Circular No. 28/2024/TT-NHNN on the dossier, procedure, and process for approving changes and lists of proposed candidates for appointment of credit institutions that are cooperatives

CIRCULAR

Regulations on the dossier, procedure, and process for approving changes and the list of proposed election and appointment of personnel of credit organizations that are cooperatives

Regulations on the dossier, procedure, and process for approving changes and the list of proposed election and appointment of personnel of credit organizations that are cooperatives

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of Banking Inspection and Supervision;

The Governor of the State Bank of Vietnam issues this Circular to regulate the dossier, procedure, and process for approving changes and the list of proposed election and appointment of personnel of credit organizations that are cooperatives.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular stipulates:

1. Dossier, procedure, and process for approving changes of credit organizations that are cooperatives, including:

a) Name and location of the main office;

b) Authorized capital amount;

c) Content and duration of operation;

d) Suspension of transactions for five working days or more, except in cases of suspension due to force majeure events;

đ) Operating territory of people's credit funds.

2. Dossier, procedure, and process for approving the list of proposed election and appointment of personnel to serve as Chairperson and other members of the Board of Directors, Head and other members of the Supervisory Board, General Director (Director) (hereinafter referred to as the proposed personnel list) of credit organizations that are cooperatives, except for personnel appointed or recommended by the State Capital Representative Agency.

Article 2. Scope of Application

1. Credit organizations that are cooperatives, including: cooperative banks, people's credit funds.

2. Organizations and individuals related to the dossier, procedure, and process for approving changes and the list of proposed election and appointment of personnel of credit organizations that are cooperatives.

Article 3. Approval Authority for Changes

1. The Governor of the State Bank of Vietnam approves changes and the proposed personnel list of cooperative banks as stipulated in Article 1 of this Circular, except for the provisions in Clause 2 and Clause 3 of this Article.

2. The Chief Inspector and Supervisor of Banks approves changes of cooperative banks as follows:

a) Change of name and amendment of the License for the content of changing the name;

b) Amendment of the License for the content of changing the address but without generating a change in the location of the main office;

c) Suspension of transactions for five working days or more, except in cases of suspension due to force majeure events.

3. The Director of the State Bank branch in the province or centrally-administered city (hereinafter referred to as the State Bank branch) where the people's credit fund's main office is located approves changes and the proposed personnel list of people's credit funds.

Article 4. Principles for Preparing, Submitting, and Delivering Results of the Dossier

1. The request for approval of changes and the proposed personnel list of credit organizations that are cooperatives shall be signed by the legitimate representative of the credit organization that is a cooperative. In case of signing by a proxy, the dossier must include a power of attorney document in accordance with the provisions of the law.

2. The dossier shall be prepared in one set in Vietnamese.

For parts of the dossier that are copies, the credit organization that is a cooperative must submit certified copies from the original book or notarized copies or copies accompanied by the presentation of the original for comparison. In cases where the applicant submits copies accompanied by the presentation of the original for comparison, the comparator must sign to confirm the copy and bear responsibility for its accuracy compared to the original.

3. The credit organization that is a cooperative shall submit one set of the dossier requesting approval of changes and the proposed personnel list through one of the following methods:

a) Submission online through the National Public Service Portal or the State Bank Public Service Portal;

b) Submitting directly at the One-Stop Service Window of the State Bank;

c) Sending through postal services.

4. The credit organization that is a cooperative shall be responsible for the completeness, accuracy, and truthfulness of the information stated in the dossier requesting approval of changes and the proposed personnel list.

5. The credit organization that is a cooperative shall send the dossier requesting approval of changes and the proposed personnel list, as well as the notification specified in Point c, d Clause 1 Article 17 of this Circular, to the State Bank as follows:

a) Cooperative banks shall send to the State Bank of Vietnam (Inspection and Supervision Department);

b) People's credit funds shall send to the State Bank branch where their main office is located.

