SBV MUST PRESENT ON CURRENT SITUATION ON APPLYING EARLY INTERVENTION WITHIN 30 DAYS
One of the Articles of the Circular No. 08/2017/TT-NHNN on orders, procedures of banking inspection are amended and supplemented on March 12, 2018 at the Circular No. 04/2018/TT-NHNN.
Accordingly, apply early intervention is one of 04 remedial measures for banking supervision beside 03 other regulations, including recommendations and warnings; impose penalties for administrative violations; request a competent authority to take other remedial measures for banking supervision in accordance with regulations of law.
Within 30 days since the receipt of documents on applying early intervention, subjects of banking inspection shall report in writing to the State Bank to present on current situation, causes, remedial measures and implementation organization.
The time for implementing remedial measures is no more than one year since the document on applying early intervention issued by the State Bank is received. Monthly or in urgent cases at the request of the banking supervision agency, subjects of banking supervision shall report on progress, results of implementing remedial measures.
This Circular takes effect on July 01, 2018.
