New regulation of Vietnam on re-organisation of credit institutions

Sequence and procedures for re-organisation
Circular 36 provides detailed regulations of application file, sequence and licensing procedures required for each form of re-organisation of credit institutions. In short, Circular 36 regulates three main licensing steps and its relevant time limit as follows:
• First, it is required to submit a complete application file to SBV for a written in-principle acceptance of the re-organisation of the credit institution(s) which may be granted by SBV within 60 days of receipt of the proper application file;
• Then, within 60 days (or 120 days in case of conversion of legal form of credit institution) of receipt of the aforesaid in-principle acceptance, it is required to submit a required dossier for obtainment of an approval from the SBV for the re-organisation of credit institution. The SBV, within 30 days of receipt of a complete and valid file, shall confirm official approval to the re-organisation, amendments to the licence for establishment and operation of the re-organised credit institution(s) and registration of the charter, and approve any other items;
• Finally, within 45 days of the effective date of the letter notifying official approval by the SBV, the re-organised institution(s) shall conduct procedures for enterprise registration, disclose information and send a report to the SBV when the re-organisation procedures have been completed.

For each step, the credit institution and other relevant parties shall fully prepare the items and documents complying with the regulations under Circular 36.
Circular 36 comes into full force on March 1, 2016.

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