MONTHLY LEGAL UPDATE – 10/2018: LEGAL UPDATE RELATING TO FINANCE AND CREDIT
1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/10/2018
1.1. Decree No. 116/2018/NĐ-CP amending and supplementing a number of articles of the government’s Decree No. 55/2015/NĐ-CP dated on June 9th, 2015 on the credit policy for agricultural and rural development
v Name of legal document: Decree No. 116/2018/NĐ-CP issued on 07/9/2018 by Government amending and supplementing a number of articles of the Government’s Decree No. 55/2015/NĐ-CP dated on June 9th, 2015 on the credit policy for agricultural and rural development (hereinafter referred to as the “Decree No. 116/2018/NĐ-CP”).
v Effective date: 01/11/2018.
The content should be noted: Amending and supplementing the regulation on scope of application of the Government’s Decree No. 55/2015/NĐ-CP dated on June 9th, 2015 on the credit policy for agricultural and rural development.
Specifically, Clause 1 Article 1
of Decree No. 116/2018/NĐ-CP stipulates: “Article
1. amending and supplementing a number of articles of the Government’s Decree
No. 55/2015/NĐ-CP dated on June 9th, 2015 on the credit policy for agricultural
and rural development, including:
1. Amending Clause 2 of Article 2 and to add Clause 3 to Article 2 as
follows:
“2. Customers borrowing capital at credit institutions are individuals
and juridical persons, including:
a) Individuals which reside within rural localities, or are carrying
out agricultural production or business operations, farm owners;
b) Juridical persons include:
(i) Co-operatives, unions of cooperatives which are in rural areas or
engage in production and business activities in agriculture;
(ii) Enterprises engaging in production and business activities in
rural areas, except: real estate business enterprises, mining enterprises,
electricity production units and enterprises not defined in Point b (ii),
Clause 2 of this Article located in industrial parks and export processing
zones;
(iii) Enterprises providing agricultural inputs for agricultural
production and enterprises producing, purchasing, processing and marketing
agricultural products and by-products.
3. Family households, artels and other non-juridical persons
organizations, when participating in the loan relations, members of other
family households, cooperative groups or non-juridical persons organizations
are subjects of participating in establishing, executing loan transactions or
authorize the representatives to participate in the establishment and
implementation of loan transactions. Authorization must be made in writing,
unless otherwise agreed. when there is a change of representative, it must
inform the party participating in the loan relationship. In case a member of a household, a cooperative group
or other non-juridical persons organizations participate in the loan
relationship is not authorized by another member to act as a representative,
the member is the subject of the loan relationship he/she has established and
implemented.
Family households, cooperative groups and other non-juridical persons organizations
specified in this Clause include:
a) Family households which reside within rural localities, or are
carrying out agricultural production or business operations;
b) Family households operating within
rural localities;
c) Artels which are located within rural localities, or carrying out
agricultural production or business operations;
d) Enterprises carrying out their business operations in rural
localities, except for the following entities: real estate enterprises, mining
enterprises, hydropower and thermopower generation facilities, and enterprises
that are not governed by Point d Clause 3 of this Article and are located at
industrial parks or processing and exporting zones;
e) Enterprises supplying agricultural raw materials and inputs to the agricultural production and those manufacturing, purchasing, processing and consuming agricultural produce and byproducts.””
2. LEGAL DOCUMENTS ISSUED IN 08/2018 AND 09/20182.1. Circular No. 18/2018/TT-NHNN on information system security in banking operations
v Name of legal document: Circular No. 18/2018/TT-NHNN issued on 21/8/2018 by the State Bank of Vietnam on information system security in banking operations (hereinafter referred to as the “Circular No. 18/2018/TT-NHNN”).
v Effective date: 01/01/2019.
Some contents should be noted:
·
Firstly, stipulating on management
of information technology assets.
