10 days before termination ATMS service providers must inform the locality state bank

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Display of stock market charts in a street at night.

On December 28, 2018, the State Bank of Vietnam issues the Circular No. 44/2018/TT-NHNN on amendments and supplements to certain articles of the Circular No. 36/2012/TT-NHNN dated December 28, 2012 of State Bank’s Governor prescribing installation, management, operation and maintenance of safety for operations of automated teller machines.

– Within the duration of 10 business days prior to the initiation, installation, change in location and time or

termination of operations of ATMs payment service providers must inform State Bank branches in localities instead of 15 days as before.

– Appoint employees to detect and respond to any ATM breakdown on time. If ATMs stop working for more than 24 hours, payment service providers must report under the State Bank’s regulations…

This Circular takes effect on February 18, 2019.

AGREEMENT ON INTEREST RATES ON LOANS GUARANTEED BY CREDIT GUARANTEE FUNDS

On December 28, 2018, of the State Bank of Vietnam issues the Circular No. 45/2018/TT-NHNN on providing credit institutions with instructions for grant of loans guaranteed by credit guarantee funds under regulations of the Government’s Decree No.34/2018/ND-CP dated March 08, 2018 on establishment, organization and operation of credit guarantee funds for small and medium-sized enterprises.

Accordingly, before granting a loan guaranteed by the credit guarantee fund, the lender and the credit guarantee fund must enter into a framework or one-by-one agreement on cooperation in granting loans guaranteed by the credit

guarantee fund in order to agree on guarantee, lending activities and use such agreement as a basis for exercising rights and obligations of both parties that may arise.

In case where both parties wish to amend and supplement the signed cooperation agreement, such amendment and supplementation must be carried out in a new written agreement.

Besides, this Circular also regulates the provision on interest rates on loans guaranteed by credit guarantee funds.

This Circular takes effect on February 12, 2019.

BY DECEMBER 31, 2020, COMPLETE THE REMEDY FOR THE OWNERSHIP OF SHARES BEYOND ALLOWED LIMITS

The State Bank of Vietnam issues the Circular No. 46/2018/TT-NHNN on providing regulations on time limits, processes and procedures for transition applied to cases in which major shareholders of a credit institution and related persons thereof own shares equaling at least 5% of charter capital of another credit institution on December 28, 2018.

The presiding credit institution in collaboration with another credit institution and the group of related major shareholders shall work out the plan for remedy for the ownership of shares beyond allowed limits and implement the remedial plan in order to ensure, by December 31, 2020

at the latest, the percentage of ownership of shares by the group of related major shareholders conforms to provisions of the Law on Credit Institution (revised and supplemented version). The remedial plan must include the followings contains at least:

– List of related major shareholders, including the following information;

– Remedial method and roadmap.

This Circular takes effect on March 01, 2019.