CIRCULAR NO. 33/2024/TT-NHNN REGULATING THE DOCUMENTATION, PROCEDURES FOR GRANTING LICENSES, ORGANIZATION AND OPERATIONS OF MICROFINANCE INSTITUTIONS

 CIRCULAR

REGULATIONS ON THE DOCUMENTS, PROCEDURES FOR GRANTING LICENSES, ORGANIZATION AND OPERATIONS OF MICROFINANCE ORGANIZATIONS

On the basis of Law on the State Bank of Vietnam dated June 16, 2010;

On the basis of Law on Credit Institutions dated January 18, 2024:

On the basis of Enterprise Law dated November 26, 2014:

Decree No. Decision No. 102/2022/NĐ-CP of the Government dated December 12, 2022 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 documents, procedures for granting licenses, organization, and operations of microfinance organizations.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular stipulates on:

1. Documents, procedures for issuing Licenses.

2. Notification of information regarding the issuance of Licenses to the business registration authority.

3. Name, main office location.

4. Duties and powers of the Risk Management Committee and the Human Resources Committee.

5. Standards and conditions for managers, directors, members of the Supervisory Board.

6. Documents and procedures for approving the list of candidates to be elected or appointed as members of the Board of Members, members of the Supervisory Board, General Director (Director).

7. Charter capital, ownership ratio.

8. Conditions for receiving transfers of share contributions.

9. Content, duration, and geographical scope of operations.

Article 2. Applicability

1. Microfinance organization.

2. Other organizations and individuals related to the contents stipulated in Article 1 of this Circular.

Article 3. Explanation of Terms

In this Circular, the following terms are understood as follows:

1. A License is a License for establishment and operation of a microfinance organization issued by the State Bank of Vietnam (hereinafter referred to as the State Bank). The License for establishment and operation of a microfinance organization is simultaneously a Business Registration Certificate. Documents of the State Bank amending and supplementing the License are integral parts of the License.

2. The meeting of founding members is a meeting of the founding members with the following tasks:

a) Approving the draft Charter of the microfinance organization, the Project for establishing the microfinance organization, and the list of candidates to be elected or appointed as members of the Board of Members, members of the Supervisory Board, General Director (Director) for the first term;

b) Electing a Preparatory Board and its Chairman from among the contributors who are candidates to be elected or appointed as members of the Board of Members, members of the Supervisory Board, General Director (Director) for the first term and other members to implement tasks related to the approval of the principle of establishing a microfinance organization;

c) Deciding on other matters related to the establishment of the financial micro organization.

3. The first meeting of contributing members is a meeting of the founding members and other contributing members after the State Bank approves the principle of establishing the organization, with the following tasks:

a) Approving the Charter of the financial micro organization;

b) Electing and appointing members of the Board of Members, members of the Supervisory Board, General Director (Director) for the first term according to the list approved by the State Bank;

c) Approving regulations on the organization and operation of the Board of Members, Supervisory Board, General Director (Director) of the financial micro organization;

d) Deciding on other matters related to the establishment of the financial micro organization.

4. Financial micro customers include the following objects:

a) Poor households, near-poor households, individuals belonging to poor households, individuals belonging to near-poor households as prescribed by law;

b) Individuals with low income, including:

(i) Urban workers employed under labor contracts with a maximum average monthly income of nine million Vietnamese dong at the time of requesting a loan;

(ii) Rural workers employed under labor contracts with a maximum average monthly income of seven million Vietnamese dong at the time of requesting a loan;

(iii) Self-employed workers not working under employment agreements with a corresponding average income level to those specified in points b(i) and b(ii) of this clause;

c) Low-income households are households whose individual average income corresponds to the low-income individual average income levels specified in points b(i) and b(ii) of this clause;

d) Very small enterprises as prescribed by law.

5. Compulsory savings are amounts that microfinance customers must deposit according to the regulations of the microfinance organization. Microfinance organizations may only accept compulsory deposits from customers who have outstanding loans with the organization, and the period for accepting compulsory deposits shall not exceed the remaining term of the loan. Microfinance organizations are responsible for specifying and publicly announcing the amount of compulsory savings and the interest rate on compulsory savings.

6. Voluntary deposits include demand deposits, term deposits, and savings deposits (excluding compulsory savings), excluding deposits made by microfinance customers, organizations, and individuals for payment purposes at microfinance organizations.

Article 4. Competence to Decide on Issuing the License

The Governor of the State Bank of Vietnam decides on issuing the License for microfinance organizations.

Article 5. Fees for Issuing the License

1. The fee level for issuing the License for microfinance organizations shall be implemented in accordance with the provisions of the law on fees and charges.

2. Within fifteen days from the date of issuance of the License, the microfinance organization must pay the fee at the State Bank of Vietnam's Trading Department. The form of payment of the fee shall be carried out in accordance with the regulations of the Ministry of Finance regarding the collection rate, payment system, form, time limit for collection and payment, declaration of various fees and charges.

3. The fee prescribed in Clause 1 of this Article shall not be deducted from the charter capital and shall not be refunded under any circumstances.

Article 6. Preparation and Submission of Documents

1. Files must be prepared in Vietnamese, and copies of documents, certificates, and translations of materials from foreign languages into Vietnamese must be notarized in accordance with the provisions of the law.

2. In cases where the documents in the dossier are copies that have not been certified or issued from the original register, when submitting the dossier, the original must be presented for verification. The person responsible for verification according to the law must sign to confirm the copy and bear responsibility for its accuracy compared to the original.

3. Each dossier must include a list of documents. The dossier can be submitted directly to the State Bank of Vietnam (One-stop Service Department) or sent through postal service.

Chapter II
SPECIFIC PROVISIONS

Section 1

 Dossier, PROCEDURE FOR ISSUING LICENSES; ANNOUNCEMENT OF INFORMATION ON

LICENSE ISSUANCE TO BUSINESS REGISTRATION AUTHORITIES

Article 7. Documents for requesting a License for a microfinance organization that is a limited liability company with one member.