Specifically, Article 6 of Circular
No. 18/2018/TT-NHNN stipulates: “Management
of information technology assets
1. Information technology assets include:
a) Information assets such as digital data and information which are
processed and stored through the information system;
b) Physical assets such as information technology equipment, means of
media, information-bearing objects and equipment that support operation of the
information system;
c) Software assets such as software systems, utility software,
middleware, database, application programs, source codes and development tools.
2. The institution shall make a list of all information technology
assets attached to each information system as prescribed in Clause 3 Article 4[1]
herein. Annual review and update of such list is required.
3. According to the importance of information systems, the institution
shall adopt management and protection methods suitable for each type of
information technology asset.
4. According to classification of information technology assets
prescribed in Clause 1 this Article, the institution shall set up and adopt
regulations on asset management and use as prescribed in Article 7, 8, 9, 10
and 11 herein.”
·
Secondly, stipulating work which
institution[2]
shall do When an employee in an institution terminates or change employment.
Specifically, Article 15 of
Circular No. 18/2018/TT-NHNN stipulates: “Employment termination or change
When an employee in an institution terminates or change employment,
such institution shall:
1. determine responsibilities of such employee at the date of
employment termination or change
2. request such employee to hand over the information technology assets
3. revoke the right to access to the information system of the employee
resigning from his/her job
4. timely change the access right to information system of the employee
who changes his/her employment in order to conform to the principle that such
right is given adequately for him/her to perform the assigned duty.
5. at least every six months, carry out review, inspection and
comparison between personnel management department and department in charge of
management of granting and revocation of rights to access to information
systems for the purpose of complying with regulations specified in Clause 3 and
4 this Article
6. inform the State Bank of Vietnam (Information Technology Authority)
of cases in which individuals working in information technology sector of the
institution have been disciplined in forms of dismissal, discharge or legal
proceedings on account of violations against information security regulations.”
·
Thirdly, stipulating on criteria for selecting a third party providing the cloud
computing service.
Specifically, Article 33 of
Circular No. 18/2018/TT-NHNN stipulates: “Criteria
for selecting a third party providing the cloud computing service
Any third party shall be selected if it:
1. is an enterprise;
2. owns information technology infrastructure corresponding to the
service requested by the institution which:
a) complies with provisions of Vietnamese laws;
b) is granted an unexpired international certificate of information
security.”
v Name of legal document: Circular No. 19/2018/TT-NHNN issued on 28/8/2018 by the State Bank of Vietnam guiding for foreign exchange management for Viet Nam - China border trade (hereinafter referred to as the “Circular No. 19/2018/TT-NHNN”).
v Effective date: 12/10/2018.
Some contents should be noted:
·
Firstly, stipulating on subjects of application of Circular No. 19/2018/TT-NHNN.
Specifically, Article 2 Circular No.
19/2018/TT-NHNN stipulates: “Subjects of application
1. Vietnamese and
Chinese traders conducting Viet Nam - China border trade activities.
2. Vietnamese
border residents, Chinese border residents conducting Viet Nam - China border
trade activities.
3. Commercial
banks and branches of foreign banks are allowed to conduct foreign exchange
transactions in Viet Nam (hereinafter referred to as licensed banks).
4. Branches of
licensed banks located in border regions and border-gate economic zones of Viet
Nam - China (hereinafter referred to as border - bank branches).
5. Organizations
trading in duty-free goods and services providing in isolated areas at
international border gates and bonded warehouses at border areas and
border-gate economic zones of Viet Nam and China.
6. Other
organizations and individuals involved in payment activities in Viet Nam - China
border trade.”
·
Secondly, stipulating on export and
import of CNY in cash and VND in cash.
Specifically, Article 15 Circular No.
19/2018/TT-NHNN stipulates: “Export and import of CNY in cash and VND in
cash
1. Banks allowed
have border-bank branches may export and import CNY in cash and VND in cash in
order to regulate the amount of cash to serve business activities of
border-bank branches.
2. Export and
import CNY in cash and VND in cash are performed through international border
gates and principal border gates in the border areas and border-gate economic
zones of Viet Nam and China.
