Credit institutions coordinates with shareholders, groups of shareholder related to share ownership to set up remedial plans for owning excessive shares , to make sure that no later than December 31, 2015 the share ownership rate of shareholders, group of related shareholders in credit institutions shall comply with the law on credit institutions are the important content at the Circular No. 06/2015/TT-NHNN dated June 01, 2015 of the State Bank of Vietnam regulating on time limit, orders, procedures on forwarding for cases of owning shares exceeding the rate as regulated under Article 55 of the Law on credit institutions.
Within the time of implementing the remedial plan as mentioned in the plan approved by the State Bank, shareholders, group of shareholders holding excessive shares are not permitted to increase the number of shares in credit institutions under all forms, except receiving shares as a form of bonus; or purchasing newly issued shares when credit institutions raise the working capital by selling shares but still ensure that the share ownership rate after purchasing shares matches with regulations under Article 55 of the law on credit institutions.
Since July 15, 2015, credit institutions are not permitted providing credit or providing new credit (in the case of providing already) to shareholders, groups of shareholders who are holding excessive shares or related persons of those shareholders.
In particular, after the time limit as that credit institution adjust the excessive share ownership rate before prescribed term (from 2016) or after the time as mentioned in the restructuring plan approved by the State Bank, shareholders, groups of shareholder fail to comply with the limit of share ownership as prescribed under the law on credit institutions.
This Circular takes effect on July 15, 2015.
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