1. Dossier for Approval of Principles:

a) Application for License issuance according to the model attached as Appendix No. 01 promulgated together with this Circular;

b) A draft Charter of the microfinance organization;

c) Project for establishing a microfinance organization signed by the Head of the Preparatory Board, including at least the following contents:

(i) The necessity of establishment, operational objectives of the microfinance organization; expected social impact of the microfinance organization in the area;

(ii) Name of the microfinance organization, the area where it is expected to operate, the location of its main office, registered capital upon establishment, content of activities;

(iii) Products and services expected to be provided to customers;

(iv) Organizational structure;

(v) List of proposed personnel in which detailed descriptions of professional qualifications and work experience meeting the requirements of each position and title are provided:

- Member of the Board of Members; Heads of Committees under the Board of Members;

- Member of the Supervisory Board;

- General Director (Director), Deputy General Directors (Deputy Directors), Chief Accountant and heads of subordinate units within the organizational structure;

(vi) Financial investment plan for the information technology system and the application of information technology;

(vii) Proposed internal control and audit system in compliance with the Law on Credit Organizations, at least including principles of operation, draft internal regulations stipulated in Clause 2, Article 101 of the Law on Credit Organizations, draft regulations on the organization and operation of the Board of Members, Supervisory Board, General Director (Director);

(viii) Proposed business plan for the first three years, including at least the following contents: Market analysis, strategy and business plan; projected financial statements for each year (balance sheet, income statement, cash flow statement, minimum capital adequacy ratio, performance indicators and explanation of the ability to achieve financial targets in each year);

d) Documents of individuals expected to be elected or appointed as members of the Board of Members, members of the Supervisory Board, General Director (Director) of the microfinance organization, including:

(i) Curriculum vitae according to the model attached as Appendix No. 02 promulgated together with this Circular;

(ii) Criminal record certificate of proposed personnel to be elected or appointed, which must contain complete information about criminal records (including expunged and unexpunged criminal records) and information about prohibition from holding positions, establishing and managing enterprises, cooperatives;

For personnel without Vietnamese nationality: Criminal record certificate or equivalent document (including expunged and unexpunged criminal records and information about prohibition from holding positions, establishing and managing enterprises, cooperatives) must be issued by the competent authority of the country where the foreigner resided before coming to Vietnam. In case the foreigner has resided in Vietnam for at least six months, the criminal record certificate shall be issued by the competent authority issuing criminal record certificates at the place where the foreigner is temporarily residing.

The criminal record certificate or equivalent document must be issued by the competent authority no later than six months prior to the submission of the dossier by the microfinance organization requesting approval of the proposed personnel list.

Proposed personnel to be elected or appointed may present an electronic criminal record certificate obtained via the VNeID identity authentication application or submit an electronic criminal record certificate in accordance with the law;

(iii) Declaration of related persons to proposed personnel to be elected or appointed according to the model attached as Appendix No. 04 promulgated together with this Circular;

(iv) Copy of passport or other documents substituting for a passport for individuals without Vietnamese nationality;

(v) Copies of professional and vocational certificates;

(vi) Other documents proving compliance with conditions and standards stipulated in Articles 13, 14, and 15 of this Circular;

(vii) In cases where the proposed personnel to be elected or appointed as members of the Board of Members, members of the Supervisory Board, General Director (Director) of the microfinance organization do not have Vietnamese nationality, in addition to the above documents, they must provide a commitment document confirming full compliance with the conditions for residence and work in Vietnam;

đ) Charter of the owner;

e) Document of the owner committing to contribute capital to the microfinance organization according to schedule, amount, and bearing responsibility for the legality of the contributed capital;

g) Document of the owner regarding the establishment of the Preparatory Board, election, appointment of the Head of the Preparatory Board, approval of the draft Charter, Project for establishing the microfinance organization, list of proposed management and supervisory positions.

2. Dossier for Requesting Issuance of the License:

a) Charter of the microfinance organization approved by the Board of Members;

b) Decision of the owner regarding the appointment of the Chairman of the Board of Members, members of the Board of Members, Head of the Supervisory Board, members of the Supervisory Board, General Director (Director), Deputy General Directors (Deputy Directors), Chief Accountant.

Article 8. Documents for requesting a License for microfinance organizations that are limited liability companies with two or more shareholders

1. Dossier for Approval of Principles:

a) Application for License issuance according to the model attached as Appendix No. 01 promulgated together with this Circular;

b) The components of the dossier prescribed in points b, c, and d of Clause 1 of Article 7 of this Circular;

c) List of founding members signed by the Head of the Preparatory Board, including the following contents:

(i) Legal name; license for establishment or business registration certificate or equivalent document; individual identification number (for individuals with Vietnamese nationality), passport number or substitute document, date of issue, place of issue, nationality/nationalities (for individuals without Vietnamese nationality) of the legal representative of the entity participating in the capital contribution to establish the microfinance organization and the representative of the entity's capital contribution at the microfinance organization;

(ii) Capital contribution amount (stating clearly the amount in Vietnamese Dong and the percentage of each member's contribution);

(iii) Capital contribution plan (specifying the method and progress of capital contribution);

d) Documents of founding members, including:

(i) License for establishment or business registration certificate or equivalent document;

(ii) Commitment letter from the contributing entities to contribute capital to the microfinance organization according to schedule, amount, and to be responsible for the legality of the contributed capital;

(iii) Charter of the entity participating in the capital contribution to establish the microfinance organization;

(iv) Power of attorney for the representative of the capital contribution at the microfinance organization in accordance with the provisions of the law;

(v) A copy of the passport or other document that can substitute for a passport (for individuals without Vietnamese nationality) of the legal person's authorized representative participating in the capital contribution to establish the microfinance organization and the representative of that legal person's capital contribution at the microfinance organization;

(vi) The audited financial statements of the most recent year preceding the year of submitting the application for the License and the latest financial report (interim financial report or un-audited annual report) up to the date of submitting the application for the License;

(vii) Report on activities for the two consecutive years preceding the year of submitting the application for the License of non-business capital contributors;

(viii) Documents proving participation in managing programs or projects related to microfinance and the effectiveness of such programs or projects;

d) Minutes of the Founding Members' Meeting regarding the establishment of the Preparatory Board, the Chairman of the Preparatory Board, approval of the draft Charter, the Project to establish the microfinance organization, and the list of proposed management, executive, and supervisory positions;

2. Dossier for Requesting Issuance of the License:

a) Charter of the microfinance organization approved by the Board of Members;

b) Minutes and Resolution of the first meeting of capital contributors regarding the approval of the Charter, election and appointment of members of the Board of Members, members of the Supervisory Board, and regulations on the organization and operation of the Board of Members and the Supervisory Board;

c) Minutes of the Board of Directors' Meeting on electing the Chairman of the Board of Directors; Minutes of the Supervisory Board's Meeting on electing the Chairman of the Supervisory Board;

d) Decision of the Board of Directors on appointing the General Director (Director), Deputy General Director (Deputy Director), Chief Accountant.

