Title III, Chapter 6 shall apply
mutatis mutandis
to issuers of e-money tokens.
By way of derogation from Article 46(2), the date by which the recovery plan is to be notified to the competent authority shall, in respect of issuers of e-money tokens, be within six months of the date of the offer to the public or admission to trading.
By way of derogation from Article 47(3), the date by which the redemption plan is to be notified to the competent authority shall, in respect of issuers of e-money tokens, be within six months of the date of the offer to the public or admission to trading.
Title IV: E-MONEY TOKENS | Chapter 1
Article 55
Recovery and redemption plans
Related Technical Standards & Guidelines
Related Recitals (Preamble)
Recitals provide interpretive context and policy rationale for the legislative provisions.
(72)
EMT recovery and redemption plans
Summary: Issuers of e-money tokens should have in place recovery and redemption plans to ensure that the rights of the holders of the e-money tokens are protected when issuers are not able to comply with their obligations.