3. Banks allowed
have border-bank branches when exporting or importing CNY cash and VND cash,
have the following responsibilities:
a) Making
border-gate customs declaration according to the provisions of law;
b) Taking measures
to manage, supervise and ensure safety in the delivery, preserve and transport
CNY in cash and in VND;
c) Bearing risks
related to the export and import of cash.”
·
Thirdly, stipulating on responsibilities
of licensed banks in guiding for foreign exchange management for Viet Nam - China
border trade.
Specifically, Article 19 of
Circular No. 19/2018/TT-NHNN stipulates: “Responsibilities
of licensed banks
1. Licensed banks shall have the responsibilities:
a) To fully execute and guide customers to strictly observe the
provisions of this Circular;
b) To examine and keep documents in compatibility with actual
transactions so as to ensure the provision of foreign exchange services is performed
in compliance with right purposes and the provisions of law.
2. Banks allowed have border - bank branches apart from the
responsibilities stipulated in Clause 1 of this Article shall also be
responsible for:
a) Posting up and announcing the buying and selling exchange rates of
CNY/VND at the border - bank branches according to the regulations of the State
Bank of Vietnam;
b) Issuing internal documents on entrusted payment activities in CNY
and payment activities in CNY in the licensed banking system in accordance with
the provisions of this Circular and relevant laws;
c) Observing the provisions of Vietnamese law and treaties to which
Vietnam is a contracting party upon the payment cooperation agreement with a
Chinese bank.”
v Name of legal document: Circular No. 20/2018/TT-NHNN issued on 30/8/2018 by the State Bank of Vietnam regulating on monitoring of payment systems (hereinafter referred to as the “Circular No. 20/2018/TT-NHNN”).v Effective date: 01/01/2019.Some contents should be noted:
·
Firstly, explaining the terms “Payment
system”, “Important payment system”.
Specifically, Clause 1, Clause 2 Article 3 of Circular
No. 20/2018/TT-NHNN stipulates:
“1. Payment system means a system consisting of payment facilities,
regulations, procedures, technical infrastructure, operation organizations and
participating members for handling, clearing, settling payment transactions
arising between participating members.
2. Important payment system is the payment system that plays a key role
in servicing the demand of payment in the economy, potentially results in
systemic risk, meets at least one in the following criteria:
a) It is the only payment system or accounts for a large proportion of
the total payment value compared to the same type payment systems; or
b) It is a system processing high-value payment transactions; or
c) The system is used to settle accounts for other payment systems or
for financial market transactions.
Important payment systems defined in this Circular include: the
National Interbank Electronic Payment System; Foreign currency payment system
(operated by the Joint Stock Commercial Bank for Foreign Trade of Vietnam);
payment system for securities trading; system for compensation, financial
transaction switching.”
·
Secondly, stipulating on supervision
contents of the National Interbank Electronic Payment System.
Specifically, Article 8 of Circular No. 20/2018/TT-NHNN
stipulates: “The National Interbank
Electronic Payment System
1. The general
operation of the National Interbank Electronic Payment System, including
information on the duration of operation, status of participants, payment
status of each service provided (high-value payment services, low-value payment
services, foreign currency payment services, net settlement services for other
payment systems).
2. Risk situation
arising and risk management for operational risk, credit risk, liquidity risk
and settlement risk of the National Interbank Electronic Payment System.
3. The observance
of legal provisions relating to the management and operation of the National
Interbank Electronic Payment System.
4. Changes in the
operation of the National Interbank Electronic Payment System, including
changes in system features, procedures and internal procedures.”
·
Thirdly, issuing annexes for implementing
Circular No. 20/2018/TT-NHNN.
Specifically,
-
Appendix I issued together with Circular No. 20/2018/TT-NHNN
on the operation data of the National Interbank Electronic Payment System.
-
Appendix II issued together with Circular No. 20/2018/TT-NHNN
on the operation data of Foreign currency payment system; payment system for
securities trading; system for compensation, financial transaction switching.
