S.L. 330.9 Art. 95Right to refuse recognition or enforcement of third-country resolution proceedings.

The Resolution Committee, after consulting European resolution authorities, where a European resolution college is established under regulation 89, may refuse to recognise or to enforce third-country resolution proceedings pursuant to regulation

94(2) if it considers:

(a) that the third-country resolution proceedings would have adverse effects on the financial stability in Malta or that the proceedings would have adverse effects on financial stability in another Member State;

(b) that independent resolution action under regulation 96 in relation to a Union branch is necessary to achieve one or more of the resolution objectives;

(c) that creditors, including in particular depositors located or payable in Malta or in another Member State, would not receive the same treatment as third-country creditors and depositors with similar legal rights under the third-country home resolution proceedings;

(d) that recognition or enforcement of the third-country resolution proceedings would have material fiscal implications for Malta; or

(e) that the effects of such recognition or enforcement would be contrary to Maltese law.