6. Requests for supplementary dossier, responses, approvals, and Decisions to amend and supplement Licenses of the State Bank shall be carried out in the form of paper documents or electronic documents.

Chapter II

SPECIFIC PROVISIONS

Article 5. Change of Name

1. Application documents include:

a) A request for approval to change the name according to the model at Appendix No. 01 issued together with this Circular;

b) The resolution of the Members' Congress approving the change of name.

2. Procedure for implementing the approval process:

a) Credit cooperatives shall prepare the dossier in accordance with Clause 1 of this Article and submit it to the State Bank. In case the dossier is incomplete, within three working days from the date of receipt of the dossier, the State Bank shall issue a document requesting the credit cooperative to supplement the dossier;

b) Within fifteen days from the date of receiving a complete and valid dossier, the State Bank shall issue a Decision to amend and supplement the License regarding the name of the credit cooperative; in case of refusal, the State Bank shall reply in writing and specify the reasons.

Article 6. Change of Head Office Location

1. The dossier for the request includes:

a) A request for approval to change the main office location according to the model at Appendix No. 02 issued together with this Circular;

b) The resolution of the Members' Congress approving the change of the main office location;

c) Documents proving that the credit cooperative has the right to use or legally own the headquarters at the new location.

2. Procedure for implementing the approval process:

a) Credit cooperatives shall prepare the dossier in accordance with Clause 1 of this Article and submit it to the State Bank. In case the dossier is incomplete, within three working days from the date of receipt of the dossier, the State Bank shall issue a document requesting the credit cooperative to supplement the dossier;

b) Within twenty days from the date of receiving a complete and valid dossier, the State Bank shall issue a Decision to amend and supplement the License regarding the main office location of the credit cooperative; in case of refusal, the State Bank shall reply in writing and specify the reasons.

3. Within twelve months from the date the State Bank issues the Decision to amend and supplement the License, the credit cooperative must operate at the new location. Beyond this period, if the credit cooperative does not operate at the new location, the Decision to amend and supplement the License will become invalid.

4. Within fifteen days before operating at the new location, the credit cooperative shall report the expected start date of operation at the new location to the State Bank in writing. The credit cooperative may not operate at the new location if the main office does not meet the requirements of the proposed new location as committed in the request for changing the main office location.

5. In case of changing the address but without changing the main office location, the credit cooperative shall submit to the State Bank a request for approval to change the address of the main office according to the model at Appendix No. 03 issued together with this Circular.

Within ten days from the date of receipt of the request from the credit cooperative, the State Bank shall issue a Decision to amend and supplement the License regarding the address of the main office of the credit cooperative.

Article 7. Change of Registered Capital

1. Application documents include:

a) A request for approval to change the registered capital according to the model at Appendix No. 04 issued together with this Circular;

b) The resolution of the Members' Congress approving the plan to change the registered capital, except in cases where the change in registered capital is due to changes in member contributions;

c) The resolution of the Board of Directors on the change in registered capital due to changes in member contributions;

d) A list of members changing their contributions according to the model at Appendix No. 05 issued together with this Circular;

đ) The plan to reduce the registered capital must comply with the legal provisions on minimum capital and have measures ensuring the prescribed safety ratios in the operations of credit cooperatives.

2. Procedure for implementing the approval process:

a) Within forty days from the end of the Members' Congress or in cases where the return of member contributions leads to the registered capital being lower than the amount recorded in the License, the credit cooperative shall prepare the dossier in accordance with Clause 1 of this Article and submit it to the State Bank. In case the dossier is incomplete, within three working days from the date of receipt of the dossier, the State Bank shall issue a document requesting the supplementation of the dossier;

b) Within thirty days from the date of receiving a complete and valid dossier:

(i) For cases of increasing the registered capital or in cases where the return of member contributions from dissolved or bankrupt people's credit funds leads to the registered capital of the cooperative bank being lower than the amount recorded in the License: The State Bank shall issue a Decision to amend and supplement the License regarding the change in the registered capital of the credit cooperative;

(ii) For cases of reducing the registered capital, except for the cases specified in point b(i) of this clause: The State Bank shall issue a document approving the reduction in the registered capital of the credit cooperative. The credit cooperative may only implement the plan to reduce the registered capital after obtaining the State Bank's approval;

(iii) In case of refusal, the State Bank shall reply in writing and specify the reasons.

