Press Release on issuance of Circular No.53/2018/TT-NHNN
Hanoi, December 31, 2018 – The Governor of the State Bank of Vietnam (SBV) issued Circular No.53/2018/TT-NHNN stipulating the operational network of non-bank credit institutions. Circular No.53/2018/TT- NHNN takes effect from March 1st, 2019.
The new Circular is composed of 06 Chapters and 26 Articles as follows:
Chapter I - General provisions
Chapter I is composed of 06 Articles (Article 1 to Article 6) regulating the scope of regulation, the subjects of application, the interpretation of terms, the powers and authority of the SBV Governor, the principles of compiling dossiers and sending notifying documents and regulations on the management of the operational network by non-bank credit institutions.
Chapter II - Provisions on the establishment of a branch, a representative office and a business unit of a non-bank credit institution:
Chapter II is composed of 05 Articles (Article 7 to Article 11) stipulating the conditions, dossiers and sequences for requesting approval of the establishment of a branch, a representative office and a domestic business unit of a non-bank credit institution; and the information disclosure.
Chapter III - Provisions on a change in the name, office location of a branch, a representative office or a business unit of a non-bank credit institution:
Chapter III is composed of 04 Articles (Article 12 to Article 15) stipulating the situation of a change in the name, office location of a branch, a representative office or a domestic business unit of a non-bank credit institution.
Chapter IV – Provisions on the termination of operations, the dissolvement of a branch, a representative office or a business unit of a non-bank credit institution:
Chapter IV is composed of 05 Articles (Article 16 to Article 20) stipulating the sequences, procedures and dossiers for requesting a termination of operations, dissolvement of a branch, a representative office or a domestic business unit of a non-bank credit institution; and the information disclosure.
Chapter V - Implementation
Chapter V is composed of 03 Articles (Article 21 to Article 23) stipulating the responsibilities for the implementation of the new Circular.
Chapter VI –Enforcement
Chapter VI is composed of 03 Articles (Article 24 to Article 26) stipulating the transitional provisions, the effectiveness and the organization for implementing the Circular.
Translated by Le Hang