Regulatory Alerts2024-06-13
Added · Updated
EBA Guidelines on Recovery Plans under Articles 46 and 55 of Regulation (EU) 2023/1114
The European Banking Authority issues guidelines specifying the format and content of recovery plans that issuers of asset-referenced tokens and e-money tokens must maintain under Articles 46 and 55 of Regulation (EU) 2023/1114. Issuers are required to include a summary of essential elements, detailed governance processes, and a framework of quantitative and qualitative indicators with defined thresholds to monitor risks such as liquidity, operational, credit, and market risks. Competent authorities must apply the principle of proportionality when assessing these plans, considering factors like the issuer's size, complexity, and the token's significance, with significant issuers required to update their plans annually. The guidelines apply from 13 November 2024, requiring authorities to notify the EBA of their compliance status by that date.
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