Power in respect of assets located in third countries

(1) Where a resolution action also extends to assets or liabilities located in a third country, or governed by the law of a third country, the resolution authority may, where the resolution conditions or the conditions under section 65 are satisfied, direct that 1. the management, a special manager within the meaning of section 45c of the Banking Act, a temporary administrator within the meaning of section 38, a special manager within the meaning of section 87, or another person exercising control over the institution or group entity under resolution, and the recipient legal entity, take all suitable and necessary measures to ensure that the transfer, write-down, conversion, or other resolution action becomes effective in respect of the assets and liabilities concerned; 2. the management, a special manager within the meaning of section 45c of the Banking Act, a temporary administrator within the meaning of section 38, a special manager within the meaning of section 87, or another person exercising control over the institution or group entity under resolution, ensure that the institution or group entity holds the assets concerned, or discharges the liabilities concerned, in the name of the recipient legal entity, until the resolution action becomes effective; 3. the expenses incurred by the recipient legal entity in carrying out the measures required under points 1 and 2 be reimbursed under section 142(2), insofar as they are reasonable.
(2) Where, in the resolution authority's assessment, the measures provided for in subsection (1) are, in all likelihood, not suitable to bring about a transfer, write-down, conversion, or other resolution action that is effective under the law of the third country, even though the managers, special managers within the meaning of section 45c of the Banking Act, temporary administrators within the meaning of section 38, special managers within the meaning of section 87, or other persons exercising control over the institution or group entity under resolution, take the measures provided for in subsection (1), the resolution authority refrains, to that extent, from the transfer, write-down, conversion, or other resolution action. Where the resolution authority has already directed the transfer, write-down, conversion, or other resolution action, it reverses it with retroactive effect.