The Guidelines are addressed to issuers of ART and of EMT, and to competent authorities under MiCAR. They specify the content of the redemption plan, timeframe for review and triggers for its implementation. In particular, the draft Guidelines clarify the main principles governing the redemption plan (eg. the equitable treatment of token holders or governance principles) and describe the main steps for the orderly and timely implementation of the plan. They also cover the case of a pooled issuance (ie. where the same token is issued by multiple issuers).

Having regards to AML/CFT, the draft Guidelines require that relevant checks are performed and that, if the issuer is not subject to ML/TF obligations, such activities have to be performed by an intermediary which is an obliged entity under AMLD. The consultation runs until 10 June 2024 and a virtual public hearing will be held on 22 May from 14:00 to 16:00 (CET).