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TO CHANGE PROCEDURES FOR REVOKING LICENSES OF FOREIGN CREDIT INSTITUTIONS’ REPRESENTATIVE OFFICES FROM DECEMBER 17

The State Bank of Vietnam issues the Circular No. 11/2020/TT-NHNN of November 02, 2020 on amending and supplementing a number of articles of the Circular No. 24/2017/TT-NHNN dated December 29, 2017 of the Governor of the State Bank of Vietnam, guiding the order and procedures for revocation of licenses and liquidation of assets of credit institutions and foreign bank branches; the order and procedures for revocation of licenses of representative offices of foreign credit institutions and other foreign institutions engaged in banking activities.

In accordance with this Circular, a representative office requesting operation termination shall make 01 set of dossier, then submit it directly at the Single-window section or send it by post to the State Bank branch. Within 05 working days after receiving a complete dossier, the State Bank branch shall examine it and consult in writing the related units affiliated to the State Bank on the operation termination and license revocation.

Next, within 07 working days after receiving the request of the State Bank branch, the consulted units shall send their written opinions to the State Bank branch. Within 20 days from the expiration of the time limit for giving opinion, the Director of the State Bank branch shall issue a decision on license revocation, request the representative office to liquidate the office rent contract and pay liabilities and other debts to related individuals and organizations, etc.

Besides, the State Bank also supplements provisions for the case where the representative office does not request for extension of the operation period according to the State Bank’s regulations or already requested for extension of the operation period but had no writing approval from the State Bank branch. In such case, within 07 working days after the expiration of license, the State Bank branch shall be responsible for publishing the expiration of the representative office's operation period on its website.

This Circular takes effect on December 17, 2020.

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