--- title: "Article 47 — Redemption plan" type: regulation legal_status: in_force source: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109" shortTitle: "Article 47 — Redemption plan" instrument_type: level1_regulation authority: Commission binding: true binding_character: binding mica_level2: false legal_basis: Regulation (EU) 2023/1114 instrument: mica celex: 32023R1114 text_version: "Consolidated version of 9 January 2024" source_url: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109" check_status: matched verified: true last_checked: 2026-11-09 --- *In force · Consolidated version of 9 January 2024 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02023R1114-20240109)* 1. An [issuer](https://www.headlesslaw.com/definitions/mica/issuer) of an [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token) shall draw up and maintain an operational plan to support the orderly redemption of each asset-referenced token, which is to be implemented upon a decision by the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) that the issuer is unable or likely to be unable to fulfil its obligations, including in the case of insolvency or, where applicable, resolution or in the case of withdrawal of authorisation of the issuer, without prejudice to the commencement of a crisis prevention measure or crisis management measure as defined in Article 2(1), points (101) and (102), respectively, of Directive 2014/59/EU or a resolution action as defined in Article 2, point (11), of Regulation (EU) 2021/23 of the European Parliament and of the Council. 2. The redemption plan shall demonstrate the ability of the [issuer](https://www.headlesslaw.com/definitions/mica/issuer) of the [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token) to carry out the redemption of the outstanding asset-referenced token issued without causing undue economic harm to its holders or to the stability of the markets of the reserve assets. The redemption plan shall include contractual arrangements, procedures and systems, including the designation of a temporary administrator in accordance with applicable law, to ensure the equitable treatment of all holders of asset-referenced tokens and to ensure that holders of asset-referenced tokens are paid in a timely manner with the proceeds from the sale of the remaining reserve assets. The redemption plan shall ensure the continuity of any critical activities that are necessary for the orderly redemption and that are performed by issuers or by any third-party entity. 3. The [issuer](https://www.headlesslaw.com/definitions/mica/issuer) of the [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token) shall notify the redemption plan to the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) within six months of the date of authorisation pursuant to [Article 21](21.md) or within six months of the date of approval of the [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) white paper pursuant to [Article 17](17.md). The competent authority shall require amendments to the redemption plan where necessary to ensure its proper implementation and shall notify its decision requesting those amendments to the issuer within 40 working days of the date of notification of that plan. That decision shall be implemented by the issuer within 40 working days of the date of notification of that decision. The issuer shall regularly review and update the redemption plan. 4. Where applicable, the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) shall notify the redemption plan to the resolution authority and prudential supervisory authority of the [issuer](https://www.headlesslaw.com/definitions/mica/issuer). The resolution authority may examine the redemption plan with a view to identifying any actions in the redemption plan that might adversely impact the resolvability of the issuer, and may make recommendations to the [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) in respect thereof. 5. EBA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 to specify: **(a)** the content of the redemption plan and the periodicity for review, taking into account the size, complexity and nature of the [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token) and the business model of its issuer; and **(b)** the triggers for implementation of the redemption plan. *** ### Related * [asset-referenced token](https://www.headlesslaw.com/definitions/mica/asset-referenced-token) — definition used in this article * [crypto-asset service](https://www.headlesslaw.com/definitions/mica/crypto-asset-service) — definition used in this article * [competent authority](https://www.headlesslaw.com/definitions/mica/competent-authority) — definition used in this article * [crypto-asset](https://www.headlesslaw.com/definitions/mica/crypto-asset) — definition used in this article * [issuer](https://www.headlesslaw.com/definitions/mica/issuer) — definition used in this article ## Related Level 2 and Level 3 ### Guidance and Q&A - [EBA Q&A 2024_7067 — Q&A — MiCAR vs CRD: recovery plan info \[Rejected question\]](../level-3/q-and-a/eba/eba-qa-7067-micar-vs-crd-recovery-plan-info.md) - [EBA/GL/2024/13 — Guideline — Issuer Redemption Plans \[final\]](../level-3/guidelines/guidelines-on-redemption-plans-under-micar.md) *** [Title III — Asset-referenced tokens](../titles/iii.md) › Chapter 6 — Recovery and redemption plans · [← Article 46](46.md) · [Article 48 →](48.md)