Article 9. Procedure for Issuing the License

1. The Preparatory Board shall prepare one set of Application for Approval of Principles in accordance with Clause 1 of Article 7 and Clause 1 of Article 8 of this Circular and submit it to the State Bank of Vietnam.

2. Within thirty days from the date of receipt of the Application for Approval of Principles, the State Bank of Vietnam shall send a letter to the Preparatory Board confirming receipt of a complete and valid application; if the application is incomplete, the State Bank of Vietnam shall send a letter requesting supplementation and completion.

3. Within five working days from the date of receipt of the confirmation letter on the completeness of the valid file, the State Bank shall send letters to solicit opinions from:

a) People's Committee of the province or centrally governed city where the microfinance organization intends to establish its main office regarding the establishment of the microfinance organization;

b) People's Committee of the province or centrally governed city where the founding member has implemented microfinance programs or projects regarding the effectiveness of such programs or projects in promoting local development;

c) Branch of the State Bank of Vietnam where the microfinance organization intends to establish its main office regarding the establishment of the microfinance organization.

4. Within fifteen days from the date of receipt of the solicitation letter from the State Bank, the units solicited shall provide their opinions in writing.

5. Within forty-five days from the date of receipt of a complete and valid application, the State Bank of Vietnam shall issue a letter approving the principles for establishing the microfinance organization and approving the list of proposed personnel to be elected or appointed as members of the Board of Members, members of the Supervisory Board, and General Director (Director) of the microfinance organization; if not approved, the State Bank of Vietnam shall send a letter to the Preparatory Board specifying the reasons.

6. Within sixty days from the date of receipt of the letter approving the principles for establishing the microfinance organization, the Preparatory Board shall prepare an Application for the License in accordance with Clause 2 of Article 7 and Clause 2 of Article 8 of this Circular and submit it to the State Bank of Vietnam. If the State Bank of Vietnam does not receive or receives an incomplete Application for the License beyond this period, the letter approving the principles will lose its validity.

Within five working days from the date of receipt of a complete Application for the License, the State Bank of Vietnam shall confirm in writing the receipt of a complete application.

Within thirty days from the date of receipt of the complete Application File for the License, the State Bank shall issue the License; in case of non-issuance of the License, the State Bank shall specify the reasons in writing.

7. After receiving the License, the microfinance organization shall proceed with necessary procedures to commence operations in accordance with the law.

Article 10. Notification of Information for Issuance of License to Business Registration Authority

1. Within fifteen days prior to the expected date of commencement of operations, microfinance organizations that have been issued a license must notify the State Bank branch where the organization's main office is located about the conditions for commencing operations as prescribed in the Law on Credit Institutions and the expected date of commencement of operations.

2. Within three working days from the date of commencement of operations, microfinance organizations shall send a written notification directly or through postal service to the Banking Inspection and Supervision Authority informing them that operations have commenced.

3. Within five working days from the date of receipt of the notification letter from the microfinance organization as stipulated in Clause 2 of this Article, the Banking Inspection and Supervision Authority shall be responsible for notifying in writing the business registration authority of the province where the microfinance organization's main office is located to update the national business registration information system.

Section 2

NAME, SHAREHOLDER, DUTIES, LIMITATIONS OF THE RISK MANAGEMENT COMMITTEE AND THE HUMAN RESOURCES COMMITTEE

Article 11. Name and Main Office of Microfinance Organization

1. The name of the microfinance organization must comply with the provisions of the Enterprise Law and related laws. The name of the microfinance organization should be appropriate to its legal form and corresponding type as follows:

a) Microfinance limited liability company with a single member and a specific name;

b) Microfinance limited liability company with a specific name.

2. The main office of the microfinance organization must meet the provisions on the main office of enterprises under the Enterprise Law and the following conditions:

a) It is the workplace of the Board of Members, Management Board, recorded in the License in accordance with the law and transactions with customers can be conducted there;

b) Must be within the territory of Vietnam, having a defined address including building name, house number, alley, lane, street, village, commune, ward, town, district, city, provincial town, province, centrally governed city; telephone number, fax number, and email address (if any);

c) The microfinance organization has ownership or lawful right to use;

d) Ensuring convenience for transactions with customers and having a cash storage facility meeting technical standards as prescribed by the State Bank;

đ) Ensuring safety of assets and suitability for the operational requirements of the microfinance organization;

e) Having an information technology system connecting the main office with branches, transaction offices, between branch management and transaction offices ensuring security, confidentiality, and reporting and statistical requirements.

Article 12. Risk Management Committee and Human Resources Committee

1. The Board of Members must establish the Risk Management Committee and the Human Resources Committee and promulgate regulations on the organizational structure and operation of these two committees. Within ten days from the date of issuance, the microfinance organization must submit these internal regulations to the State Bank (Inspection and Supervision Authority).

2. The organizational structure of the two Committees is decided by the Board of Members but each Committee must have at least two members, the Chairperson being a member of the Board of Members. One member of the Board of Members can only serve as the Chairperson of one Committee. The Chairperson and other members of the two Committees are appointed and relieved by the Board of Members according to the Charter of the microfinance organization.

3. Regulations on the organizational structure and operation of the Committees must include at least the following contents:

a) Rules of Operation:

(i) Number of members of the Committee and responsibilities of each member;

(ii) Regular meetings of the Committee;

(iii) Extraordinary meetings of the Committee;

(iv) Decision-making process of the Committee;

b) Tasks and functions of the Committees:

(i) For the Risk Management Committee:

- Advising the Board of Members on issuing procedures and policies within the Committee's jurisdiction related to risk management in the operation of microfinance organizations as prescribed by law and the Charter of the microfinance organization;

- Analyzing and issuing warnings about the safety level of the microfinance organization against potential risks that may affect it and preventive measures for such risks in both short-term and long-term perspectives;

- Reviewing and evaluating the appropriateness and effectiveness of current risk management procedures and policies of the microfinance organization to make recommendations and proposals to the Board of Members regarding requirements for changes to current procedures and policies, operational strategies;

(ii) For the Human Resources Committee:

- Advising the Board of Members on the scale and composition of the Board of Members and General Director (Director) suitable for the scale of operations and development strategy of the microfinance organization;

- Advising the Board of Members on handling personnel issues arising from election, appointment, removal, and dismissal procedures for positions on the Board of Members, members of the Supervisory Board, and General Manager (Director) of the microfinance organization in accordance with the law and the Charter of the microfinance organization;

- Studying and advising the Board of Members on issuing internal regulations of the microfinance organization within the Board's jurisdiction concerning salary systems, remuneration, bonuses, recruitment rules, training, and other incentive policies for managers, staff, and employees of the microfinance organization.

