Insolvency proceedings in the states of the European Economic Area

(1) Within the European Economic Area, only the respective authorities or courts of the home member state have jurisdiction to open insolvency proceedings over the assets of a CRR credit institution. Where another state of the European Economic Area is the home member state of a CRR credit institution, and insolvency proceedings are opened there over the assets of this institution, the proceedings are recognised without regard to the conditions of section 343(1) of the Insolvency Code.
(2) Secondary insolvency proceedings under section 356 of the Insolvency Code, and other particular proceedings under section 354 of the Insolvency Code, concerning CRR credit institutions that have their registered office in another state of the European Economic Area, are not permissible.
(3) The registry of the insolvency court must transmit the opening order to the Federal Institute immediately, which, without delay, informs the competent authorities of the other host member states of the European Economic Area of the opening of the proceedings. Without prejudice to the publication provided for in section 30 of the Insolvency Code, the insolvency court must publish extracts of the opening order in the Official Journal of the European Union and in at least two national newspapers of the host member states in which the credit institution concerned has a branch or provides services. The form under section 46f(1) is to be placed before the publication.
(4) The Federal Institute may at any time require information on the status of the insolvency proceedings from the insolvency court and the insolvency administrator. It is obliged, at the request of the competent authority of another state of the European Economic Area, to inform it of the status of the insolvency proceedings.
(5) Where the Federal Institute makes the application for the opening of insolvency proceedings over the assets of the branch of an undertaking with its registered office outside the European Economic Area, it informs, without delay, the competent authorities of the states of the European Economic Area in which the undertaking has a further branch or provides services. The notification must also extend to the content and continued existence of the licence under section 32. The persons and bodies involved endeavour to act in a coordinated manner.
(6) Subsections (1) to (5) also apply to undertakings within the scope of section 1 of the Recovery and Resolution Act against which a resolution tool within the meaning of section 77 of the Recovery and Resolution Act is ordered, or a resolution power within the meaning of sections 78 to 87 of the Recovery and Resolution Act is exercised.