4.8 Interaction between different recovery planning obligations

When an asset-referenced token or an e-money token is issued by multiple issuers, all issuers should include in their recovery plan how they will ensure effective coordination among the respective recovery plans. In particular, issuers should establish in their recovery plan appropriate measures aimed at ensuring that:

• a) recovery plan indicators are aligned to the maximum possible extent;
• b) thresholds of token-related recovery plan indicators are set at the same level;
• c) recovery options laid down in each plan are consistent with each other;
• d) the activation and execution of the respective recovery plans is agreed and coordinated among all issuers;
• e) the implementation of certain recovery options by one of the issuers does not unduly impact on the implementation of other recovery options by the other issuers;
• f) the execution of the recovery plans is done in a way that all token holders are treated fairly and equally.

As regards the format, issuers that offer two or more tokens to the public should draft a recovery plan for each asset-referenced and/or e-money token they issue and calibrate token-specific recovery plan indicators and thresholds therein.

Competent authorities should consider whether issuers that offer two or more tokens to the public should draft one separate recovery plan for each token issued or a single recovery plan divided into separate sections, each laying down token-specific elements. This second option should be excluded where one of the tokens is issued by multiple issuers.

Issuers offering two or more tokens to the public should at least ensure that:

• a) issuer-related recovery plan indicators are consistent and the respective thresholds are set at the same level;
• b) recovery options laid down for each token are not contradicting each other;
• c) the activation and execution of one recovery plan would not negatively impact on the activation and execution of other recovery plans;
• d) the implementation of any recovery option does not interfere with the provision of services related to the other tokens issued.

Issuers subject to other recovery planning obligations under EU sectoral legislation

Where the issuer is a credit institution or an investment firm required to draw a recovery plan under the Directive 2014/59/EU⁷ , subject to the prior agreement with the competent authorities designated under Regulation (EU) 2023/1114 and Directive 2014/59/EU, and subject to the compliance with the confidentiality requirements laid down in Directive 2014/59/EU, such issuer:

• a) may include in the recovery plan drafted and approved in accordance with Directive 2014/59/EU (the ‘ BRRD recovery plan’) an annex containing all the information specified in these guidelines, by cross-referencing the relevant sections of the BRRD recovery plan which are fit to comply with sections 4.2 to 4.6 of these guidelines, and/or by including new sections or information where necessary to comply with these guidelines;
• b) issuers opting for option under letter a) above should submit the recovery plan under Regulation (EU) 2023/1114 drafted in the form of the annex referenced under letter a) above to the competent authority designated under Regulation (EU) 2023/1114; the issuer should also clearly identify in a statement/index the specific sections and pages of the BRRD recovery plan where the information laid down in these guidelines is included.

⁷ Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).

The previous paragraph does not apply to credit institutions and investment firms that are issuers of significant asset referenced tokens.