{"id":"circulars/cssf-25-873","title":"Circular CSSF 25/873","type":"circular","date":"2025-02-17","kind":"circular","html":"

Circular CSSF 25/873 is a CSSF circular, published 17 February 2025 and updated 25 February 2025. Subject: Application of the Guidelines of the European Banking Authority on recovery plans under Articles 46 and 55 of Regulation (EU) 2023/1114 (EBA/GL/2024/07).

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Main topic: Markets in Crypto-Assets (MiCA/MiCAR). Keywords: Crypto-assets.

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Circular CSSF 25/873 Application of the Guidelines of the European Banking Authority on recovery plans under Articles 46 and 55 of Regulation (EU) 2023/1114 (EBA/GL/2024/07)

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Circular CSSF 25/873 Application of the Guidelines of the European Banking Authority on recovery plans under Articles 46 and 55 of Regulation (EU) 2023/1114 (EBA/GL/2024/07) To all the issuers, as defined in Article 3(1), point 10 of Regulation (EU) 2023/1114 1 (“MiCAR”), of asset-referenced tokens (“ARTs”) and e-money tokens (“EMTs”) as defined in Article 3(1), points 6 and 7 of MiCAR.

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Luxembourg, 17 February 2025 Ladies and Gentlemen, The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, applies the Guidelines of European Banking Authority (the “EBA”) on recovery plans under Articles 46 and 55 of MiCAR (Ref. EBA/GL/2024/07) (the “Guidelines”), published on 13 June 2024. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promoting supervisory convergence in this field at European level.

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  1. The Guidelines The Guidelines are issued by the EBA on the basis of Article 46(6) of MiCAR pursuant to Article 16 of Regulation (EU) No 1093/2010. The Guidelines apply as from 13 November 2024. These guidelines specify the format and the information that should be contained in the recovery plan that issuers of ARTs and issuers of EMTs have to draw up and maintain according to Articles 46 and 55 of MiCAR. The
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Guidelines

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are

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attached

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this

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circular

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and

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are

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available

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the

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EBA’s

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website

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https://www.eba.europa.eu/.

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  1. Scope of application This circular shall apply to issuers of ARTs and EMTs as defined in Article 3(1), points 6 and 7 of MiCAR.
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Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in cryptoassets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937

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  1. Date of application This circular shall apply with immediate effect.
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Annex

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EBA Guidelines on recovery plans under Articles 46 and 55 of Regulation (EU) 2023/1114 (EBA/GL/2024/07)

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EBA/GL/2024/07 13 June 2024

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Final Report Guidelines on recovery plans under Articles 46 and 55 of Regulation (EU) 2023/1114

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FINAL REPORT ON GUIDELINES ON RECOVERY PLANS UNDER ARTICLES 46 AND 55 OF THE REGULATION (EU) 2023/1114

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Contents Final Report

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1.Executive Summary

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2.Background and rationale

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3.Guidelines

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Guidelines

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1.Compliance and reporting obligations

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2.Subject matter, scope and definitions

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3.Implementation

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5.Accompanying documents

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FINAL REPORT ON GUIDELINES ON RECOVERY PLANS UNDER ARTICLES 46 AND 55 OF THE REGULATION (EU) 2023/1114

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  1. Executive Summary Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR) establishes a holistic approach for the regulation of crypto-asset issuance and crypto-asset service provision in the EU. Articles 46 and 55 of MiCAR set out an obligation for issuers of asset-reference tokens (ARTs) and issuers of emoney tokens (EMTs) to develop and maintain a recovery plan providing for measures to be taken by the issuer to restore compliance with the requirements applicable to the reserve of assets in cases where the issuer fails to comply with those requirements. This requirement is imposed on all issuers, regardless of whether the tokens are classified as significant. These guidelines specify the format of the recovery plan and the information to be provided therein. The guidelines set out that recovery plans should comprise four elements: a summary of the key elements of the recovery plan, the information on governance, the description of the applicable recovery options, and a communication and disclosure plan.
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The text above is the opening of the document; the PDF carries the whole.

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Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

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