Cap. 647 Art. 24Notification of the recovery plan.   Cap. 371. Cap. 376.

(1) For the purposes of this article, "issuer of an e-money token" means an issuer of an e-money token which is licensed as a credit institution under the Banking Act or as a financial institution authorised to issue electronic money under the Financial Institutions Act.

(2) The issuer of an e-money token shall notify the recovery plan drawn up in accordance with Article 46(1) of the MiCA Regulation, as applicable pursuant to Article 55 of the said Regulation, to the competent authority within six (6) months of the date of the offer to the public or admission to trading of the e-money token.

(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 an e-money 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 e-money token within forty (40) working days of the date of notification of such decision.

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

(6) Where the issuer of an e-money token fails to comply with the applicable requirements under the MiCA Regulation or, due to a rapidly deteriorating financial condition, is likely in the near future to not be able to comply with those 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 e-money tokens, provided that the suspension is justified while having regard to the interests of the holders of e-money tokens and financial stability.