7. An operator of a DLT market infrastructure shall establish and make publicly available a clear and detailed strategy for reducing the activity of a particular DLT market infrastructure or for transitioning out of, or ceasing to operate, a particular DLT market infrastructure (‘transition strategy’), including the transition or reversion of its distributed ledger technology operations to traditional market infrastructures, in the event:
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(a)
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that the threshold referred to in Article 3(3) has been exceeded;
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(b)
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that a specific permission or exemption granted under this Regulation is to be withdrawn or otherwise discontinued, including where the specific permission or exemption is discontinued as a consequence of the events envisaged under Article 14(2); or
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(c)
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of any voluntary or involuntary cessation of the business of the DLT market infrastructure.
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The transition strategy shall be ready to be deployed in a timely manner.
The transition strategy shall set out how members, participants, issuers and clients are to be treated in the event of a withdrawal or discontinuation of a specific permission or the cessation of the business as referred to in the first subparagraph of this paragraph. The transition strategy shall set out how clients, in particular retail investors, are to be protected from any disproportionate impact from the withdrawal or discontinuation of a specific permission or the cessation of the business. The transition strategy shall be updated on an ongoing basis subject to the prior approval of the competent authority.
The transition strategy shall specify what is to be done in the event that the threshold referred to in Article 3(3) is exceeded.