1. None of the following operations and procedures carried out through Financial Market Infrastructures, which meet one of designation conditions referred to in item (2) of Article (157) of this decree-law, shall be regarded, as to any extent, invalid on the grounds of commencement of realization of assets of a Person under resolution, liquidation, insolvency, financial restructuring, or bankruptcy: a. A Transfer Order. b. Any disposition of property in pursuance of such Transfer Order. c. The Default Arrangements of such infrastructures. d. The rules of such systems as to the settlement of Transfer Orders not dealt with under their Default Arrangements. e. Any arrangements for the purpose of realizing collateral security in connection with participation in such infrastructures, other than its Default Arrangements. 2. The relevant resolution administrator or insolvency officer or any Person appointed to manage the insolvency procedures in cases of bankruptcy or liquidation, shall not take any actions or procedures contrary to the provisions of this decree-law, or preclude or interfere with Default Arrangements of the infrastructures referred to in item (1) of this article. 3. An obligation arising out of a Transfer Order, which is the subject of an action taken under Default Arrangements of the infrastructures referred to in item (1) of this article, shall not be proved in resolution, bankruptcy, or liquidation procedures, until completion of the transfer or payment order, until the action taken under the Default Arrangements is completed. 4. A debt or other liability, which by virtue of item (3) of this article may not be proved, shall not be taken into account for the purposes of any set-off, offset, or net out of debt or obligations until the completion of the action taken under the Default Arrangements of such infrastructures.
Interpretation and application must be checked against the official text and current version.