Press Release on issuance of Circular No.13/2019/TT-NHNN
Hanoi, August 21, 2019 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 13/2019/TT-NHNN amending and supplementing a number of articles of the Circulars related to the licensing, organization and operations of the credit institutions and the foreign bank branches.
The issuance of the new Circular is aimed at amending and supplementing several articles of four Circulars in order to be in conformity with Decree No.43/2019/ND-CP of the Government dated May 17, 2019 amending and supplementing several articles of Decree No.26/2014/ND-CP, he new organizational structure, functions and tasks of the subsidiary units under the Banking Supervision Agency, and the practical implementation of the applicable laws.
The new Circular is composed of 7 Articles as follows:
- Article 1: Amending and supplementing a number of articles of Circular No.03/2018/TT-NHNN dated February 23, 2018 on the licensing, organization and operations of the microfinance institutions.
- Article 2: Amending and supplementing a number of articles of Circular No.22/2018/TT-NHNN dated September 5, 2018 providing guidance for the procedures, dossiers for requesting the approval of the proposed list of personnel at the commercial banks, non-bank credit institutions and foreign bank branches.
- Article 3: Amending and supplementing a number of articles of Circular No.23/2018/TT-NHNN dated September 14, 2018 stipulating the reorganization, revoking of the licenses and the liquidation of the assets of the people's credit funds.
- Article 4: Abolishing a number of articles of Circular No.36/2014/TT-NHNN dated November 20, 2014 stipulating the prudent ratios in the operations of the credit institutions and the foreign bank branches.
- Article 5: Transitional provisions
- Article 6: Responsibilities for implementation
- Article 7: Enforcement
The new Circular takes effect from October 5, 2019, except for Article 2 being effective from August 26, 2019.
Translated by Le Hang