Press Release on the issuance of Circular No.25/2019/TT-NHNN
Hanoi, December 2, 2019 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 25/2019/TT-NHNN amending and supplementing a number of articles of Circular No.40/2011/TT-NHNN dated December 15, 2011 of the SBV Governor regulating the licensing, organization and operations of commercial banks, foreign bank branches, representative offices of foreign credit institutions, other foreign organizations with banking operations in Vietnam.
The new Circular is composed of the main substances as follows:
- Amending and supplementing the regulations on the authority of issuing licenses for foreign bank branches and representative offices of foreign credit institutions;
- Regulations on revisions of the license for changes of a representative office;
- Amending and supplementing a number of regulations on the responsibilities of the Banking Supervision Agency, the SBV municipal and provincial branches; replacing several appendices to ensure compliance and consistency with the revised authority of issuing licenses for foreign bank branches and representative offices
The new Circular is composed of 5 Articles as follows:
- Article 1: Comprising of 6 Paragraphs amending and supplementing a number of Articles of Circular No.40/2011/TT-NHNN.
- Article 2: Revising and abolishing a number of phrases, paragraphs and replacing several appendices of Circular No.40/2011/TT-NHNN.
- Article 3. Transitional period.
- Article 4. Responsibilities for the implementation.
- Article 5. Enforcement.
The new Circular shall take effect on January 17, 2020.
Translated by Le Hang