Article 9 12

(a)

a flaw has been discovered in the functioning of the distributed ledger technology used, or in the services and activities provided by the CSD operating the DLT SS, that poses a risk to investor protection, market integrity or financial stability, and the risk outweighs the benefits of the services and activities under experimentation;

(b)

the CSD operating the DLT SS has breached the conditions attached to the exemptions;

(c)

the CSD operating the DLT SS has recorded financial instruments that do not fulfil the conditions set out in Article 3(1);

(d)

the CSD operating the DLT SS has exceeded the threshold referred to in Article 3(2);

(e)

the CSD operating the DLT SS has exceeded the threshold referred to in Article 3(3) and has not activated the transition strategy; or

(f)

the CSD operating the DLT SS obtained the specific permission or related exemptions on the basis of misleading information or a material omission.