Summary of Responsibilities of Related Major Shareholder Groups at Credit Institutions

05:55, 11/07/2024

Circular 46/2018/TT-NHNN has been issued, stipulating the time limit, 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. The document amends and supplements Circular 06/2015/TT-NHNN.

According to the new regulations, when implementing the transition, the related group of major shareholders must assume the following responsibilities:

Responsibilities of Major Shareholders

- Coordinate with the lead credit institution and other credit institutions to develop and complete the Remedial Plan; implement the Remedial Plan;- Report the results of the implementation of the Remedial Plan;- Be responsible before the law for the accuracy and completeness of the information provided to the lead credit institution and other credit institutions.

Responsibilities of Persons Related to Major Shareholders

- Coordinate with major shareholders, the lead credit institution, and other credit institutions to develop and complete the Remedial Plan; implement the Remedial Plan;- Be responsible before the law for the accuracy and completeness of the information provided to the lead credit institution, other credit institutions, and major shareholders.

Refer to the related regulations in Circular 46/2018/TT-NHNN effective from March 1, 2019.

- Thanh Lam -

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