3. Within thirty days from the date of receiving the approval document from the State Bank, the credit cooperative must implement the reduction in registered capital and notify the State Bank of the completion of the reduction in registered capital. Beyond this period, if the credit cooperative does not implement the reduction in registered capital, the approval document from the State Bank will become invalid.

Within ten days from the date of receipt of the notification of completion of the reduction in registered capital from the credit cooperative, the State Bank shall issue a Decision to amend and supplement the License regarding the registered capital of the credit cooperative.

Article 8. Changing the Content of Activities

1. Application documents include:

a) A request for approval to change the scope of activities according to the model at Appendix No. 06 issued together with this Circular;

b) The resolution of the Members' Congress approving the change in the scope of activities;

c) Implementation plan for the content of activities, at a minimum including: description of the content, implementation process, effectiveness analysis, preventive and control measures for risks, and implementation schedule; handling plan to ensure compliance with safety ratio regulations in the operation of credit cooperatives (in cases where approval is sought for narrowing the scope of activities);

d) Internal regulations on procedures for implementing business operations to ensure management and risk control;

đ) Documentation proving compliance with conditions related to the proposed content of activities in accordance with the law (if applicable);

2. Procedure for implementing the approval process:

a) Credit cooperatives shall prepare documents in accordance with Clause 1 of this Article and submit them to the State Bank. In cases where the submitted documents are incomplete, within three working days from the date of receipt of the documents, the State Bank will issue a document requesting the credit cooperative to supplement the documents;

b) Within thirty days from the date of receiving complete and valid documents, the State Bank will issue a Decision to amend and supplement the Business License regarding the content of activities of credit cooperatives; in case of refusal, the State Bank will respond in writing and specify the reasons;

Article 9. Change in Operating Period

1. Application documents include:

a) A proposal for approval to change the operating period according to the model attached as Appendix No. 07 issued together with this Circular;

b) An overview report on organizational structure and operations, including:

(i) The organization and operation of the management and administration system, internal audit, and internal control system; evaluation of performance over the past five years, including key performance indicators related to capital structure, capital utilization, and business results;

(ii) Objectives and business plans for the next three years;

c) Resolution of the Members' Congress on changing the operating period;

d) In cases where the operating period is shortened, the credit cooperative must submit documents as stipulated in points a, b, and c of this clause and provide documentation proving the necessity, handling plans for issues arising from organizational and operational changes, and measures to ensure safety when shortening the operating period;

2. Procedure for implementing the approval process:

a) Credit cooperatives shall prepare documents in accordance with Clause 1 of this Article and submit them to the State Bank. If there is a need to extend the operating period, credit cooperatives must submit the documents at least six months before the expiration of the current operating period. In cases where the submitted documents are incomplete, within fifteen days from the date of receipt of the documents, the State Bank will issue a document requesting the credit cooperative to supplement the documents;

b) Within thirty days from the date of receiving complete and valid documents, the State Bank will issue a Decision to amend and supplement the Business License regarding the operating period of credit cooperatives; in case of refusal, the State Bank will respond in writing and specify the reasons;

Article 10. Suspension of Transactions for Five Working Days or More, Except in Cases of Force Majeure

1. Documents for application include:

a) A document from the credit cooperative proposing approval for suspension of transactions according to the model attached as Appendix No. 08 issued together with this Circular;

b) Resolution of the Members' Congress on suspending transactions;

c) Plan for handling risks arising from the suspension of transactions, including anticipated measures to minimize the impact of the suspension on customers' rights and interests;