-
Appendix III issued together with Circular No.
20/2018/TT-NHNN on the report on operation of the important payment system.
-
Appendix IV issued together with Circular No. 20/2018/TT-NHNN
on incident notification.
-
Appendix V issued together with Circular No.
20/2018/TT-NHNN on the report on evaluation of the payment system.
v Name of legal document: Decision No. 1403/QĐ-TCT issued on 30/8/2018 by The General Director of Taxation on promulgation of data exchange standards between the General Department of Taxation and Commercial Banks and The intermediate payment unit meeting the electronic tax payment in the form of submission via Internet Banking (hereinafter referred to as the “Decision No. 1403/QĐ-TCT”).v Effective date: 30/8/2018.The content should be noted: Issuing the “Data exchange standards between the General Department of Taxation and Commercial Banks and The unit meeting the electronic tax payment in the form of submission via Internet Banking” attached to the Decision No. 1403/QĐ-TCT (hereinafter referred to as “Data Exchange Standard”). Data Exchange Standard includes some following contents: Exchange data between the General Department of Taxation and Commercial Banks, The intermediate payment unit (Section II of Data Exchange Standard), Data format (Section III of Data Exchange Standard), Category Types (Section IV Data Exchange Standard).
v Name of legal document: Circular No. 21/2018/TT-NHNN issued on 31/8/2018 by the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 37/2016/TT-NHNN dated December 30th, 2016 of the Governor of the State Bank of Vietnam management, operation and use of the national interbank electronic payment system.(Circular No. 21/2018/TT-NHNN issued on 31/8/2018 by the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 37/2016/TT-NHNN dated December 30th, 2016 of the Governor of the State Bank of Vietnam management, operation and use of the national interbank electronic payment system hereinafter referred to as the “Circular No. 21/2018/TT-NHNN”.Circular No. 37/2016/TT-NHNN dated December 30th, 2016 of the Governor of the State Bank of Vietnam management, operation and use of the national interbank electronic payment system hereinafter referred to as the “Circular No. 37/2016/TT-NHNN”.)v Effective date: 31/8/2018.Some contents should be noted:
·
Firstly, amending and supplementing
the effect of Circular No. 37/2016/TT-NHNN.
Specifically, Article 1 of Circular
No. 21/2018/TT-NHNN stipulates: “Effect
1. This Circular takes effect on November 1st, 2019.
2. From the effective date of this Circular, the following documents
shall expire:
a) The State Bank Governor's Circular No. 23/2010/TT-NHNN dated
November 9th, 2010 providing for the management, operation and use of the
inter-bank electronic payment system;
b) The State Bank Governor's Circular No. 13/2013/TT-NHNN dated June
11th, 2013 amending and supplementing a number of articles of Circular No.
23/2010/TT-NHNN dated November 11th, 2010 of the Governor of the State Bank
providing for the management, operation and use of the inter-bank electronic
payment system;
c) Article 6 of Circular No. 23/2011 / TT-NHNN issued on August 31st,
2011 by the Governor of the State Bank on the implementation of the
simplification of administrative procedures for payment activities and fields
according to the Government Resolution on simplification of administrative
procedures within the scope of management functions of the State Bank.”
· Secondly, Circular No. 23/2017/TT-NHNN issued on December 29th, 2017 by the Governor of the State Bank amending and supplementing a number of articles of Circular No. 37/2016/TT-NHNN expires on August 31st, 2018.
Specifically, Article 3 of Circular No. 21/2018/TT-NHNN stipulates: “This Circular (Circular No. 21/2018/TT-NHNN) takes effect on August 31st, 2018 and replaces Circular No. 23/2017/TT-NHNN dated December 29th, 2017 of The Governor of the State Bank of Vietnam amending and supplementing a number of articles of Circular No. 37/2016/TT-NHNN dated December 30th, 2016 of the Governor of the State Bank of Vietnam management, operation and use of the national interbank electronic payment system.”
