Cap. 647 чл. 20Notification of the  recovery plan. Cap. 371.

(1) For the purposes of this article, "issuer of an asset-

referenced token" means an issuer of an asset-referenced token which is a credit institution licensed under the Banking Act or a legal person or other undertaking authorised under Article 21 of the MiCA Regulation and article 11.

(2) The issuer of an asset-referenced token shall notify the recovery plan drawn up in accordance with Article 46(1) of the MiCA Regulation to the competent authority within six (6) months of the date of authorisation pursuant to Article 21 of the MiCA Regulation and article 11 or within (6) six months of the date of approval of the crypto-asset white paper pursuant to Article 17 of the MiCA Regulation and article 10.

(3) The competent authority shall require amendments to the recovery plan referred to in sub-article (2) where necessary to ensure its proper implementation and shall notify its decision requesting those amendments to the issuer of the asset-referenced token within forty

(40) working days of the date of notification of such plan.

(4) The decision of the competent authority referred to in sub-article (3) shall be implemented by the issuer of the asset-referenced token within forty (40) working days of the date of notification of such decision.

(5) The issuer of the asset-referenced token shall regularly review and update the recovery plan.

(6) Where the issuer of the asset-referenced token fails to comply with the requirements applicable to the reserve of assets as referred to in Chapter 3 of Title III of the MiCA Regulation or, due to a rapidly deteriorating financial condition, is likely in the near future to not be able to comply with such requirements, the competent authority, in order to ensure compliance with the applicable requirements, shall have the power to require the said issuer 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 time frame.

(7) In the circumstances referred to in sub-article (6), the competent authority shall have the power to temporarily suspend the redemption of asset-referenced tokens, provided that the suspension is justified while having regard to the interests of the holders of asset-referenced tokens and financial stability.