Effectiveness of crisis management measures or crisis prevention measures of other Member States

(1) Where a resolution authority in another Member State, in applying a resolution tool within the meaning of Directive 2014/59/EU, transfers shares or other instruments of ownership, or assets, rights, or liabilities, and the transfer concerns assets located in the Federal Republic of Germany, or rights or liabilities governed by German law, that transfer has effect as if it were a transfer by the resolution authority itself.
(2) The same applies to measures that a resolution authority in another Member State takes in exercising the creditor participation instrument or the instrument for the participation of holders of relevant capital instruments, insofar as the liabilities and capital instruments concerned are governed by German law, or exist as against creditors established in Germany.
(2a) The same applies where a resolution authority in another Member State directs the suspension of contractual obligations, the suspension of termination rights, or the prohibition of the enforcement of security interests, or makes use of another resolution power within the meaning of Directive 2014/59/EU, and the direction concerns rights, liabilities, or other obligations governed by German law.
(3) The resolution authority supports the resolution authority in another Member State in the transfer under subsection (1).