Right to refuse recognition or enforcement of third-country resolution proceedings
After consulting the resolution authorities of the other Member States of the European resolution college concerned under section 159, the resolution authority may refuse to recognise or enforce third-country resolution proceedings, where it considers that 1. the third-country resolution proceedings concerned would have a negative effect on national financial stability, or that the proceedings would have a negative effect on financial stability in another Member State, 2. independent resolution actions under section 171 in respect of a domestic Union branch are necessary to achieve one or more resolution objectives, 3. creditors, in particular depositors, resident in, or to be paid in, a Member State, would not enjoy equal treatment with third-country creditors and investors with similar legal interests under the third-country resolution proceedings, 4. recognising or enforcing the third-country resolution proceedings would have significant fiscal implications, or 5. the effects of that recognition or enforcement would conflict with national law, or, as interpreted within the meaning of this Act, would conflict with bilateral agreements concluded.