Section 3

STANDARDS AND CONDITIONS FOR MANAGERS, OPERATORS, AND MEMBERS OF THE SUPERVISORY BOARD

Article 13. Standards and Conditions for Members of the Board of Directors

Members of the Board of Members must meet the following standards and conditions:

1. Not falling under the categories specified in Clause 1 of Article 42 and Article 43 of the Law on Credit Organizations.

2. Not currently managing or operating a microfinance program or project; not currently managing or operating an organization implementing a microfinance program or project.

3. Possess professional ethics.

4. Have a bachelor’s degree or higher.

5. Meet one of the following conditions:

a) Having served for at least two years as a manager or operator of a credit organization;

b) Having at least three years of experience as a business management person operating in the financial, accounting, auditing fields or in another enterprise with minimum capital equivalent to the statutory capital of microfinance organizations as prescribed by law;

c) Having worked directly in a business unit of a credit organization or a foreign bank branch for at least five years;

d) Having worked directly in the microfinance sector for at least five years or having worked directly in a business unit dealing with finance, banking, accounting, or auditing for at least five years.

Article 14. Standards and Conditions for Members of the Supervisory Board

Members of the Supervisory Board must meet the following standards and conditions:

1. Not falling under the categories specified in Clause 1 of Article 42 and Article 43 of the Law on Credit Organizations.

2. Possess professional ethics.

3. Having a bachelor's degree or higher in one of the following fields: economics, finance, accounting, auditing, banking, business administration, law, and having at least one year of work experience in a field related to microfinance, or having a college degree or higher in one of the aforementioned fields and having at least three years of work experience in a position related to microfinance, or having at least five years of direct work experience in the financial sector (including microfinance), banking, accounting, and auditing.

4. The Chairman of the Supervisory Board must reside in Vietnam during their term of office.

Article 15. Standards and Conditions for General Director (Director)

The General Director (Director) must meet the following standards and conditions:

1. Not falling under the categories specified in Clause 1 of Article 42 and Article 43 of the Law on Credit Organizations.

2. Not currently managing or operating a microfinance program or project; not currently managing or operating an organization implementing a microfinance program or project.

3. Possess professional ethics.

4. Have a bachelor's degree or higher in one of the fields of economics, finance, accounting, auditing, banking, business management, law.

5. Having at least two years of experience as a manager of a credit organization or at least two years as a General Director (Director) of an enterprise with minimum capital equivalent to the statutory capital of microfinance organizations as prescribed by law, or having at least three years of work experience in a managerial position (from Head of Department upwards) in the microfinance sector, or having at least five years of direct work experience in the financial sector (including microfinance), banking, accounting, and auditing.

6. Reside in Vietnam during their term of office.

Article 16. Standards and Conditions for Deputy General Director (Deputy Director), Chief Accountant, Branch Manager

1. Deputy General Director (Deputy Director) not falling within the scope defined in Clause 1 of Article 42 and Article 43 of the Law on Credit Organizations; Chief Accountant not falling within the scope defined in Clause 2 and Clause 3 of Article 42 of the Law on Credit Organizations; Branch Manager not falling within the scope defined in Clause 2 of Article 42 of the Law on Credit Organizations.

2. Meet one of the following conditions:

a) Have a bachelor's degree or higher in one of the fields of economics, finance, accounting, auditing, banking, business management, law, or another field relevant to the specialized area they will be responsible for;

b) Having a bachelor's degree or higher in a different field and having at least two years of direct work experience in the financial sector (including microfinance), banking, or in the specialized field they will be responsible for.

3. Reside in Vietnam during their term of office.

4. The Chief Accountant must meet the standards and conditions prescribed by law on accounting.

Section 4

APPROVAL OF THE LIST OF PROPOSED PERSONS TO BE ELECTED OR APPOINTED AS MEMBERS OF THE BOARD OF DIRECTORS, MEMBERS OF THE SUPERVISORY BOARD, AND GENERAL DIRECTOR (DIRECTOR) OF MICROFINANCE ORGANIZATIONS

Article 17. Regarding Professional Ethics Assessment for Proposed Persons to Be Elected or Appointed as Members of the Board of Directors, Members of the Supervisory Board, and General Director (Director) of Microfinance Organizations

1. Persons falling under any of the following circumstances shall be considered as lacking professional ethics:

a) A person who must bear responsibility according to the conclusion of inspection and audit leading to a credit organization or foreign bank branch being administratively sanctioned in the monetary and banking sector at the highest fine level for violations concerning licenses, governance, management, shares, stocks, capital contributions, purchasing shares, granting loans, purchasing corporate bonds, safety ratios, as stipulated by laws on administrative sanctions in the monetary and banking sector;

b) A person named in the conclusion of inspection and audit bearing responsibility leading to a credit organization or foreign bank branch being administratively sanctioned in the monetary and banking sector where the credit organization or foreign bank branch has not yet fully executed the administrative sanction decision;

c) A person who has been administratively sanctioned for violations in the monetary and banking sector within one year from the date of completion of the administrative sanction decision or one year from the expiration of the enforcement period of the administrative sanction decision;

d) A person who must bear personal responsibility for violations concerning licenses, governance, management, shares, stocks, capital contributions, purchasing shares, granting loans, purchasing corporate bonds, safety ratios, asset classification, off-balance sheet commitments, provision establishment and usage for risk handling as stipulated by laws mentioned in the conclusion of inspection and audit of the State Bank that have not been rectified or corrected as recommended;

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

a) The proposed personnel currently working or previously worked at a credit organization or foreign bank branch must comply with the rules and ethical standards issued by the credit organization or foreign bank branch itself according to the State Bank's regulations on internal control systems and internal audits applicable to credit organizations and foreign bank branches;

b) The proposed personnel must comply with the rules and ethical standards issued by the microfinance organization according to the State Bank's regulations on internal control systems and internal audits applicable to microfinance organizations.

3. The microfinance organization where the proposed personnel currently work or previously worked shall be responsible for assessing the professional ethics of the proposed personnel to be elected or appointed as members of the Board of Directors, members of the Board of Management, members of the Supervisory Board, and General Director (Director) of other credit organizations or foreign bank branches when the proposed personnel make such a request.