2. Procedure for implementing the approval process:

a) At least sixty days prior to the planned suspension of transactions, the credit cooperative shall prepare documents in accordance with Clause 1 of this Article and submit them to the State Bank. In cases where the submitted documents are incomplete, within three working days from the date of receipt of the documents, the State Bank will issue a document requesting the credit cooperative to supplement the documents;

b) Within fifteen days from the date of receiving complete and valid documents, the State Bank will review and approve the application for suspension of transactions from the credit cooperative;

3. After receiving the State Bank's approval for the suspension of transactions, the credit cooperative shall post a notice about the time and reason for the suspension at its headquarters, transaction locations, and inform the People's Committee of the commune, ward, town (People's Committee of the commune) where the headquarters is located (for people's credit funds).

Article 11. Changing the operating territory of people's credit funds

1. Application documents include:

a) A proposal document for changing the operating territory of people's credit funds according to Model 09 attached hereto;

b) A document from the competent state agency regarding the division, separation, or change of administrative boundary names affecting the operating territory of people's credit funds;

c) The resolution of the members' congress in cases where the people's credit fund voluntarily narrows its operating territory;

d) A plan for handling assets, rights, obligations, and related interests concerning the narrowing of the operating territory.

2. Procedure for implementing the approval process:

a) In cases where the change in the operating territory is due to the division, separation, or change of administrative boundary names affecting the operating territory of people's credit funds, except for the provisions at point b of this clause, within thirty days from the date the document from the competent state agency regarding the division, separation, or change of administrative boundary names affecting the operating territory of people's credit funds becomes effective, the people's credit fund shall submit a document to the State Bank branch where the main office of the people's credit fund is located, notifying about the division, separation, or change of administrative boundary names and requesting amendments and supplements to the Operating Permit for the operating territory of the people's credit fund.

Within ten days from the date of receipt of the document from the people's credit fund, the State Bank branch shall issue a Decision to amend and supplement the Operating Permit for the operating territory of the people's credit fund;

b) In cases where the operating territory is narrowed:

(i) The people's credit fund shall prepare a dossier in accordance with Clause 1 of this Article and submit it to the State Bank branch. If the dossier is incomplete, within ten days from the date of receipt of the dossier, the State Bank branch shall issue a document requesting the people's credit fund to supplement the dossier;

(ii) Within twenty days from the date of receiving a complete and valid dossier, the State Bank branch shall issue a document approving the narrowing of the operating territory. In case of refusal, the State Bank branch shall reply in writing and specify the reasons.

From the date the State Bank branch issues a document approving the narrowing of the operating territory, the people's credit fund shall not admit new members or provide new loans in the narrowed territory;

(iii) Within fifteen days from the date of receipt of the report from the people's credit fund on the completion of handling assets, rights, obligations, and related interests concerning the narrowing of the operating territory, the State Bank branch shall issue a Decision to amend and supplement the Operating Permit for the operating territory of the people's credit fund.

Article 12. On assessing professional ethics for personnel proposed for credit organizations that are cooperatives

1. Those who fall under any of the following circumstances shall be assessed as not meeting the requirement of having professional ethics:

a) A person responsible for a conclusion of inspection leading to a credit organization or foreign bank branch being administratively punished in the field of currency and banking at the highest fine level for violations concerning licenses, management, operation, shares, stocks, capital contribution, share purchase, credit provision, corporate bond purchase, safety ratio, as stipulated in laws on administrative punishment in the field of currency and banking;

b) A person named in the conclusion of audit or inspection with responsibility leading to a credit organization or foreign bank branch being administratively punished in the field of currency and banking, where the decision on administrative punishment has not yet been fully executed;

c) A person who has been administratively punished for violations in the field of currency and banking within six months from the date of signing the warning decision or one year from the date of completing the execution of other administrative punishment decisions or one year from the expiration of the enforcement period of administrative punishment decisions;

d) A person responsible for individual violations concerning licenses, management, operation, shares, stocks, capital contribution, share purchase, credit provision, corporate bond purchase, safety ratio, asset classification, off-balance sheet commitments, provision establishment and use for risk handling, as stated in the conclusions of audits, inspections, and audits, where recommendations related to these violations have not been rectified or corrected.

