Cap. 647 Art. 21Notification of the  redemption 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 redemption plan drawn up in accordance with Article 47(1) and (2) 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 six (6) 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 redemption 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 the said decision.

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