Article 18. Application for Approval Documents

1. The microfinance organization's document requesting the State Bank to approve the proposed personnel list, which must include at least the following contents:

a) Reasons for electing or appointing personnel;

b) Proposed personnel list, specifying full name, current position (at the microfinance organization and/or other enterprises or organizations), and proposed position to be elected or appointed at the microfinance organization;

c) Current and proposed structure of the Board of Directors and Supervisory Board after election and appointment of the microfinance organization (in cases where approval is requested for the proposed personnel list for positions as members of the Board of Directors and Supervisory Board). Specify the number of Board of Directors members; the number of Supervisory Board members;

d) Commitment that the proposed elected or appointed personnel meet the qualifications and conditions stipulated in the Law on Credit Institutions, relevant laws, and the Charter of the microfinance organization.

2. The document approving the proposed personnel list of the financial micro-organization (for board members and supervisory board members, the term of office must be clearly stated), specifically:

a) For a single-member limited liability company financial micro-organization: The document from the legitimate representative of the owner;

b) For a multi-member limited liability company financial micro-organization:

(i) In case of proposed appointment as member of the Board of Directors or Supervisory Board: A document appointing individuals to serve as members of the Board of Directors or Supervisory Board signed by the legitimate representative of the capital contributor;

(ii) In case of proposed appointment as General Director (Director): Resolution of the Board of Directors.

3. Curriculum vitae of the proposed elected or appointed personnel according to Model 02 issued together with this Circular.

4. Criminal record certificate of the proposed personnel for election or appointment:

a) For personnel with Vietnamese citizenship: Judicial record form of the proposed elected or appointed personnel, which must contain complete information about criminal records (including those that have been expunged and those that have not been expunged) and information about prohibition from holding positions, establishing, and managing enterprises or cooperatives;

b) For personnel without Vietnamese citizenship: Judicial record form or equivalent document (including expunged and unexpunged criminal records and information about prohibition from holding positions, establishing, and managing enterprises or cooperatives) must be issued by the competent authority of the country where the foreigner resided before coming to Vietnam. If the foreigner has resided in Vietnam for at least six months, the judicial record form shall be issued by the competent authority issuing judicial records at the place of temporary residence of the foreigner.

The criminal record certificate or equivalent document must be issued by the competent authority no later than six months prior to the submission of the dossier by the microfinance organization requesting approval of the proposed personnel list.

The proposed elected or appointed personnel may present an electronic judicial record form issued through the VNeID identity verification application or submit an electronic judicial record form in accordance with the law.

5. List of related persons to the proposed elected or appointed personnel according to Model 04 issued together with this Circular.

6. Other documents proving compliance with personnel standards and conditions stipulated in Articles 13, 14, and 15 of this Circular, which may include one or more of the following documents:

a) Certificates and diplomas proving the professional qualifications of the proposed elected or appointed personnel, wherein certificates issued by educational institutions abroad for Vietnamese citizens must be recognized by the competent Vietnamese authority in accordance with relevant laws;

b) Document of the competent authority appointing as representatives managing state-owned shares in the microfinance organization in accordance with the law, in cases where the proposed elected or appointed personnel are officials, civil servants, managers at the department level or above in enterprises where the state holds at least 50% of the charter capital, or officers, non-commissioned officers, professional soldiers, defense workers in agencies and units under the Vietnam People's Army; officers, non-commissioned officers in agencies and units under the Vietnam Public Security Force;

c) Certificate of business registration and audited financial statements by an independent auditing company of the enterprise where the proposed General Director (Director) of the microfinance organization has worked (if the minimum capital ownership is equal to the statutory capital requirement for microfinance organizations as stipulated by law).

7. Evaluation document of the microfinance organization; of other credit institutions, foreign bank branches where the proposed personnel have worked or are currently working as stipulated in Clause 2 of Article 17 of this Circular according to Model 05 issued together with this Circular.

Article 19. Procedures for Implementation

1. Microfinance organizations shall prepare one set of documents in accordance with Article 18 of this Circular and submit to the State Bank of Vietnam (the Banking Supervision Authority) requesting approval of the proposed list of personnel.

2. In cases where the submitted documents are incomplete or invalid, within fifteen days from the date of receipt of the documents, the State Bank of Vietnam (the Banking Supervision Authority) shall issue a written request for the microfinance organization to supplement the documents.

Within twenty days from the date of receiving all the documents from the microfinance organization, the State Bank of Vietnam shall issue a written approval of the proposed list of personnel of the microfinance organization. If it does not approve, the State Bank of Vietnam must issue a written response stating the reasons.

3. The microfinance organization must notify the State Bank of Vietnam (the Banking Supervision Authority) of the list of individuals elected or appointed as members of the Board of Directors, members of the Supervisory Board, General Director (Director) within ten working days from the date of election or appointment.

4. Within five working days from the date of receipt of the notification document from the microfinance organization, the State Bank of Vietnam (the Banking Supervision Authority) shall be responsible for issuing a written notice to the provincial Business Registration Authority where the microfinance organization's headquarters is located regarding information related to the legal representative of the microfinance organization (if there is a change) to update into the national business registration information system.

Article 20. Validity Period of the Approval Document for the Proposed List of Personnel

The approval document issued by the Governor of the State Bank of Vietnam for the proposed list of personnel of the microfinance organization shall be valid for six months from the date of issuance.

Section 5

REGULATED CAPITAL, SHAREHOLDING RATIO, CONTRIBUTION CAPITAL TRANSFER CONDITIONS

Article 21. Regulated Capital

1. The charter capital of a microfinance organization is the capital that has been actually contributed by the owner or actually contributed by the members and recorded in the Articles of Association.

2. Shareholders and capital contributors shall not use entrusted capital, raised capital, borrowed capital under any form to contribute capital to the microfinance organization and must commit and bear responsibility for the legality of the contributed capital source.

3. The charter capital of a microfinance organization must be contributed in Vietnamese Dong.

Article 22. Shareholding Ratio

1. The proportion of contributed capital ownership of all members who are political-social organizations must reach at least 25% of the charter capital of the microfinance organization.

2. The proportion of contributed capital ownership of members who are not political-social organizations shall not exceed the proportion of contributed capital ownership of political-social organizations.

3. The proportion of contributed capital ownership of a member and related persons shall not exceed 50% of the charter capital of the microfinance organization.

