S.L. 330.9 Art. 66Power to enforce crisis management measures or crisis prevention measures by other Member States.

(1) Where a transfer of shares, other instruments of ownership, or assets, rights or liabilities includes assets that are located in a Member State other than in Malta or rights or liabilities under the law of a Member State other than Malta, the transfer shall have effect in or under the law of that other Member State.

(2) Where a European resolution authority has made or intends to make a transfer of shares, other instruments of ownership, or assets, rights or liabilities including assets that are located in Malta or rights or liabilities under the Maltese law, the Resolution Committee shall provide such a European resolution authority with all reasonable assistance to ensure that the shares or other instruments of ownership or assets, rights or liabilities are transferred to the recipient in accordance with any applicable requirements of Maltese law.

(3) Shareholders, creditors and third parties that are affected by the transfer of shares, other instruments of ownership, assets, rights or liabilities referred to in sub-regulation (1) shall not be entitled to prevent, challenge, or set aside the transfer under any provision of law of the Member State where the assets are located or of the law governing the shares, other instruments of ownership, rights or liabilities.

(4) Where a European resolution authority exercises the write-down or conversion powers, including in relation to capital instruments in accordance with regulation 59, and the bail-inable liabilities or relevant capital instruments of the institution under resolution include the following:

(a) instruments or liabilities that are governed by the law of Malta;

(b) liabilities owed to creditors located in Malta, the Resolution Committee shall ensure that the principal amount of those liabilities or instruments is reduced, or liabilities or instruments are converted, in accordance with the exercise of the write-down or conversion powers by the European resolution authority.

(5) Creditors that are affected by the exercise of write-down or conversion powers referred to in sub-regulation (4) shall not be entitled to challenge the reduction of the principal amount of the instrument or liability or its conversion, as the case may be, under any provision of Maltese law.

(6) Where the Resolution Committee exercises the write-down or conversion powers, the following shall be determined in accordance with Maltese law:

(a) the right for shareholders, creditors and third parties to challenge, by way of appeal pursuant to regulation 85, a transfer of shares, other instruments of ownership, assets, rights or liabilities referred to in sub-regulation (1);

(b) the right for creditors to challenge, by way of appeal pursuant to regulation 85, the reduction of the principal amount, or the conversion, of an instrument or liability covered by sub-regulation (4)(a) or (b);

(c) the safeguards for partial transfers, as referred to in regulations 73 to 80, in relation to assets, rights or liabilities referred to in sub-regulation (1).