Cap. 647 Art. 13Withdrawal of the authorisation.

(1) The competent authority shall withdraw an authorisation granted under Article 21 of the MiCA Regulation and article 11 to an issuer of an asset-referenced token in any of the following situations:

(a) the issuer has ceased to engage in business for six (6) consecutive months, or has not used its authorisation for twelve (12) consecutive months;

(b) the issuer has obtained its authorisation by irregular means, such as by making false statements in the application for authorisation referred to in Article 18 of the MiCA Regulation and article 11 or in any crypto-asset white paper modified in accordance with Article 25 of the MiCA Regulation and article 15;

(c) the issuer no longer meets the conditions under which the authorisation was granted;

(d) the issuer has seriously infringed the provisions of Title III of the MiCA Regulation and, or the provisions of this Part;

(e) the issuer has been subject to a redemption plan;

(f) the issuer has expressly renounced its authorisation or has decided to cease operations; and, or

(g) the issuer’s activity poses a serious threat to market integrity, financial stability, the smooth operation of payment systems, or exposes the issuer, or the sector to serious risks of money laundering and terrorist financing:

Provided that the issuer of the asset-referenced token authorised under Article 21 of the MiCA Regulation and article 11 shall notify the competent authority of any of the situations referred to in paragraphs (e) and (f) of this sub-article.

(2) Without prejudice to sub-articles (1) and (3), the competent authority shall withdraw an authorisation granted under Article 21 of the MiCA Regulation and article 11 to an issuer of an asset-referenced token when the ECB or, where applicable, the central bank referred to in article 11(11) issue an opinion that the asset-referenced token poses a serious threat to the smooth operation of payment systems, monetary policy transmission or monetary sovereignty.

(3) Without prejudice to sub-articles (1) and (2), the competent authority shall withdraw an authorisation granted under Article 21 of the MiCA Regulation and article 11 to an issuer of an asset-referenced token where it is of the opinion that the situations referred to in Article 24(4) of the MiCA Regulation affect the good repute of the members of the management body of that issuer, or the good repute of any shareholders or members, whether direct or indirect, of the issuer that have qualifying holdings, or if there is an indication of a failure of the governance arrangements, or internal control mechanisms as referred to in Article 34 of the MiCA Regulation:

Provided that when an authorisation is withdrawn in terms of this sub-article, the issuer of the asset-referenced token shall implement the procedure under Article 47 of the MiCA Regulation and article 21.