SBV Circular on Provisions on Special Control for Credit Institutions

SBV published a circular on provisions for special control for credit institutions. This circular takes effect from October 01, 2019 and replaces the Governor of the State Bank's Circular No. 07/2013/TT-NHNN of March 14, 2013, on special control for credit institutions. The circular is applicable to credit institutions (excluding policy banks) and organizations and individuals related to special control of credit institutions. The key topics covered in the circular include cases where a credit institution is at risk of insolvency; deciding competence in special control of the credit institution; extension and termination of special control; components, structure, operation mechanism, tasks, and powers of the special control board; and responsibilities of Banking Inspection and Supervision Agency. The circular also covers responsibilities of the State Bank branch and responsibilities of credit institutions under special control, owners, capital contributing members, shareholders, Board of Directors, Board of Members, Board of Controllers, and General Director (Director) of the group.

Dieter Van der Stock

IFRS subject matter expert; accounting authority; risk management specialist

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