2. Proposed personnel who do not fall under any of the circumstances specified in Clause 1 of this Article must meet the following requirements:

a) Proposed personnel who have worked or are currently working at a credit organization or foreign bank branch must comply with the rules and ethical standards established by the credit organization or foreign bank branch itself, in accordance with the State Bank's regulations on internal control systems and internal audit systems of credit organizations and foreign bank branches;

b) Proposed personnel must comply with the rules and ethical standards established by the cooperative credit organization, in accordance with the State Bank's regulations on internal control systems and internal audit systems of credit organizations and foreign bank branches.

Article 13. Approval of the proposed personnel list

1. Application documents include:

a) A request for approval of the proposed personnel list according to the model attached as Appendix No. 10 issued with this Circular;

b) The resolution of the Board of Directors approving the proposed personnel list of the credit cooperative organization, in which it commits that the proposed personnel to be elected or appointed will meet the required qualifications and conditions as stipulated in the Law on Credit Organizations, relevant laws, and the Charter of the credit cooperative organization;

c) Personal resumes of the proposed personnel to be elected or appointed according to the model attached as Appendix No. 11 issued with this Circular;

d) Criminal record certificates of the proposed personnel to be elected or appointed, which must include complete information about criminal records if any (including both expunged and unexpunged criminal records); the criminal record certificate must be issued by the competent authority at least six months before the credit cooperative organization submits the application for approval of the proposed personnel list;

Proposed personnel may present an electronic criminal record certificate obtained through the VNeID identity verification application or submit an electronic criminal record certificate;

đ) A declaration of related parties of the proposed personnel to be elected or appointed according to the model attached as Appendix No. 12 issued with this Circular;

e) Certificates and diplomas of the proposed personnel to be elected or appointed proving their compliance with the required qualifications and conditions as stipulated by the State Bank of Vietnam. In cases where certificates and diplomas are issued by foreign educational institutions, they must be recognized by the competent Vietnamese authorities in accordance with relevant laws;

g) An evaluation report of the credit organization or foreign bank branch where the proposed personnel have worked or are working according to the model attached as Appendix No. 13 issued with this Circular.

2. Procedure for implementing the approval process:

a) At least 40 days prior to the date of the planned members' general meeting or the date when the Board of Directors plans to appoint (including hiring) the General Director (Director), the credit cooperative organization shall prepare the file in accordance with Clause 1 of this Article and submit it to the State Bank of Vietnam.

When examining and assessing information on residence, the State Bank of Vietnam will access necessary information from the national population database. If such necessary information cannot be accessed from the national population database, the State Bank of Vietnam has the right to request the credit cooperative organization to provide a confirmation letter regarding the residence information of the proposed personnel to be elected or appointed from the competent registration authority in accordance with relevant laws;

b) In case the file is incomplete, within three working days from the date of receiving the file, the State Bank of Vietnam shall issue a written request for the credit cooperative organization to supplement the file;

Within twenty days from the date of receiving a complete and valid file, the State Bank of Vietnam shall issue a written approval of the proposed list of the credit cooperative organization; in case of rejection, the State Bank of Vietnam shall reply in writing and specify the reasons;

Article 14. Notification of Information to the Business Registration Authority

1. Within five working days from the date the State Bank of Vietnam issues a Decision to amend or supplement the License, except for the provisions of Clause 2 of this Article, the Banking Inspection and Supervision Authority and the State Bank of Vietnam branch shall notify in writing the Business Registration Authority to update the national enterprise and cooperative registration system with the Decision to amend or supplement the License;

2. Within five working days from the date the credit cooperative organization moves to a new location, the Banking Inspection and Supervision Authority and the State Bank of Vietnam branch shall notify in writing the Business Registration Authority to update the national enterprise and cooperative registration system with the Decision to amend or supplement the License for the main office location;

3. Within five working days from the date the credit cooperative organization notifies the State Bank of Vietnam in writing as stipulated in Point d, Clause 1, Article 17 of this Circular, the Banking Inspection and Supervision Authority and the State Bank of Vietnam branch shall notify in writing the Business Registration Authority of the information on the election or appointment of the legal representative position as stipulated in the Charter of the credit cooperative organization or the change of the legal representative, to update the national enterprise and cooperative registration system.

