
On 9 October 2024, the European Banking Authority (EBA) published its Final Report on the Guidelines on redemption plans under Art. 47(5) and 55 of Regulation 2023/1114/EU (MiCAR). The Guidelines outline the content of the redemption plan to be developed by issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) to ensure the orderly redemption of tokens when the competent authority (CA) deems the issuer ‘unable or likely to be unable to fulfil its obligations’. The Guidelines also specify the liquidation strategies of the reserve of assets, the mapping of critical activities, the content of redemption claims, the key steps of the redemption process, and the triggers for competent authorities to implement the redemption plan. The Guidelines will be translated into the EU official languages and published on the EBA website. The deadline for CAs to report whether they comply with the Guidelines will be two months after the publication of the translations. The Guidelines will apply from two months after the date of the Guidelines’ publication on the EBA website.