Cap. 647 ст. 15Modification of published crypto- assets white papers for asset- referenced tokens.

(1) The provisions of this article shall only apply when

Malta is the home Member State.

(2) Issuers of asset-referenced tokens shall notify the competent authority of any intended change of their business model likely to have a significant influence on the purchase decision of any holders or prospective holders of asset-referenced tokens, which occurs after the authorisation pursuant to Article 21 of the MiCA Regulation and article 11, or after the approval of the crypto-asset white paper pursuant to Article 17 of the MiCA Regulation and article 10, as well as in the context of Article 23 of the MiCA Regulation:

Provided that the competent authority shall be notified of the intended changes referred to in this sub-article at least thirty (30) working days before the said changes take effect.

(3) The changes referred to in sub-article (2) shall include, amongst others, any material modifications to:

(a) the governance arrangements, including reporting lines to the management body and risk management framework;

(b) the reserve assets and the custody of the reserve assets;

(c) the rights granted to the holders of asset-referenced tokens;

(d) the mechanism through which an asset-referenced token is issued and redeemed;

(e) the protocols for validating the transactions in asset- referenced tokens;

(f) the functioning of issuers’ proprietary distributed ledger technology, where the asset-referenced tokens are issued, transferred and stored using such a distributed ledger technology;

(g) the mechanisms to ensure the liquidity of asset-referenced tokens, including the liquidity management policy and procedures for issuers of significant asset-referenced tokens referred to in Article 45 of the MiCA Regulation;

(h) the arrangements with third-party entities, including for managing the reserve assets and the investment of the reserve, for the custody of reserve assets, and where applicable, for the distribution of the asset-referenced tokens to the public;

(i) the complaints handling procedures; and, or

(j) the money laundering and terrorist financing risk assessment and general policies and procedures related thereto.

(4) Where any intended change as referred to in sub-article (2) has been notified to the competent authority, the issuer of an asset-referenced token shall draw up a draft modified crypto-asset white paper and shall ensure that the order of the information appearing therein is consistent with that of the original crypto-asset white paper.

(5) The issuer of the asset-referenced token shall notify the draft modified crypto-asset white paper referred to in sub-article (4) to the competent authority and the competent authority shall electronically acknowledge receipt of the said white paper as soon as possible, but in any case not later than five (5) working days from receipt thereof.

(6) The competent authority shall grant approval of, or refuse to approve, the draft modified crypto-asset white paper referred to in sub-article (4) within thirty (30) working days of acknowledgement of receipt thereof in accordance with sub-article (5):

Provided that during the examination of the draft modified crypto-asset white paper, the competent authority may request any additional information, explanations or justifications concerning the said white paper and, when the competent authority makes such request, the time limit referred to in this sub-article shall only commence when the competent authority has received the requested additional information.