Application for approval of changes in contents/scope of operation of the credit institution that are cooperatives in Vietnam

What is included in the application for approval of changes in contents/scope of operation of the credit institution that are cooperatives in Vietnam? - Thuy Quyen (Tien Giang, Vietnam)

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Application for approval of changes in contents/scope of operation of the credit institution that are cooperatives in Vietnam (Internet image)

Circular 22/2022/TT-NHNN providing amendments to the Circular 05/2018/TT-NHNN of the Governor of the State Bank of Vietnam prescribing application and procedures for approval of changes and recommended personnel lists of credit institutions that are cooperatives.

In which, the application for approval of changes in contents/scope of operation of the credit institution has some amendments

Current application for approval of changes in contents/scope of operation of the credit institution that are cooperatives in Vietnam

Currently, according to Circular 05/2018/TT-NHNN, the application for approval of changes in contents/scope of operation of the credit institution that are cooperatives in Vietnam includes:

- A written request for approval to change the contents and scope of operation of the credit institution being a cooperative, which must include at least the following contents:

(i) Content and scope of activities requested for approval;

(ii) Reasons and necessity to change the content and scope of activities;

- Decision of the General Meeting of Members approving the change of contents and scope of activities;

- The plan for implementation of content and scope of activities, at least, includes the following contents: describe the content, the implementation process, analysis of effectiveness, measures to prevent and control risks, and the implementation plan;

- Draft internal regulations on the professional implementation process to ensure management and control of arising risks.

Regarding the order of carrying out the approval procedure:

- Credit institutions, being cooperatives, shall compile dossiers as prescribed in Clause 1 of this Article and send them to the State Bank. In case the dossier is incomplete, within 03 working days from the date of receipt of the dossier, the State Bank shall send a written request to the credit institution being a cooperative to supplement the dossier;

- Within 30 days from the date of receipt of complete and valid dossiers, the State Bank shall issue a decision to amend and supplement the license with respect to the content and scope of operation of the credit institution being a cooperative; In case of refusal, the State Bank shall reply in writing and clearly state the reasons therefor.

Application for approval of changes in contents/scope of operation of the credit institution that are cooperatives in Vietnam from March 1, 2023

Application for approval of changes in contents/scope of operation of the credit institution that are cooperatives in Vietnam as amended in Circular 22/2022/TT-NHNN includes:

- The application form made according to the form in Appendix No. 04 enclosed with Circular 22/2022/TT-NHNN;

- The resolution on approval of changes in contents/scope of operation issued by the general meeting of members;

- The plan for implementation of content and scope of activities, at least, includes the following contents: describe the content, the implementation process, analysis of effectiveness, measures to prevent and control risks, and the implementation plan;

- Draft internal regulations on the professional implementation process to ensure management and control of arising risks.

Regarding the order of carrying out the approval procedure:

- Credit institutions, being cooperatives, shall compile dossiers as prescribed in Clause 1 of this Article and send them to the State Bank. In case the dossier is incomplete, within 03 working days from the date of receipt of the dossier, the State Bank shall send a written request to the credit institution being a cooperative to supplement the dossier;

- Within 30 days from the date of receipt of complete and valid dossiers, the State Bank shall issue a decision to amend and supplement the license with respect to the content and scope of operation of the credit institution being a cooperative; In case of refusal, the State Bank shall reply in writing and clearly state the reasons therefor.

Chau Thanh

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