THE STATE BANK OF VIETNAM
Circular No. 07/2013/TT-NHNN of March 14, 2013, on special control of credit institutions
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 November 26, 2003 Law No. 18/2003/QH11 on Cooperatives;
Pursuant to November 29, 2005 Law No. 60/2005/QH11 on Enterprises;
Pursuant to the Government’s Decree No. 96/2008/ND-CP of August 26, 2008, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
At the proposal of the Chief Banking Inspector-Supervisor;
The Governor of the State Bank of Vietnam promulgates the Circular to provide special control of credit institutions.
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation
This Circular provides special control of credit institutions that are established and operate in accordance with the Law on Credit Institutions.
Article 2. Subjects of application
1. Credit institutions.
2. Organizations and individuals involved in the special control of credit institutions.
Article 3. Interpretation of terms
In this Circular, the terms below are construed as follows:
1. Special control means placement of a credit institution under the direct control by the State Bank of Vietnam (below referred to as the State Bank) for its possible insolvency or serious violation of law which is likely to make its operation unsafe.
2. Duration of special control is a period from the time of the State Bank’s issuance of a decision to place a credit institution under special control to the time of issuance of a decision to terminate such special control.
