This is the new content prescribed at the Circular No. 08/2015/TT-NHNN dated June 30, 2015 of the State Bank of Vietnam amending, supplementing a number of Articles of the Circular No. 40/2011/TT-NHNN dated December 15, 2011 of the State Governor of Vietnam regulating on licensing and organizations, operations of commercial banks, foreign bank branches, representative offices of foreign credit institutions and other foreign organizations with banking operations in Vietnam.
Accordingly, instead of submitting the certified documents by authorized agencies in the dossier for granting the permits for establishment and operation of commercial banks; from August 13, 2015, if copies are not copies that are not authenticated, the original ones must be shown for contrast, the person who contrasts must sign in the copies and take responsible for the accuracy of the coppices.
Besides, the Circular also supplement regulations on issuing and replacing the License and granting permits for establishment and operation of foreign bank’s branches, The State Bank shall not grant permits for operations that commercial banks, foreign bank’s branches are not permitted as stipulated by current law; adjust contents permitted. The new license shall replace all licenses, approval (that is a part that cannot be separated with the license) granted by the State Bank.
Within 40 days since the receipt of the valid dossier, the State Bank shall re-grant the license or supplement the content of the license or re-new the license. If refusal, the State Bank must state the reasons in writing. After being approved on re-granting the license, supplementing the content of the license, commercial banks and foreign bank’s branches shall publish changes of the license on media and newspaper in 3 consecutive issues of the newspaper or electronic newspaper within 7 working days since the State Bank issued the new license.
This Circular takes effect on August 13, 2015.
Source: luatvietnam.vn
