The Governor of the State Bank of Vietnam (SBV) issued Decision No. 394/QD-NHNN on March 14 announcing newly issued and abolished administrative procedures with regard to the granting of licenses and establishing banking operations under its jurisdiction.
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Accordingly, the SBV officially released four newly issued administrative procedures with regard to the granting of licenses and establishing banking operations, which shall be conducted at the SBV’s Banking Supervision Agency, including: (i) The procedure for granting licenses for micro-finance institutions operating as one member limited liability companies; (ii) The procedure for granting licenses for micro-finance institutions operating as limited liability companies with two or more members; (iii) The procedure for granting licenses in cases of transformation of micro-finance programs or projects; and (iv) The procedure for approving proposed list of personnel of micro-finance institutions.
The SBV also announced three newly issued administrative procedures with regard to the granting of licenses and establishing banking operations, which shall be implemented at the SBV municipal and provincial branches, specifically as follows: (i) The procedure for announcing the inauguration of a micro-finance institution; (ii) The procedure for granting licenses for small-sized financial institutions which are established in the form of one member limited liability companies; and (iii) The procedure for granting licenses for small-sized financial institutions which are established in the form of limited liability companies with two or more members.
At the same time, the SBV announced the abolishment of two administrative procedures under the SBV jurisdiction, with regard to the granting of licenses and establishing banking operations, which had been conducted at the SBV’s Banking Supervision Agency, including: (i) The procedure for granting licenses for small-sized financial institutions which are established in the form of one member limited liability companies; and (ii) The procedure for granting licenses for small-sized financial institutions which are established in the form of limited liability companies with two or more members.
The legal basis for the new administrative procedures are the Law on Credit Institutions dated June 16, 2010, the Law amending and supplementing a number of articles of the Law on Credit Institutions dated November 20, 2017; Circular No. 03/2018/TT-NHNN dated February 23, 2018 stipulating the granting of licenses, organization and operations of micro-finance institutions; Circular No. 150/2016/TT-BTC dated October 14, 2016 regulating the collection rate, collection and payment of license fees for the establishment and operations of credit institutions, foreign banks’ branches, representative offices of foreign credit institutions, other foreign institutions involved in banking activities; the provision of intermediary payment services by non-bank institutions.
Le Hang