Article 23. Transfer of Contributed Capital

1. The transfer of contributed capital must comply with the provisions of Article 22 of this Circular, the Enterprise Law, and other relevant laws.

2. Within five years from the date of issuance of the License, founding shareholders may only transfer their contributed capital to other founding shareholders under conditions ensuring the shareholding ratios stipulated in Article 22 of this Circular.

3. For microfinance organizations that are limited liability companies with two or more shareholders, shareholders may transfer part or all of their contributed capital to other shareholders or legal entities. The transfer of contributed capital by shareholders must ensure:

a) Not changing the legal form of the microfinance organization;

b) Prioritizing the transfer of contributed capital to remaining members in proportion to their respective contributed capital shares under the same conditions;

c) The transfer of contributed capital to another legal entity can only be carried out when the remaining shareholders do not purchase or do not purchase entirely within thirty days from the date of offering, and must be conducted under conditions that are not more favorable than those offered to the remaining shareholders within the microfinance organization.

d) The legal entity receiving the transferred contributed capital from a member must meet the conditions set forth by the Government regarding the qualifications for founding members.

Chapter 6

ACTIVITIES OF MICROFINANCE ORGANIZATIONS

Article 24. Content of Activities

1. Microfinance organizations may carry out the following capital-raising activities:

a) Accepting deposits in Vietnamese dong in the following forms:

(i) Compulsory savings;

(ii) Deposits of organizations and individuals, including voluntary deposits of microfinance customers, except deposits for payment purposes;

b) Borrowing or accepting deposits from credit institutions, foreign bank branches;

c) Borrowing abroad in accordance with the law.

2. Microfinance organizations may deposit money at credit institutions, foreign bank branches.

3. Microfinance organizations may only provide loans in Vietnamese dong to microfinance customers for income-generating activities and improving living conditions. Microfinance organizations shall not provide loans to customers for purchasing or investing in securities.

The loan from a microfinance organization can be secured by compulsory savings, group guarantee of savings and borrowing customers (hereinafter referred to as borrowing groups) according to the regulations of the microfinance organization.

The provision of loans by microfinance organizations to poor households, near-poor households, and low-income families shall be carried out through representatives of the household. Household representatives are members of the household and must be authorized in writing by all members of the household according to the law.

4. The total outstanding loan balance of a microfinance organization to a microfinance customer who is a very small business, a poor household, or a near-poor household shall not exceed 100 million VND.

Lending to poor households and near-poor households must comply with the following requirements:

a) Poor households and near-poor households must reside legally in the area where the loan is provided;

b) Listed in the list of poor households and near-poor households at communes, wards, and towns according to the multidimensional poverty standard.

5. The total outstanding loan balance of a microfinance organization to a microfinance customer who is an individual belonging to a poor household, an individual belonging to a near-poor household, an individual with low income, or a low-income family shall not exceed 50 million VND.

6. Customers who are individuals belonging to poor households, individuals belonging to near-poor households, self-employed workers as stipulated in point b(iii) clause 4 Article 3 of this Circular, and low-income families shall only be eligible for loans through borrowing groups and must be included in the list approved or recommended by political-social organizations and local authorities at various levels to the microfinance organization.

7. Microfinance organizations may open settlement accounts at the State Bank, commercial banks, and branches of foreign banks. Microfinance organizations shall not open settlement accounts for customers.

8. Insurance agency as follows:

a) When the License issued by the State Bank to the microfinance organization includes agency insurance activities, the microfinance organization may carry out agency insurance activities for types of insurance as prescribed by the Law on Insurance Business.

b) When carrying out insurance agency activities, the microfinance organization must comply with the laws on insurance business and other relevant laws.

9. Microfinance organizations may conduct other business activities as prescribed in points a, b, c, and đ clause 1 Article 130 of the Law on Credit Organizations.

Article 25. Internal Regulations on Lending

Microfinance organizations must establish internal regulations on lending to customers as prescribed in clauses 4, 5, and 6 Article 24 of this Circular, including at least the following contents:

1. Criteria for identifying self-employed workers as prescribed in point b(iii) clause 4 Article 3 of this Circular. Microfinance organizations refer to regulations regarding individuals residing in administrative units at commune level in difficult areas; regular income that does not require personal income tax; average monthly income per household member; average income per person by region/area; minimum wage by region/mountainous area announced by competent state agencies and other related criteria to establish and issue criteria for self-employed workers.

2. Specific provisions on loan groups, which must include at least the following contents:

a) Purpose of establishing loan groups;

b) Number of members participating in borrowing groups; where the number of members in a borrowing group is a minimum of 05 members and a maximum of 60 members, legally residing within the residential area of a commune, ward, or town administrative unit;

c) Operation system of loan groups including at least the following contents:

(i) Regular meetings: at least monthly;

(ii) Minimum number of members participating in regular meetings;

d) Procedures for reviewing and selecting borrowing group members for disbursement of loan funds;

đ) Standards and conditions for the head of a borrowing group;

e) Rights and responsibilities of the head and members of a borrowing group;

g) Relationship between borrowing groups and local authorities, political-social organizations.

3. Loan approval process and disbursement of loan funds.

4. Control, management, and supervision processes to ensure that borrowed funds are used for their intended purposes.

Article 26. Duration of Operation and Operating Area

1. The duration of operation of microfinance organizations recorded in the License shall not exceed 50 years.

2. The operating area of microfinance organizations is defined in the License.

3. Microfinance organizations shall expand their network of operations outside the province or centrally governed city where their headquarters is located, in accordance with the regulations of the State Bank on the network of operations of microfinance organizations.

Chapter III
RESPONSIBILITIES OF UNITS

Article 27. Banking Supervisory Authority

1. Serve as the focal point for reviewing applications for licenses; submit to the Governor for consideration and decision on issuing licenses, approving lists of candidates to be elected or appointed as members of the Board of Directors, members of the Supervisory Board, and General Director (Director) of microfinance organizations.

2. Inspect, supervise, and handle violations by microfinance organizations in implementing the provisions of this Circular and related laws.

3. Take the lead and coordinate with Departments and Bureaus under the State Bank to submit to the Governor of the State Bank for consideration issues related to the establishment, organization, and operation of microfinance organizations.

4. Resolve difficulties arising during the implementation of this Circular.

Article 28. Branches of the State Bank

1. Inspecting, supervising, and handling violations by subordinate units of microfinance organizations within their jurisdiction as prescribed by law.

2. Provide opinions to the State Bank (Banking Supervisory Authority) in accordance with point c, Clause 3, Article 9 of this Circular.

