ART and EMT issuers, building on existing legislative requirements and supervisory experience. They include provisions for coordination between recovery plans of multiple issuers and aim to alleviate burdens on credit institutions and investment firms already subject to recovery planning obligations under BRRD.
The draft guidelines outline the structure of recovery plans, including key elements such as a summary, information on governance, recovery options, and a communication and disclosure plan. They emphasize the importance of recovery plan indicators, recovery options, and coordination among issuers to ensure fair treatment of token holders. The guidelines also address the need for transparency through communication and disclosure plans.
Interested stakeholders can contribute until 8 February 2024, and a public hearing is scheduled for 30 January 2024.
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MiCA, in effect since 29 June 2023, regulates crypto-asset issuance and services in the EU. The consultation aims to refine the regulatory framework, with the relevant provisions applicable from 30 June 2024.