36. The phases for the orderly implementation of the plan should include: i. immediate follow-up …

The phases for the orderly implementation of the plan should include:

i. immediate follow-up actions to the decision of the competent authority to trigger the redemption plan, including the activation of the internal processes or of the contractual arrangements for the maintenance in operation of the critical activities;
ii. publication of the communication notice informing the token holders about the process and the timeline to submit their redemption claim and the related content;
iii. to the extent that it is not included in point (i) above, implementation of the liquidation strategies for the reserve of assets as articulated in the ‘L iquidation of the reserve of assets ’ section above;
iv. assessment of the redemption claims;

8 EBA/GL/2024/08. Available here: Final report on GL on liquidity stress testing under Article 45(8) of MiCAR (europa.eu). 18

v. development of a distribution plan, namely the plan to meet all the submitted and positively assessed redemption claims, using the total amount of the proceeds from the liquidation of the reserve of assets for the issuers subject to the requirement to hold a reserve of assets or, for issuers not subject to the requirement to hold a reserve of assets, using the funds available to meet the redemption claims;
vi. arrangements and the timeline for the settlement of the positively assessed redemption claims.

1. Overview

Summary	Regulation

Requirements
Source	Requirement

Standards
Source	Requirement