Chapter III

RESPONSIBILITIES OF RELATED UNITS

Article 15. Responsibilities of the Banking Inspection and Supervision Authority

1. Review and submit to the Governor of the State Bank of Vietnam for approval decisions on changes and proposed personnel lists of cooperative banks within the authority prescribed in Clause 1, Article 3 of this Circular.

2. Submit to the Governor of the State Bank of Vietnam for issuance of a document seeking opinions from the People's Committee of the province or centrally-administered city where the cooperative bank plans to establish its main office if the new location is outside the province or centrally-administered city where the cooperative bank currently has its main office.

3. Receive, review applications and examine and approve changes within the authority prescribed in Clause 2, Article 3 of this Circular.

4. Inspect compliance with all conditions for the main office when receiving reports from cooperative banks regarding the expected date of commencement of operations at the new location as stipulated in Clause 4, Article 6 of this Circular.

5. Seek opinions from the Department of Organization and Cadres of the State Bank of Vietnam branch regarding the proposed personnel list of cooperative banks, ensuring compliance with the timeframes set out in Article 13 of this Circular.

6. Review announcements made by cooperative banks as prescribed in Point c, Clause 1, Article 17 of this Circular. In case of discovering errors, request cooperative banks to address them promptly or propose measures to the Governor of the State Bank of Vietnam for handling if beyond their authority.

Article 16. Responsibilities of the Branch of the State Bank of Vietnam

1. Review and approve changes and proposed personnel lists of credit unions.

2. Seek opinions from the People's Committee of the commune where the credit union plans to establish its main office if the new location is outside the commune where the credit union currently has its main office, ensuring compliance with the timeframe set out in Article 6 of this Circular.

3. Inspect compliance with all conditions for the main office when receiving reports from credit unions regarding the expected date of commencement of operations at the new location as stipulated in Clause 4, Article 6 of this Circular.

4. Seek opinions from the People's Committee of the commune where the proposed personnel to be elected or appointed reside, and cooperative banks (if deemed necessary) regarding the proposed personnel list for electing or appointing the Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board, and Director of the credit union, ensuring compliance with the timeframe set out in Article 13 of this Circular.

5. Seek opinions from other branches of the State Bank of Vietnam to provide information according to the form attached as Appendix 14 to this Circular (if deemed necessary).

6. Participate in providing opinions according to the form attached as Appendix 14 to this Circular based on requests from the Banking Inspection and Supervision Authority or other branches of the State Bank of Vietnam within five working days from the date of receipt of the request document.

7. Review announcements made by credit unions as prescribed in Point c, Clause 1, Article 17 of this Circular. In case of discovering errors, request credit unions to address them promptly or implement measures within their authority.

8. Participate in providing opinions on other matters related to the assigned functions and tasks upon request from the Banking Inspection and Supervision Authority.

Article 17. Responsibilities of Credit Institutions and Branches of Foreign Banks

1. Credit institution that is a cooperative:

a) Shall be responsible under the law for the accuracy and completeness of the information provided in the application;

b) Shall carry out the nomination and recommendation of the proposed personnel list as follows:

(i) The Board of Directors of the credit institution that is a cooperative shall notify members about the nomination and recommendation process for candidates for the positions of Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board in accordance with the law and the Charter of the credit institution that is a cooperative. The notification must include the following information: the number of members to be elected to the Board of Directors and Supervisory Board; the criteria and conditions that must be met for these positions;

