4.7 Format and maintenance of the recovery plan

Issuers should draft their recovery plan in a clear and understandable language. The recovery plan should be complete, self-explanatory, accurate and contain at least all the information listed in these guidelines.

Issuers should include in their recovery plan that the information provided therein will be updated periodically and at least every time there is a material change in the business or financial profile of the issuer and/or of the token issued. Any review or update of the plan should be notified to the competent authority without undue delay. Issuers of significant tokens should include in their recovery plan that they will update the information provided therein at least on an annual basis.