On 13 September 2012 the State Bank of Vietnam (SBV) issued Circular No. 26/2012/TT-NHNN (Circular 26) guiding the 2010 Law on Credit Institutions and Decree No. 58/2012/ND-CP on procedures for the listing of shares by joint-stock credit institutions in the international and domestic stock exchanges.
Salient provisions of Circular 26 are discussed below.
Scope and applicability
Circular 26 guides the procedures for approval by the SBV with respect to the listing of shares on the international and domestic stock exchanges by joint-stock credit institutions.
Credit 26 applies to joint-stock credit institutions (comprising (i) joint-stock commercial banks, (ii) joint-stock finance companies and (iii) joint-stock finance leasing companies) and organisations and individuals that are involved in the listing of shares on the stock exchanges by the above joint-stock credit institutions.
Conditions for joint-stock credit institutions to list on a stock exchange
Joint-stock credit institutions are allowed to list their shares on a stock exchange only upon satisfaction of the following conditions:
Obtaining approval to be listed on a stock exchange
To obtain approval to be listed on a stock exchange, a joint-stock credit institution must prepare one set of an application dossier in accordance with Circular 26 and send it to the Financial Supervision Agency of the SBV.
Within 40 days after receiving a complete dossier, the SBV will issue a written reply of approval or disapproval of the request for listing on the stock exchanges. If the SBV does not approve of a request, the reply must clearly state the reasons for its refusal.
After receiving written approval from the SBV, the joint-stock credit institution must register its listing on the stock exchange in accordance with securities legislation.
Circular 26 will come into effect on 29 October 2012.
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