![]() The deadline for finalizing the list is June 30, 2024.
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This Circular regulates the process for commercial banks (except those under special control) with shareholders, including related parties, who hold shares exceeding the ratio specified in Article 55 of the Law on Credit Institutions No. 47/2010/QH12, which has been amended and supplemented by certain articles in Law No. 17/2017/QH14 (hereinafter referred to as “shareholding exceeding the ratio”). It outlines the development and implementation of a roadmap to ensure compliance with the provisions of the Law on Credit Institutions No. 32/2024/QH15 (hereinafter referred to as the “Compliance Roadmap”).
This Circular applies to shareholders, including related parties, who hold shares exceeding the ratio, as well as commercial banks with such shareholders (hereinafter referred to as “commercial banks”).
Timeline and Development of the Compliance Roadmap
According to the provisions of this Circular, the timeline for the Compliance Roadmap shall be determined by the commercial bank in collaboration with the shareholders, including related parties, who hold shares exceeding the ratio. The timeline must align with the restructuring plan/scheme of the shareholders and related parties or with the decisions/documents approved by the competent authority of the shareholders and related parties (if any).
Commercial banks shall identify the list of shareholders, including related parties, who hold shares exceeding the ratio, based on the provisions of Clause 28, Article 4, and Article 55 of the Law on Credit Institutions No. 47/2010/QH12, which has been amended and supplemented by certain articles in Law No. 17/2017/QH14. The deadline for finalizing the list is June 30, 2024.
Commercial banks with shareholders, including related parties, who hold shares exceeding the ratio, shall collaborate with these shareholders to develop a roadmap to comply with the shareholding ratio specified in Article 55 of the Law on Credit Institutions No. 47/2010/QH12, as amended and supplemented by certain articles in Law No. 17/2017/QH14.
The Compliance Roadmap of the commercial bank must include, at a minimum, the following contents:
A list of shareholders, including related parties, currently holding shares exceeding the ratio, including the following information:
For individuals: Full name; personal identification number, date of issue, place of issue, place of permanent residence, current address (if different from the permanent residence), date of birth for Vietnamese citizens; nationality, passport number, date of issue, place of issue, place of temporary residence in Vietnam, current address (if different from the temporary residence) for foreign individuals; information on the number and ratio of shares and contributed capital held in the chartered capital of the commercial bank (including shares and contributed capital authorized or entrusted to other organizations or individuals to hold on their behalf); name of the authorized or entrusted organization or individual and their relationship with the individual.
For organizations: Name of the organization, business registration certificate or equivalent legal document, date of issue, place of issue, enterprise code, head office address. Information on the number and ratio of shares held in the chartered capital of the commercial bank (including shares authorized or entrusted to other organizations or individuals to hold on their behalf); name of the authorized or entrusted organization or individual and their relationship with the organization.
Information on the representative of the contributed capital, related parties of the shareholders, and related parties within the group of shareholders and related parties.
Timeline for the Compliance Roadmap, including key milestones and measures to be implemented (reduction of shareholding ratio by the shareholders and related parties in the commercial bank or other appropriate measures in accordance with relevant legal provisions).
Commitment from the commercial bank to coordinate and monitor the implementation of the above roadmap by the shareholders, including related parties, who hold shares exceeding the ratio.
The Circular also stipulates that the commercial bank shall submit the Compliance Roadmap directly or through postal services to the State Bank (via the Banking Inspection and Supervision Agency), shareholders, and related parties within 120 days from the effective date of this Circular.
In case of ensuring the safe operation of the commercial bank, the Banking Inspection and Supervision Agency may request the commercial bank to revise and complete the Compliance Roadmap. Within the timeframe specified by the Banking Inspection and Supervision Agency, the commercial bank must collaborate with the shareholders and related parties to revise and complete the Compliance Roadmap, and then submit it directly or through postal services to the relevant parties.
This Circular takes effect from January 15, 2025.
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