Adjusted Circular 06: Solve cross-ownership has affected?

The draft circular amending the time limit for the disposal of shares over the limit to 30/6/2019 raises concerns that there will be a delay in cross-ownership treatment.

The State Bank of Vietnam (SBV) is seeking comments on the draft Circular amending and supplementing a number of articles of Circular No. 06/2015 / TT-NHNN stipulating the deadline, order and procedures for transferring in the case of shareholding exceeding the limit stipulated in Article 55 of the Law on Credit Institutions (CIs).

It is worth noting that the draft circular stipulated before June 30, 2019, other credit institutions coordinate with major shareholders of a credit institution and its related persons own shares in excess Limit the corrective plan to ensure compliance with the provisions of the Law on Credit Institutions (amended and supplemented).

Meanwhile, in Circular 06/2015, the State Bank of Vietnam stipulates that credit institutions should coordinate with shareholders and groups of shareholders who own shares over the limit to plan overcoming equity ownership over the limit. By 31 December 2015 at the latest, the shareholding percentages of shareholders and groups of relevant shareholders at CIs must comply with the provisions of the Law on Credit Institutions, except in certain cases except as provided for.

The new time mentioned in the draft circular above leads to a question as to whether the State Bank of Vietnam is seeking to delay the cross-border treatment of the banking sector (moving from 31/12/2015 to 30/06/2019)?

The answer is no. As the basis for the issuance of Circular 06/2015 is the Law of Credit Institutions 47/2010 / QH12. But the Law on Credit Institutions has been amended By Law No. 17/2017 / QH14. Amending and supplementing a number of articles of the Law on Credit Institutions, it was promulgated on 20/11/2017. Therefore, of course the Circular 06/2015 will must also be amended accordingly to guide the new provisions in the Law on Amendment, supplementing the Law on Credit Institutions.

Another thing related to the deadline mentioned above is the period of time from the validation of The Law on Credit Institutions to when the instructing Circular about duration, sequence and transitional procedures for owning over the limit share which was shortened significantly cases.

In specific, Law on Credit Institutions No. 47/2010 takes effect from 1/1/2011 but it isn’t until June 2015, has Circular 06/2015 been promulgated (and valid from 15/7/2015). Meanwhile, the Law on Amendments supplemented several laws to the Law on Credit Institutions which was issued on 20/11/2017 (and valid from 15/1/2018) but the SBV has drafted a revised Circular 06/2015 and aims to the draft’s valid date which is June 30, 2019, a year and a half after the Law on Credit Institutions is amended and enforceable.

Besides the possibility, the SBV's "efficiency" has improved.The shortening of the time-limit for issuance and implementation of the circular is likely to be due to the implementation of time-limit, the transition sequence and procedures for shares exceeding the limit stipulated in Article 55 of the Law on Credit Institutions have become easier than before, without having to spend too much time in transition. .

More specifically, the draft circular extends the scope of regulation in comparison with Circular 06/2015, with the addition of major shareholders and related persons holding 5% or more of the charter capital of a Other credit institutions specified in Clause 14, Article 1 of the Law Amending and Supplementing a Number of Articles of the Credit Institutions Law No. 17/2017 / QH14, which were born before the effective date of this Law.

For leading shareholder and the following related is modifieled by old Law Organization (in 2010), it could be understood that it was handled by current regulations. In other words, the number of cases and the workload must be handled according to the draft circular, if any, will not be more, or just a fraction of the current, so the shorter duration treatment is basis

In summary, the drafting and issuance of a new circular to replace Circular 06/2015 is certainly not a step backwards in dealing with cross-ownership at CIs, but is an simply needed of action direct to implement new regulations when the Law on Credit Institutions has been amended, supplemented or related to cross-ownership..

However, when the Law on Credit Institutions was amended to be more closely related to cross ownership, it may be believed that the issuance of a new circular to replace Circular 06/2015 is a new step. and necessary to overcome and prevent widespread banking system, contributing to improve the health and sustainability of credit institutions in the future.

It should also be noted that cross-ownership shown on the book is only part of the floating ice sheet so amendments and promulgation of legal and regulatory texts are just a necessary condition in the ownership process in Vietnam.

Master. Phan Minh Ngọc

According to Tri thuc tre


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