Press release on issuance of Circular No.11/2020/TT-NHNN
Hanoi, November 2, 2020. The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 11/2020/TT- NHNN amending and supplementing a number of articles of Circular No.24/2017/TT-NHNN dated December 29, 2017 of the SBV Governor providing for the sequences, procedures for the revocation of licenses and liquidation of assets of credit institutions, foreign bank’s branches; the sequences, procedures for the revocation of licenses of representative offices of foreign credit institutions and other foreign institutions with banking operations in Vietnam. The objective of the new Circular is to ensure conformity with the regulations in Decree No.43/2019/ND-CP dated May 17, 2019 of the Government amending and supplementing a number of articles of Decree No.26/2014/ND-CP, as well as the new organizational structure, functions and tasks of the Banking Supervision Agency, the SBV municipal and provincial branches, and in compliance with the applicable laws.
The new Circular contains the following main substances:
- Supplementing regulations on the authority of revoking licenses of credit institutions, foreign bank’s branches, representative offices of foreign credit institutions, and other foreign institutions with banking operations in Vietnam (representative offices)
- Amending and supplementing a number of regulations on the sequences, procedures for the revocation of licenses and liquidation of assets of credit institutions, foreign bank’s branches; the sequences, procedures for the revocation of licenses of representative offices of foreign banking institutions and foreign institutions with banking operations in Vietnam, and the responsibilities of the Banking Supervision Agency and the SBV municipal and provincial branches in ensuring law comformity in exercising the authority of revoking licenses.
Circular No. 11/2020/TT- NHNN is composed of 4 Articles as follows:
- Article 1: composed of 16 paragraphs on amendment and supplementation of a number of articles of Circular No.24/2017/TT-NHNN.
- Article 2: modifying a number of phrases and abolishing a number of paragraphs and articles of Circular No.24/2017/TT-NHNN.
- Article 3: Responsibilities for implementation.
- Article 4: Enforcement.
The new Circular takes effect from December 17, 2020.
Translated by Le Hang