2.6. Circular No. 22/2018/TT-NHNN guiding on procedures and documents for approving the list of tentative personnel of commercial banks, non-bank credit institutions and foreign bank branchesv Name of legal document: Circular No. 22/2018/TT-NHNN issued on 05/9/2018 by the State Bank of Vietnam guiding on procedures and documents for approving the list of tentative personnel of commercial banks, non-bank credit institutions and foreign bank branches (hereinafter referred to as the “Circular No. 22/2018/TT-NHNN”).v Effective date: 01/11/2018.Some contents should be noted:
·
Firstly, proving for necessary
documents in the dossier of request for approving the list of tentative
personnel of credit institutions.
Specifically, Article 6 of Circular No. 22/2018/TT-NHNN
stipulates that dossier of request for approving the list of tentative
personnel of credit institutions includes:
1.
“Documents
of the credit institution shall be proposed to the State Bank for approval of the
list of tentative personnel” (Clause 1 of Article 6 of Circular No.
22/1018/TT-NHNN);
2.
“The
written approval of tentative personnel list of credit institutions (for the
Board of Directors, the Board of members and the Control Board must clearly
state the term)” (Clause 2 of Article 6 of Circular No. 22/1018/TT-NHNN);
3.
“The
personal background of the personnel proposed to be elected or appointed
according to the form in Appendix 01 attached to this Circular” (Clause 3
of Article 6 of Circular No. 22/1018/TT-NHNN);
4.
“The
judicial record of the personnel proposed to be elected or appointed” (Clause
4 of Article 6 of Circular No. 22/1018/TT-NHNN);
5.
“The list
of related persons of the personnel proposed to be elected or appointed
according to the form in Appendix 02 attached to this Circular” (Clause 5
of Article 6 of Circular No. 22/1018/TT-NHNN);
6.
“Copies of
diplomas and certificates proving the professional qualifications of personnel
proposed for election or appointment, of which the diploma of Vietnamese
nationality personnel issued by a foreign educational establishment must be
approved by the Ministry of Education and Training recognize in accordance with
relevant laws” (Clause 6 of Article 6 of Circular No. 22/1018/TT-NHNN);
7.
“Documents
evidencing the satisfaction of criteria and conditions for personnel who intend
to hold the post of member of the Board of Directors, the Board of members of
the credit institution as stipulated in Point d[3]
Clause 1 of Article 50 of the Law on credit institutions” (Clause 7 of
Article 6 of Circular No. 22/1018/TT-NHNN);
8.
“Documents
evidencing the satisfaction of criteria and conditions for personnel expected
to hold the post of General Director (Director) of the credit institution as
stipulated in Point d[4]
Clause 4 of Article 50 of the Law on credit institutions” (Clause 8 of
Article 6 of Circular No. 22/1018/TT-NHNN);
9.
“Documents
proving the satisfaction of standards and conditions "having at least 03
years working directly in banking, finance, accounting or auditing fields"
with regard to personnel expected to hold the post of member of the Control
Board Control of credit institutions as stipulated in Point c[5]
Clause 3 of Article 50 of the Law on credit institutions: Documents of the
authorized representative of the unit where the personnel has been or is
working confirming the direct working personnel in banking, finance, accounting
or auditing fields and the working time in the field, or copies of documents
proving the field of working, working time of personnel in the fields” (Clause
9 of Article 6 of Circular No. 22/1018/TT-NHNN);
10.
“For
personnel who are expected to be elected or appointed under the cases specified
at Points e[6]
and [7]f,
Clause 2, Article 33 of the Law on credit institutions: Documents of competent
agencies appointing personnel who are expected to act as management
representatives contributed capital of the State at credit institutions” (Clause
10 of Article 6 of Circular No. 22/1018/TT-NHNN).
·
Secondly, issuing written forms of
documents in the dossier of request for approving the list of tentative
personnel of credit institutions.