(ii) Based on the nomination or recommendation list from members for the positions specified in Point b(i) of this clause, the Board of Directors shall review the criteria and conditions; establish and approve the proposed personnel list. If members do not nominate or recommend enough candidates for the positions of Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board, or if the nominees do not meet the required criteria and conditions, the Board of Directors and Supervisory Board have the right to nominate additional candidates who meet the criteria and conditions for the positions of Chairman and other members of the Board of Directors, Head and other members of the Supervisory Board;

(iii) In case the nominee or recommended person does not meet the required criteria and conditions, the Board of Directors shall inform the nominee or member recommending personnel of the reasons;

c) Notify the State Bank in writing of any changes related to the fulfillment of the criteria and conditions of the proposed personnel to be elected or appointed during the period when the State Bank is reviewing the application to approve the proposed personnel list or within the period from the date the State Bank issues a decision approving the proposed personnel list until the personnel are elected or appointed;

d) Notify the State Bank in writing of the results of the election and appointment of personnel and information about the election and appointment of the position of Chairman of the Board of Directors or General Director (Director) as the legal representative as stipulated in the Charter of the credit institution that is a cooperative or change of the legal representative according to the form attached as Appendix 15 to this Circular within ten days from the date of election, appointment, or change of the legal representative;

đ) After the State Bank issues a Decision to amend and supplement the License, the credit institution that is a cooperative must:

(i) Amend and supplement the Charter in accordance with the approved changes stipulated in Points a, b, c, đ of Clause 1, Article 1 of this Circular;

(ii) Publish the contents of the amendments to the provisions at points a, b, c, đ Clause 1 Article 1 of this Circular within seven working days from the date of approval by the State Bank of Vietnam as stipulated in point b Clause 4 Article 37 of the Law on Credit Institutions.

2. The credit institution or foreign bank branch where the personnel are expected to have worked or are currently working shall be responsible for evaluating their professional ethics according to the form attached as Appendix 13 to this Circular.

Chapter IV

IMPLEMENTING PROVISIONS

Article 18. Transitional Provisions

A credit institution that is a cooperative which has submitted complete and valid application files requesting approval for changes, and a list of proposed personnel in accordance with Article 1 of this Circular before the effective date of this Circular and which complies with the laws in force at that time may continue to implement the provisions of Circular No. 05/2018/TT-NHNN dated March 12, 2018 of the Governor of the State Bank of Vietnam on the files, procedures, and formalities for approving changes and lists of proposed personnel elections and appointments of credit institutions that are cooperatives (as amended and supplemented) or amend and supplement their files to comply with the provisions of this Circular.

Article 19. Implementation Provisions

1. This Circular takes effect from July 1, 2024.

2. This Circular abolishes the following provisions:

a) Circular No. 05/2018/TT-NHNN dated March 12, 2018 of the Governor of the State Bank of Vietnam on the files, procedures, and formalities for approving changes and lists of proposed personnel elections and appointments of credit institutions that are cooperatives;

b) Article 3, Clause 2, Clause 3 Article 6 of Circular No. 21/2019/TT-NHNN dated November 14, 2019 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circulars regulating cooperative banks, people's credit funds, and safety system guarantee funds for people's credit funds;

c) Circular No. 22/2022/TT-NHNN dated December 30, 2022 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 05/2018/TT-NHNN dated March 12, 2018 of the Governor of the State Bank of Vietnam on the files, procedures, and formalities for approving changes and lists of proposed personnel elections and appointments of credit institutions that are cooperatives;

d) Article 4 of Circular No. 24/2023/TT-NHNN dated December 29, 2023 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circulars related to the submission, presentation, and provision of information and documents regarding population when performing administrative procedures in the field of establishment and operation of banking.

Article 20. Implementation

The Director of the Office, the Director of Banking Inspection and Supervision, the Heads of Units under the State Bank of Vietnam, the Governors of the State Bank of Vietnam branches, and credit institutions that are cooperatives shall be responsible for organizing the implementation of this Circular./.