Article 24: Withdrawal of the authorisation
agent:eu:mica:art-24 · sha256 56aa0b2ddfb1b01b
Turnover framework under the act
The act sets no turnover framework. Penalties are laid down by the Member States.
Affected roles
Not in the register yet.
Affected industries
banking
Obligations
Not in the register yet.
Article text
1. Competent authorities shall withdraw the authorisation of an issuer of an asset-referenced token in any of the following situations:
(a)
the issuer has ceased to engage in business for six consecutive months, or has not used its authorisation for 12 consecutive months;
(b)
the issuer has obtained its authorisation by irregular means, such as by making false statements in the application for authorisation referred to in Article 18 or in any crypto-asset white paper modified in accordance with Article 25;
(c)
the issuer no longer meets the conditions under which the authorisation was granted;
(d)
the issuer has seriously infringed the provisions of this Title;
(e)
the issuer has been subject to a redemption plan;
(f)
the issuer has expressly renounced its authorisation or has decided to cease operations;
(g)
Machine-readable formThe article in the registerChangesSource: NovaCopilot