Article 78

By way of derogation from Article 77(2), the relevant national authorities may refuse to recognise or to enforce third-country resolution proceedings in any of the following cases: the third-country resolution proceedings would have adverse effects on financial stability in their Member State; creditors, clearing members and, where applicable, their clients located in their Member State would not receive the same treatment as third-country creditors, clearing members and, where applicable, their clients 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 their Member State; the recognition or enforcement would be contrary to national law.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.