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Banks required to disclose minor stakeholders from July 1

The Saigon Times

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HCMC – Commencing July 1, commercial banks will be required to publicly disclose information about stakeholders who hold 1% of their charter capital and their related individuals as required by the amended Law on Credit Institutions.

The revised law, which was passed by the National Assembly at its extraordinary session in Hanoi on January 18, imposes stricter regulations on shareholding and information disclosure. The law will take effect on July 1 this year, except for some provisions that need to be revised.

Under the revised law, details of stakeholders possessing 1% of charter capital and their related individuals must be made available on the banks’ official websites.

The definition of related individuals has been broadened to include foster parents, step-parents, parents-in-law, foster children, sons-in-law, siblings-in-law, half-siblings, and siblings-in-law of half-siblings.

Grandparents, grandchildren, uncles, aunts, nephews, and nieces are now considered related individuals under the amended law.

The ownership limit for institutional stakeholders will decrease from 15% to 10%, while stakeholders and their related individuals will see their limit reduced from 20% to 15%. In contrast, the ownership limit for individual stakeholders will remain unchanged at 5% of charter capital.

After July 1, stakeholders and their related individuals who possess shares exceeding the specified limit will be allowed to maintain their existing ownership but will not be permitted to increase their share count, except for receiving share dividends.

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