Specifically, form of personal background, form of table
of related person list, form of Notification of List of people elected,
appointment to be members of Board of Directors, the Board of members, the
Control Board, General Director (Director), etc. are stipulated in Appendixes
01, 02, 03, etc. respectively issued together with Circular No.
22/2018/TT-NHNN.
v Name of legal document: Decree No. 117/2018/NĐ-CP issued on 11/9/2018 by Goverment on keeping confidential and providing customer information of credit institutions and foreign bank branches (hereinafter referred to as the “Decree No. 117/2018/NĐ-CP”).v Effective date: 01/11/2018.Some contents should be noted:
·
Firstly, providing for the
principles of confidentiality and supply of customer information by credit
institutions and foreign bank branches.
Specifically, Article 4 of Decree No. 17/2018/NĐ-CP
stipulates: “Principles of confidentiality
and supply of customer information
1. Customer
information of credit institutions and foreign bank branches must be kept
secret and only be provided in accordance with the provisions of the Law on
credit institutions 2010, amended and supplemented in 2017, this Decree and
related laws.
2. Credit
institutions and branches of foreign banks are not allowed to provide
identification customer information when accessing banking services, including
secret codes, biometrics data, and access passwords of customers and other
identification customer information for any agency, organization or individual,
unless agreed by the customer in writing or in another form as agreed with the
customer.
3. State agencies,
other organizations and individuals may request credit institutions and foreign
bank branches to supply customer information according to the right purposes,
contents, scope and competence as prescribed of the law or the acceptance of
the customer and are liable for the request for the provision of customer
information.
4. State agencies,
other organizations and individuals must keep customer information
confidential, use customer information for the right purpose when requesting
information and not provide to third parties without approval of customers,
except for cases provided under the provisions of law.
5. Agencies,
organizations and individuals must archive and preserve according to the law
provisions on archive and preservation of dossiers and documents on customer
information, dossiers of request for supply of customer information, the
delivery of customer information.”
·
Secondly, stipulating cases of
providing customer information for organizations and individuals.
Specifically, Article 11 of Decree No. 117/2018/NĐ-CP
stipulates: “Cases of providing customer
information
1. Credit
institutions and foreign bank branches may only provide customer information to
other organizations and individuals in one of the following cases:
a) Other
organizations and individuals may request credit institutions or foreign bank
branches to supply customer information specified in laws and resolutions of
the National Assembly.
b) Approved by the
customers in writing or in another form as agreed with the customers.
2. Credit
institutions and foreign banks branches shall be responsible for providing
customer information to their customers or their lawful representatives.”
·
Thirdly, regulating the rights and
responsibilities of credit institutions and foreign bank branches in keeping
confidential and providing customer information.
Specifically, Article 14 of Decree No. 117/2018/NĐ-CP
stipulates: “Rights and responsibilities
of credit institutions and foreign bank branches
1. Credit
institutions and foreign bank branches have the following rights:
a) Requesting state
agencies, other organizations or individuals to supplement information and
documents requesting the supply of customer information in accordance with the
provisions of this Decree;
b) Refusing to
supply customer information to other State bodies, organizations or individuals
for requests for supply of customer information not being in accordance with
the provisions of laws or this Decree or requests for supply customer
information being duplicated, not being within the scope of customer
information that the credit institution or foreign bank branches are
maintaining in accordance with the law.
2. Credit
institutions and foreign bank branches have the following responsibilities:
a) Providing right
scope of customer information provided honestly, fully, timely for the right
subjects;
b) Ensuring safety
and confidentiality of customer information in the process of supplying,
managing, using and storing customer information;
c) Settling
complaints of customers in the supply of customer information according to law
provisions;
d) Organizing the
supervision, inspection and handling of violations of internal regulations on
keeping secret, archiving and supplying customer information;
e) Taking
responsibility according to the provisions of law, for cases of violating the
provisions of this Decree and relevant laws.”
v Name of legal document: Circular No. 23/2018/TT-NHNN issued on 14/9/2018 by the State Bank of Vietnam providing for the reorganization and revocation of licenses and liquidation of assets of people’s credit funds (hereinafter referred to as the “Circular No. 23/2018/TT-NHNN”).v Effective date: 01/11/2018.Some contents should be noted:
·
Firstly, providing for the
principles of reorganizing people's credit funds.
