(1) This Regulation shall apply in respect of third-country resolution proceedings unless and until an international agreement, referred to in Article 93(1) of the Bank Recovery and Resolution Directive, enters into force with the relevant third country.
(2) This Regulation shall also apply following the entry into force of an international agreement, as referred to in Article 93(1) of the Bank Recovery and Resolution Directive, with the relevant third country to the extent that recognition and enforcement of third-country resolution proceedings is not governed by that agreement.
(3) Where -
(a) third-country resolution proceedings have been initiated in relation to a third-country institution or a parent undertaking,
(b) the third-country institution or parent undertaking referred to in subparagraph (a) either -
(i) has Union subsidiaries established in, or Union branches located in and regarded as significant by, 2 or more Member States, or
(ii) has assets, rights or liabilities whic
…