3. Inspect, direct, and supervise microfinance organizations to ensure compliance with legal conditions set forth by the State Bank before commencing operations and report to the State Bank (Banking Supervisory Authority) on the conditions and progress of the commencement of operations of microfinance organizations.

4. Direct, guide, supervise, and inspect microfinance organizations operating within its jurisdiction in implementing the provisions of this Circular.

Chapter IV
IMPLEMENTING PROVISIONS

Article 29. Transitional Provisions

1. Microfinance organizations established and operating according to licenses issued by the State Bank prior to the effective date of this Circular do not need to reapply for licenses and do not need to adjust capital contributors.

2. For loan contracts signed before the effective date of this Circular and compliant with legal provisions at the time of signing, microfinance organizations and other customers may continue to implement the agreements signed until the end of the loan contract term or amend them in accordance with the provisions of this Circular.

3. Deposit contracts (including voluntary deposits and mandatory savings) signed before the effective date of this Circular, microfinance organizations and customers may continue to implement the contracts and agreements signed until the end of the contract term. Amendments, supplements, and extensions of contracts and agreements can only be made if the content of such amendments, supplements, and extensions comply with the provisions of this Circular.

4. Managers, operators, and members of the Supervisory Board of microfinance organizations elected or appointed before the effective date of this Circular who do not meet the requirements stipulated in Articles 13, 14, 15, and 16 of this Circular may continue to hold their positions until the end of their terms or until the end of their election or appointment period.

Article 30. Implementation Provisions

1. This Circular takes effect from July 1, 2024, except for the provision in Clause 2 of this Article.

2. Clause 6 of Article 24 and Article 25 of this Circular take effect from August 15, 2024.

3. This Circular abolishes the following provisions:

a) Circular No. 03/2018/TT-NHNN dated February 23, 2018, of the Governor of the State Bank of Vietnam on the issuance of licenses, organization, and operation of microfinance organizations;

b) Article 1 of Circular No. 13/2019/TT-NHNN dated August 21, 2019, of the Governor of the State Bank of Vietnam amending and supplementing certain articles of relevant Circulars concerning the issuance of licenses, organization, and operation of credit institutions and foreign bank branches;

c) Article 3 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 relevant Circulars concerning the submission, presentation, and provision of information and documents on population when performing administrative procedures in the field of establishment and operation of banks.

Article 31. Responsibility for Implementation

The Director of the Office, the Head of Banking Inspection and Supervision, the Heads of units under the State Bank of Vietnam, and microfinance organizations shall be responsible for organizing the implementation of this Circular./.

 

ANNEX NO. 01

APPLICATION FOR LICENSE TO ESTABLISH AND OPERATE MICROFINANCE ORGANIZATIONS
(Issued together with Circular No. 33/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam)

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
---------------

………date……month……year…….

APPLICATION FOR LICENSE TO ESTABLISH AND OPERATE
MICROFINANCE ORGANIZATION

Respectfully submitted to: Governor of the State Bank of Vietnam

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 Circular No.     /20../TT-NHNN dated .../.../20.. of the Governor of the State Bank of Vietnam on the procedures for issuing licenses, organization, and operation of microfinance organizations;

Pursuant to the Minutes of the meeting of the founding members or the document of the owner (name of organization) dated...month...year... regarding the establishment of a microfinance organization...;

The founding members (or owners) hereby request the Governor of the State Bank of Vietnam to issue a license for establishing and operating a microfinance organization with the following contents:

1. Name of Microfinance Organization:

- Full name in Vietnamese;

- Abbreviation in Vietnamese;

- Full name in English (if applicable);

- Abbreviation in English (if applicable);

- Trading name (if applicable).

2. Main office location, telephone number, fax number,

3. Operating Area:

4. Scope of activities: (specify clearly the requested contents)

5. Term of operation:

6. Registered capital:

We hereby commit:

- Shall bear full responsibility before the law for the accuracy and truthfulness of the contents in the application and supporting documents.

- Shall comply with registration requirements for enterprises, opening for business, and public disclosure of information as prescribed by law.

- Shall strictly adhere to all laws, regulations of the State Bank of Vietnam, and the Charter of the microfinance organization.

 

 

APPENDIX NO. 02

SAMPLE SUMMARY CURRICULUM VITAE
(Issued together with Circular No. 33/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam)

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
---------------

1. Personal Information

- Full name at birth.

- Position of the person to whom the card was issued: Team Leader, Deputy Team Leader, Group Leader, or staff member of the team.

- Personal identification number, current place of residence (if different from the registered place of residence or temporary residence) for individuals with Vietnamese citizenship.

- Passport number or substitute travel document, date of issuance, place of issuance, nationality/nationalities (if applicable), current place of residence for individuals without Vietnamese citizenship.

- Name, address of the legal entity represented; amount of capital contribution and percentage of capital contribution (in case the contributing member is a legal entity).

2. Educational Qualifications:

- General education.

- Academic title, degree (specify name, address of school; major; period of study; list all diplomas obtained).

3. Work Experience:

- Occupation, unit, position held since age 18 to present⁽¹⁾:

- Awards, disciplinary actions, responsibilities according to inspection conclusions leading to the credit organization or foreign bank branch being administratively penalized⁽⁴⁾.

4. Civil capacity⁽⁵⁾

5. Commitment before the law

I commit:

- Not to violate laws in the monetary and banking sector.

- Meeting the criteria and conditions to hold the position of…at the microfinance organization…as stipulated in the Law on Credit Organizations and related guiding documents. I hereby commit to adhering to professional ethics as provided for in Clause 17 of this Circular during my tenure at credit institutions, foreign bank branches (if applicable).

- Notify the microfinance organization…of any changes related to the contents of the declaration form that arise during the time the State Bank of Vietnam is considering the application of the microfinance organization…

- The personal information I provide to the microfinance organization is true. I fully accept responsibility for any information that is not true in this declaration form.

 

Note:

The declarant must fully disclose the required information and bear full responsibility before the law and the microfinance organization for the completeness, accuracy, and truthfulness of the application documents. In cases where there are no changes, specify "none."

(1) The declarant must fully disclose their work experience, workplace, and positions held.

(2) Ensure continuity over time.

(3) Note if the workplace falls under any of the following circumstances:

(i) Enterprises where the state owns more than 50% of the charter capital;

(ii) Unit as specified in Point e, Clause 2, Article 42 of the Law on Credit Organizations;

(iii) Unit as specified in Points c and d, Clause 1, Article 42 of the Law on Credit Organizations.

