1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/08/2021
1.1. Decree No. 58/2021/ND-CP on provision of credit information service
Some content should be noted:
·
Firstly, stipulating on operating principles of provision of credit information.
Specifically, Article 4 of
Decree No. 58/2021/ND-CP stipulates: “Article 4. Operating principles of
provision of credit information
1. Credit information companies shall provide credit information
only after receiving certificate issued by the SBV.
2. Provision of credit information must comply with regulations
and law, ensure truthfulness, objectivity, and not affect legal rights and
benefits of relevant organizations and individuals.
3. Agreements and commitments in provision of credit information
specified under this Decree must be made into records or other equally
legitimate forms as written documents as per the law.
4. Credit information companies shall only collect credit
information of debtors from participating organizations when the debtors allow
the participating organizations to provide their credit information according
to Annex I attached hereto.
5. Principles of providing credit information products:
a) Credit information companies shall provide credit information
products according to Article 21 hereof;
b) Credit information companies shall only provide credit information
products which contain identification information of debtors to other
participating organizations under consent of the debtors under Annex II
attached hereto, except for cases where the organizations receive consent of
the debtors according to Clause 4 of this Article;
c) Credit information companies shall not provide credit information
products which contain identification information of debtors to other
organizations and individuals under Point dd Clause 1 Article 21 hereof.”
·
Secondly, stipulating on restrictions in provision of credit information service.
Specifically, Article 6 of
Decree No. 58/2021/ND-CP stipulates: “Article 6. Restrictions in provision
of credit information service
1. Do not illegally collect, provide information classified as
Government secret.
2. Do not intentionally deviate credit information thereby
affecting legal rights and benefits of relevant organizations and individuals.
3. Do not exchange credit information, or provide credit
information for the wrong individuals, for the wrong purposes or illegally.
4. Do not exploit provision of credit information for personal gain,
violating benefits of the Government, or legal rights and benefits of
organizations and individuals.
5. Do not obstruct legal collection and use of credit information
of organizations and individuals.”
The content should be noted: Regulating on the list of administrative procedures to be amended and supplemented within the scope of management functions of the State Bank of Vietnam, including procedure for approving changes to the content of the Certificate of Credit Information Operations.
“PART I.
LIST OF ADMINISTRATIVE PROCEDURES
1. List of administrative
procedures to be amended and supplemented within the scope of management
functions of the State Bank of Vietnam
|
No. |
Case
number of administrative procedures |
Name
of administrative procedures |
The
name of the legal document stipulating the content of amendments and
supplements |
Field |
Implementing
agencies |
|
Administrative procedures are carried out at
the State Bank of Vietnam ... |
|||||
|
2 |
1.001157 |
Procedure for approving changes to the
content of the Certificate of Credit Information Operations |
Decree
No. 58/2021/ND-CP dated
on 10/06/2021 of the Government on provision of credit information service |
Credit information activities |
State Bank of Vietnam |
”
Specifically, Article 1 of Circular
No. 13/2021/TT-NHNN stipulates: “Article 1. Amendments certain articles of
Circular No. 26/2013/TT-NHNN
Article 1a shall be added as follows:
“Article 1a: The
charges for payment services as prescribed in point 1.1, 1.2 Section 1 “Charges
for payment transactions performed via the IBPS” in Part III “In-country
payment service charges” in the Tariff of charges for payment services offered
via the State Bank of Vietnam promulgated herewith will be reduced by 50 per
cent from September 1, 2021 to June 30, 2022 inclusive.”.
2. LEGAL DOCUMENTS ARE ISSUED IN 07/2021
2.1. Circular No. 12/2021/TT-NHNN prescribing credit institutions and foreign bank branches’ trading of promissory notes, treasury bills, deposit certificates and bonds domestically issued by other credit institutions and foreign bank branches
Some contents should be noted:
·
Firstly, regulating on
rules for trading of financial instruments.
Specifically, Article 3 Circular
No. 12/2021/TT-NHNN stipulates: “Article 3. Rules for trading of financial
instruments
1. Credit institutions/FBBs are allowed to carry out the trading
of financial instruments according to the contents about trading of corporate
bonds and/or other financial instruments specified in their licenses issued by
SBV.
2. Buyers and sellers shall assume legal responsibility for their
compliance with regulations herein and relevant laws when carrying out trading
of financial instruments.
3. VND (Vietnamese Dong) shall be the currency used in trading of
financial instruments.
4. The financial instrument to be purchased or sold is under the
lawful ownership of the seller and is not matured; the seller undertakes that
the financial instrument is not in any disputes, is eligible for trading as
prescribed by law, and is not undergoing any discounting or rediscounting.
5. Credit institutions/FBBs shall carry out the trading of bonds
in accordance with the Law on Credit Institutions, the Law on Securities,
Government’s Decrees on issuance of corporate bonds, legislative documents
providing guidance on the Law on Securities, relevant laws and this Circular.
6. Credit institutions/FBBs shall only purchase promissory notes,
treasury bills and deposit certificates whose remaining term to maturity is
less than 12 months. The remaining term to maturity is the length of time
commencing on the date of payment for the financial instrument as prescribed in
Clause 3 Article 4 hereof and ending on the maturity date of that financial
instrument on which its principal and interest must be fully paid.
7. FBBs shall not be allowed to purchase convertible bonds.
8. Credit institutions/FBBs shall only carry out trading of
financial instruments issued by finance companies or finance lease companies
with organizations (including credit institutions/FBBs).”
·
Secondly, regulating on transaction
information.
Specifically, Article 3 Circular
No. 12/2021/TT-NHNN stipulates: “Article 4. Transaction information
The form of transactions in financial instruments must comply with
relevant laws. An agreement on trading of financial instrument shall,
inter alia, include the following contents:
1. Information about the seller and the buyer.
2. Name of the financial instrument; issuer; term, maturity date
and value determined according to face value of the financial instrument.
3. Date of payment for financial instrument.
4. Payment amount for financial instrument.
5. Rights and obligations of the seller and the buyer.”
