3.

The Board shall recommend to refuse the recognition or enforcement of the resolution proceedings referred to in paragraph 1, if it considers that: the third-country resolution proceedings would have an adverse effect on financial stability in a participating Member State; creditors, including in particular depositors located or payable in a participating Member State, would not receive the same treatment as third-country creditors and depositors with similar legal rights under the third-country home resolution proceedings; recognition or enforcement of the third-country resolution proceedings would have material fiscal implications for the participating Member State; or the effects of such recognition or enforcement would be contrary to the national law of the participating Member State.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-28 · Text as adopted (Official Journal); later amendments are not incorporated in this text.