(4) Specify if personnel fall under the circumstances mentioned in Points d and g, Clause 1, Article 42 of the Law on Credit Organizations.

(5) Specify:

(i) Fully capable/Limited/Incapable of civil acts.

(ii) Information about prohibition from holding positions, establishing, and managing enterprises, cooperatives (for cases where the criminal record certificate or equivalent document issued by a competent authority abroad does not contain such information).

(6) Signature must be certified in accordance with the provisions of the law.

In addition to the basic contents above, the declarant may supplement other necessary information.

 

ANNEX NUMBER 03

MODEL LICENSE FOR THE ESTABLISHMENT OF MICROFINANCE ORGANIZATIONS
(Issued together with Circular No. 33/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam)

 

LICENSE

ESTABLISHMENT AND OPERATION OF MICROFINANCE ORGANIZATIONS

GOVERNOR OF THE STATE BANK OF VIETNAM

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 on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Pursuant to Circular No.   /20../TT-NHNN dated .../.../20.. of the Governor of the State Bank of Vietnam on the procedures for issuing licenses, organization, and operation of microfinance organizations;

Considering the application for a license to establish and operate the microfinance organization …and the accompanying documents;

At the proposal of the Director of the Inspectorate and Supervision Department,

DECISION:

Article 1. Permission is granted to establish the following microfinance organization:

1. Name of the microfinance organization:

- Full name in Vietnamese:

- Full name in English:

2. Certificate of establishment or decision on establishment of the organization (No...issued by the ministry, department, local government of...on...);

- Main office address:

2. Owner(s)/Contributing members and their shareholding ratio in the microfinance organization:

3. Registered capital:

4. Scope of activities: (specify the approved contents)

5. Term of operation:

6. Operating area:

Article 2. During its operations, the microfinance organization must comply with Vietnamese laws.

Article 3. This license takes effect from the date of issuance.

Article 4. The microfinance organization's license shall be made in four (4) original copies: one (1) copy to be issued to the microfinance organization; three (3) copies to be kept at the State Bank of Vietnam, including: one (1) copy to be kept at the State Bank of Vietnam Office; one (1) copy to be kept at the State Bank of Vietnam branch…(where the microfinance organization's main office is located); one (1) copy to be kept in the licensing file.

 

 

ANNEX NO. 04

MODEL DECLARATION FORM FOR RELATED PERSONS
(Issued together with Circular No. 33/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam)

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
---------------

DECLARATION OF RELATED PERSONS

Respected: State Bank of Vietnam

I commit that the information provided above is true. I will bear legal responsibility for the completeness, truthfulness, and accuracy of the declared information.

 

Note:

(1) ID card number or personal identification number for individuals with Vietnamese citizenship; passport number or substitute travel document for individuals without Vietnamese citizenship.

(2) BASED ON THE ACTUAL RELATIONSHIP OF THE PERSON CONCERNED IN THE SPECIFIC CASE AS PROVIDED FOR IN CLAUSE 24, ARTICLE 4 OF THE LAW ON CREDIT ORGANIZATIONS AND RELATED PROVISIONS TO FILL IN THIS COLUMN.

(3) THE SIGNATURE MUST BE CERTIFIED IN ACCORDANCE WITH THE PROVISIONS OF THE LAW.

In addition to the minimum contents mentioned above, the declarant may supplement other necessary information.

 

ANNEX NO. 05

SAMPLE DOCUMENT FOR EVALUATING THE IMPLEMENTATION OF PROFESSIONAL ETHICAL STANDARDS FOR PERSONNEL UNDER THE MANAGEMENT OF CREDIT ORGANIZATIONS AND FOREIGN BANK BRANCHES
(Issued together with Circular No. 33/2024/TT-NHNN dated June 30, 2024 of the Governor of the State Bank of Vietnam)

 

DOCUMENT FOR EVALUATING THE IMPLEMENTATION OF PROFESSIONAL ETHICAL STANDARDS FOR PERSONNEL UNDER THE MANAGEMENT OF CREDIT ORGANIZATIONS AND FOREIGN BANK BRANCHES

BASED ON THE LAW ON CREDIT ORGANIZATIONS ON JANUARY 18, 2024 AND RELATED LEGAL DOCUMENTS;

PURSUANT TO THE REQUEST OF MR./MS. (EXPECTED PERSONNEL);

BASED ON THE INTERNAL RULES AND PROFESSIONAL ETHICAL STANDARDS ISSUED BY (CREDIT ORGANIZATION, FOREIGN BANK BRANCH)…, THE CREDIT ORGANIZATION, FOREIGN BANK BRANCH…PROVIDES INFORMATION ON THE IMPLEMENTATION OF PROFESSIONAL ETHICAL STANDARDS DURING THE PERIOD OF SERVICE AT…(CREDIT ORGANIZATION, FOREIGN BANK BRANCH) AS FOLLOWS:

I. INFORMATION ON PERSONNEL:

1. PERSONNEL NO. 1:

a) NAME (EXPECTED PERSONNEL):

b) DATE OF BIRTH:

c) IDENTITY NUMBER:                              ISSUE DATE:                          ISSUING AUTHORITY:

d) PERIOD OF SERVICE: FROM DAY/MONTH/YEAR TO DAY/MONTH/YEAR.

đ) POSITION HELD AND TASKS ASSIGNED: FROM MONTH/YEAR TO MONTH/YEAR.

2. PERSONNEL NO. 2:

….

II. INFORMATION ON THE IMPLEMENTATION OF PROFESSIONAL ETHICS STANDARDS

1. PERSONNEL NO. 1:

a) DETAILS AS PROVIDED FOR IN CLAUSE 1, ARTICLE 17 OF THIS CIRCULAR;

b) BASED ON INTERNAL REGULATIONS OF THE CREDIT ORGANIZATION, FOREIGN BANK BRANCH..., THE IMPLEMENTATION OF PROFESSIONAL ETHICAL STANDARDS BY THE PERSONNEL MENTIONED IN PART I OF THIS DOCUMENT IS ASSESSED AS FOLLOWS:

ASSESSMENT OF COMPLIANCE WITH "PROFESSIONAL ETHICS":

□ COMPLIANT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

In case of non-compliance, state the reasons.

2. PERSONNEL NO. 2:

…

III. Credit institutions, foreign bank branches... undertake to be legally responsible for the accuracy and truthfulness of the information provided in this document./.