Responsibilities of the Lead Credit Institution under Circular 46/2018/TT-NHNN

05:54, 11/07/2024

Recently, Circular 46/2018/TT-NHNN was signed and issued by the State Bank of Vietnam, stipulating the timeframe, sequence, and transitional procedures for cases where a major shareholder of a credit institution and the related persons of that shareholder own 5% or more of the charter capital of another credit institution.

According to Circular 46, the focal credit institution in the process of transitioning major shareholders of a credit institution and related persons of such shareholders who own 5% or more of the charter capital of another credit institution, specifically:

- Urging other credit institutions, related major shareholders to implement the Remedial Plan.- Periodically, on a quarterly basis, cooperate with other credit institutions, related major shareholders to report to the State Bank on the results of the Remedial Plan implementation.- Reporting on shareholder and share issues as required by the State Bank.- Ensuring that related major shareholders comply with the shareholding ratio in the case of purchasing additional issued shares as stipulated in point b clause 5 Article 3 Circular 46.- Taking legal responsibility for the accuracy and completeness of the information provided to the State Bank, other credit institutions, and related major shareholders.

More details can be found in Circular 46/2018/TT-NHNN effective from March 01, 2019.

- Thanh Lam -

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