Specifically, Article 6 of Circular
No. 23/2018/TT-NHNN stipulates: “Principles
of reorganizing people’s credit funds
1. Complying with the provisions of this Circular and relevant law
provisions.
2. The reorganization of people’s credit funds shall be effected on the
basis of the reorganization plans approved by the State Bank in accordance with
the provisions of law.
3. Ensuring the safe and continuous operation of people's credit funds;
ensuring the legitimate rights and interests of members of the people's credit
funds and customers in the course of reorganization.
4. The transfer or sale of assets in the process of reorganizing the
people’s credit funds must be public and transparent, comply with law
provisions and the agreement of parties, ensure the property safety and does
not affect the interests of people’s credit funds to reorganize, organizations
and individuals involved in the reorganization.
5. People’s credit funds after the reorganization inherit of the rights
and obligations of the people's credit funds reorganized in accordance with the
provisions of law and agreements between the parties.
6. The licenses of the divided people’s credit funds or the people's
credit funds participating in the consolidation shall cease to be effective
when new people's credit funds are inaugurated. The license of the merged
people’s Credit Fund shall cease to be effective when the people’s credit fund
for merger completes the procedures for changing the registration of the
cooperative.”
·
Secondly, providing for cases of
revocation of licenses of people’s credit funds.
Specifically, Article 16 of
Circular No. 23/2018/TT-NHNN stipulates: “Cases
of revocation of licenses
1. People's credit funds voluntarily apply for dissolution when they
are able to repay all debts and fulfill other property obligations.
2. A dossier of application for a people's credit fund has fraudulent
information so as to be eligible for a license.
3. People's credit funds operate in contravention of the contents
prescribed in their permits.
4. People's credit funds seriously violate the law provisions on limits
and prudential ratios in operation.
5. People's Credit Funds fail to implement or implement inadequately
handling decisions of the State Bank's branches to ensure safety in banking
operations.
6. People's credit funds are divided, merged, consolidated or bankrupt.
7. People's Credit Funds are expired but did not apply for extension or apply for extension but have not been approved in writing by the State Bank's branches.”
[1] “Article 4. Classification of information and
information system
3. Institutions shall classify their information system by importance
prescribed in Clause 2 this Article. The list of information system categorized
by importance must be approved by the legal representative of such
institution.”
[2] Institution includes credit institutions (except for
people's credit funds and microcredit institutions), branches of foreign banks
and intermediary payment service providers (Clause 2, Article 1 Circular No.
18/2018/TT-NHNN).
[3] “Has at least 03 years’ experience of working as a
manager or executive of a credit institution, at least 05 year’s experience of
working as an executive of a finance, banking, accounting or audit enterprise
or an enterprise whose equity is not smaller than the legal capital of a credit
institution, or at least 05 years’ experience of working in a finance, banking
accounting or audit department.”
[4] “Has at least 03 years’ experience of working as a
manager or executive of a credit institution, at least 05 year’s experience of
working as an executive of a finance, banking, accounting or audit enterprise
or an enterprise whose equity is not smaller than the legal capital of a credit
institution, or at least 05 years’ experience of working in a finance, banking
accounting or audit department.”
[5] “Holding a tertiary or higher degree in economics,
business administration, law, accounting or audit: having at least 3 years
working directly in banking, finance, accounting or audit”
[6] “Cadres and civil servants and managers of division or
higher level of enterprises in which the State holds 50% or more of the charter
capital, except those appointed to represent the State's capital share in the
credit institution”
[7] “Officers, non-commissioned officers, professional
army men and defense workers of agencies and units under the Vietnam People's
Army: officers, professional non-commissioned officers of agencies and units
under the Vietnam People's Police, except those appointed to represent the
State's capital share in the credit institution”
