Law No. 17/2017/QH14 dated November 20th, 2017 of National Assembly on amendments to some articles of the Law on Credit Institutions
According to the amendments at this Law, banks are exempt from applying for a license to the State Bank of Vietnam upon arising changes of the following information: Renaming of a branch of banks (except for foreign banks’ branches); listing of shares on the domestic securities market. read more
With regard to the suspension of business, it is only required to apply for the permission from the State Bank of Vietnam if the suspension of business prolongs for more than 05 working days. Under the earlier regulations, it is required to apply for the permission from the State Bank of Vietnam if the suspension of business prolong for more than 01 working day.
However, this Law also supplements to the regulations on applying for the permission from the State Bank of Vietnam upon the purchase, sale, transfer of capital contributions of a bank owner.
In addition, the Law also supplements the regulations on prohibition from holding such position as member of the Board of Directors, member of the Board of members, member of the Board of Controllers, Director General (Director), Deputy Director General (Deputy Director) with regard to the person who is in charge of case in which a bank is imposed the highest fine.
The regulations pertaining to the application of early intervention or special control to banks that fail to maintain the solvency ratio are also amended, supplemented.
This Law takes effect from January 15th, 2018.
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