Decree No. 09/2004/L-CTN announces the Law Amending and Supplementing Certain Provisions of the Law on Credit Institutions. This Law was passed by the Eleventh National Assembly on June 15, 2004.
Key points
- The Law applies to credit institutions and individuals and organizations related to the activities of credit institutions.
- Credit institutions have their management, supervision, business operations, and legal responsibilities amended and supplemented.
- The Law stipulates administrative penalties for violations committed by credit institutions and related individuals.
- Conditions for establishment and operation of credit institutions are supplemented.
- Regulations on capital management, assets, and financial reporting of credit institutions.
🌐 Social impact of this document
- Positive impact: Enhance the effectiveness of management and supervision of credit institutions, protect depositors' rights.
- Negative impact: May increase operational costs for credit institutions due to stricter requirements for capital and asset management.
❓ Frequently asked questions
To which organization does this Law apply?
The Law applies to credit institutions, including commercial banks, finance companies, foreign bank branches, and other credit institutions.
How are credit institutions penalized?
Credit institutions violating regulations will be subject to administrative fines ranging from VND 50 million to VND 100 million, depending on the nature and severity of the violation (Article 24).
What are the conditions for establishing a credit institution?
Conditions for establishing a credit institution include: having a minimum charter capital, having a suitable business plan, meeting risk management requirements, and complying with the law (Article 12).
What regulations must credit institutions comply with?
Credit institutions must comply with regulations on capital management, asset management, financial reporting, and business operations as prescribed by the Law (Article 15).
What is the level of administrative penalty for individuals related to credit institutions who violate the law?
Individuals committing violations will be subject to administrative fines ranging from VND 20 million to VND 30 million (Article 25).
Full text
| PRESIDENT OF THE STATE |
SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness |
| Number: 09/2004/L-CTN | Hanoi, June 24, 2004 |
ORDER
Regarding the promulgation of the Law
PRESIDENT OF THE SOCIALIST REPUBLIC OF VIET NAM
On the basis of Article 103 and Article 106 of the Constitution of the Socialist Republic of Vietnam in 1992, amended and supplemented by Resolution No. 51/2001/QH10 dated December 25, 2001 of the National Assembly, Session 10, Term X;
Pursuant to Article 91 of the Law on the Organization of the National Assembly;
Pursuant to Article 50 of the Law on Legislative Regulatory Documents;
NOW PROMULGATES:
Law amending and supplementing certain Articles of the Law on Credit Institutions.
Passed by the National Assembly of the Socialist Republic of Vietnam, the eleventh session, fifth meeting, on June 15, 2004./.
|
PRESIDENT OF THE STATE (Signed) Tran Duc Luong |
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