By way of derogation from Article 77(2), the relevant national authorities may refuse to recognise or to enforce third-country resolution proceedings in any of the following cases:
(a)
the third-country resolution proceedings would have adverse effects on financial stability in their Member State;
(b)
creditors, clearing members and, where applicable, their clients located in their Member State would not receive the same treatment as third-country creditors, clearing members and, where applicable, their clients with similar legal rights under the third-country home resolution proceedings;
(c)
recognition or enforcement of the third-country resolution proceedings would have material fiscal implications for their Member State;
(d)
the recognition or enforcement would be contrary to national law.