(1) Institutions and entities referred to in Regulation 2(1)(b) to (i) shall include in any financial contract which they enter into and which is governed by third-country law, terms by which the parties recognise that the financial contract may be subject to the exercise of powers by the resolution authority to suspend or restrict rights and obligations under Regulations 63A, 129, 130 and 131 and recognise that they are bound by the requirements of Regulation 128.
(2) Union parent undertakings shall ensure that their third-country subsidiaries which are credit institutions, financial institutions, investment firms, or those firms which would be investment firms if they had a head office in the State, include, in the financial contracts referred to in paragraph (1), terms to exclude that the exercise of the power of the resolution authority to suspend or restrict rights and obligations of the Union parent undertaking, in accordance with paragraph (1), constitutes a valid ground for ear
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