Press release on Circular No.15/2016/TT-NHNN
The Governor of the State Bank of Vietnam (SBV) issued Circular No.15/2016/TT-NHNN on June 30, 2016 to revise Circular No.30/2015/TT-NHNN of the SBV Governor dated December 25, 2015 on granting licenses, organization and operation of non-bank credit institutions.
The Circular revises several contents on conditions of granting licenses; ensuring conditions to conduct factoring operation; issuing credit cards and financial leasing; conditions of financial leasing in foreign currencies, purchasing and leasing in foreign currencies in line with the Investment Law on conditional business lines and Resolution No.19/2016/NQ-CP of the Government on main tasks and solutions of improving business environment, enhancing national capacity of competition in 2016-2017, orientation towards 2020.
The Circular consists of 4 articles with several main contents as follows:
- Revising contents on founding shareholders, owners, founding members, transfer of contributed capital, repurchase of contributed capital; financial leasing in foreign currencies; and principles of purchasing and leasing;
- Abolishing the regulation on conditions for conducting factoring operation, issuing credit cards; condition for the operations of factoring companies, and providing consumer loans.
The Circular took effect from July 1, 2016.
VH