| THE STATE BANK OF VIETNAM No. 06/2015/TT-NHNN | THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness Hanoi, June 1, 2015 |
CIRCULAR
Providing the time limit, order and procedures for transition applicable to cases of holding shares in excess of the holding limit prescribed in Article 55 of
the Law on Credit Institutions [1]
the Law on Credit Institutions [1]
Pursuant to June 16, 2010 Law No. 46/2010/QH12 on the State Bank of Vietnam;
Pursuant to June 16, 2010 Law No. 47/2010/QH12 on Credit Institutions;
Pursuant to the Government’s Decree No. 156/2013/ND-CP of November 11, 2013, defining the functions, duties, powers and organizational structure of the State Bank of Vietnam;
At the proposal of the Chief Bank Inspector-Supervisor,
The Governor of the State Bank of Vietnam (below referred to as the State Bank) provides for the time limit, order and procedures for transition applicable to cases of holding shares in excess of the holding limit prescribed in Article 55 of the Law on Credit Institutions.
Article 1. Scope of regulation and subjects of application
1. This Circular provides for the time limit, order and procedures for transition applicable to shareholders or shareholders and their affiliated persons holding shares of a credit institution in excess of the holding limit specified in Article 55 of the Law on Credit Institutions before the effective date of this Law (below referred to as “excessive shareholding”).
2. This Circular applies to:
a/ Shareholders, shareholders and their affiliated persons (below referred to as “groups of affiliated shareholders”) with excessive shareholding;
b/ Credit institutions having shareholders or a group of affiliated shareholders with excessive shareholding (below referred to as “credit institutions”).
Article 2. Time limit, order and procedures for transition applicable to cases of excessive shareholding
1. Credit institutions shall coordinate with shareholders or groups of affiliated shareholders with excessive shareholding in working out a plan to address the excessive shareholding (below referred to as “addressing plan”), ensuring that the shareholding of such shareholders or groups of affiliated shareholders in such credit institutions will comply with the Law on Credit Institutions by December 31, 2015, except the cases of excessive shareholding permitted by the Prime Minister or already handled under the restructuring plan approval by the State Bank. An addressing plan must have at least the following contents:
[1] Công Báo Nos 597-598 (16/6/2015)
