Article 77 Recognition and enforcement of third-country resolution proceedings

(a)

the third-country CCP provides services, or has subsidiaries established, in one or more Member States;

(b)

the third-country CCP has assets, rights, obligations or liabilities located in one or more Member States or are governed by the law of those Member States.

(a)

exercise the resolution powers in relation to the following:

(b)

perfect, including to require another person to take action to perfect, a transfer of instruments of ownership in a subsidiary established in the designating Member State;

(c)

exercise the powers in Article 55, 56 and 57 in relation to the rights of any party to a contract with an entity referred to in paragraph 2 of this Article, where such powers are necessary in order to enforce third-country resolution proceedings; and

(d)

render unenforceable any right to terminate, liquidate or accelerate contracts, or affect the contractual rights, of entities referred to in paragraph 2 and other group entities, where such a right arises from resolution action taken in respect of the third-country CCP, whether by the third-country resolution authority itself or otherwise pursuant to legal or regulatory requirements as to resolution arrangements in that country, provided that the substantive obligations under the contract, including payment and delivery obligations, and provision of collateral, continue to be performed.