MONTHLY LEGAL UPDATE – 03/2020: LEGAL UPDATE RELATING TO FINANCE AND CREDIT
1.1. Circular No. 26/2019/TT-NHNN amending, supplementing some articles of regulation on issuance, use and management of bank identification numbers promulgated together with the Decision No. 38/2007/QĐ-NHNN dated October 30, 2007 of the Governor of the State Bank of Viet Nam
v Name of legal document: Circular No. 26/2019/TT-NHNN issued on 23/12/2019 by the State Bank of Viet Nam amending, supplementing some articles of regulation on issuance, use and management of bank identification numbers promulgated together with the Decision No. 38/2007/QĐ-NHNN dated October 30, 2007 of the Governor of the State Bank of Viet Nam (referred to as the “Circular No. 26/12/2019/TT-NHNN”).
v Effective date: 01/03/2020.
Some contents should be noted:
·
Firstly, amending and supplementing the
regulation on subjects to be granted BIN[1].
Specifically, Clause 1 Article 1
of Circular No. 26/2019/TT-NHNN stipulates: “Amendments to some Articles of Regulation on issuance, use and
management of bank identification numbers promulgated together with the
Decision No. 38/2007/QD-NHNN dated October 30, 2007 of the
Governor of the State Bank of Viet Nam
1. Article 4 is amended as follows:
“Article 4. Entities to be issued with BINs
Entities to be issued with BIN are organizations allowed to issue cards in accordance with regulations on bank card operations.””
·
Secondly, amending and supplementing the regulation on procedures for grant
of PIN code.
Specifically, Clause 2 Article 1
of Circular No. 26/2019/TT-NHNN stipulates: “Amendments
to some Articles of Regulation on issuance, use and management of bank
identification numbers promulgated together with the Decision
No. 38/2007/QD-NHNN dated October 30, 2007 of the Governor of the
State Bank of Viet Nam
…
“2. Article 6 is amended as follows:
“Article 6. Procedures for issuing BINs
1. Any card issuer that wishes to issue a BIN shall submit an
application made using the Form No. 01 hereof to the Payment Department
affiliated to the State Bank of Vietnam (hereinafter referred to as “SBV”),
whether in person or by post or through SBV’s online public service portal.
2. Within 05 working days from the receipt of the satisfactory
application form for issuance of BIN, SBV shall decide to issue BIN to the card
issuer and notify the card issuer in writing or through SBV’s online public
service portal.
3. SBV shall issue only 01 BIN to each card issuer entitled to be
issued with BIN.””
v Name of legal document: Circular No. 30/2019/TT-NHNN issued on 27/12/2019 by the State Bank of Viet Nam providing on performing the reserve requirement of credit institutions and foreign bank branches (referred to as the “Circular No. 30/2019/TT-NHNN”).
v Effective date: 01/03/2020.
Some contents should be noted:
·
Firstly, providing on credit
institutions which do not perform the reserve requirement.
Specifically, Article 3 of
Circular No. 30/2019/TT-NHNN stipulates: “Article
3. Credit institutions do not perform the reserve requirement
1. Credit institutions subject to special control: The time for failing
to perform the reserve requirement shall be from the month following the month
when credit institutions are decided by the State Bank of Vietnam (hereinafter
called the State Bank) under the state of special control, by the end of the
month, the credit institution shall be decided by the State Bank to terminate
the special control.
2. Credit institutions have not yet opened their operations: The time
for not performing the reserve requirement till the end of the month when the
credit institutions commence their operation; Credit institutions shall notify
in writing to the State Bank (Operation Center) of the operation opening date
within 3 working days after the operation opening.
3. The credit institution is approved to dissolve or has a decision to
open bankruptcy procedures or has a decision to revoke its license of a
competent agency: The time for failing to perform the reserve requirement from
the month following the month of the credit institution is approved to dissolve
or the decided to open bankruptcy procedures, revoke the valid License; credit
institutions that have decision on opening bankruptcy procedures shall send
them to the State Bank (Operation Center) for deciding to open bankruptcy
procedures within 3 working days after receiving this decision.”
·
Secondly, providing on reserve
requirement ratios, interest rates on reserve requirement deposits and deposits
in excess of reserve requirement
Specifically, Article 6 of
Circular No. 30/2019/TT-NHNN stipulates: “Article
6. Reserve requirement ratios, interest rates on reserve requirement and
deposits in excess of reserve requirement
1. Reserve requirement ratios for credit institutions
a) The Governor of the State Bank shall decide the reserve requirement ratio
applicable to each type of credit institution and each type of deposit in
accordance with the national monetary policy objectives in each period, except
for reserve requirement ratio for Vietnam dong deposit to credit institutions
prescribed at Point b of this Clause;
b) For credit institutions lending for agricultural and rural
development supported by reserve requirement tool, the reserve requirement
ratio for Vietnam dong deposits shall comply with the State Bank's regulations.
The State Bank guides the implementation of measures to manage monetary policy
instruments to support credit institutions lending for agricultural and rural
development.
2. Interest rates of reserve requirement
deposits and deposits exceeding the reserve requirement of each type of credit
institution and each type of deposit shall be decided by the Governor of the
State Bank in accordance with the objectives of national monetary policy in
each period.”
v Name of legal document: Circular No. 37/2019/TT-NHNN issued on 31/12/2019 by the State Bank of Viet Nam on insurance agents in credit institutions and foreign bank branches (referred to as the “Circular No. 37/2019/TT-NHNN”).
v Effective date: 02/03/2020.
Some contents should be noted:
·
Firstly, providing on operation of insurance agents in credit institutions.
Specifically, Article 4 of
Circular No. 37/2019/TT-NHNN stipulates: “Article
4. Operation of insurance agents in credit institutions
A credit institution with insurance agents may conduct the following
activities:
1. Client referral:
The credit institution may refer a client who would like to purchase
insurance to the insurance enterprise.
2. Insurance offer:
The credit institution may offer insurance and explain terms and
conditions of insurance products to clients who would like to purchase
insurance; or offer insurance via electronic or online methods or other methods
in compliance with the law.
3. Arranging conclusion of insurance policies:
The credit institution may assist its clients with drawing up insurance
policies, receive proposal forms and arrange conclusion of insurance policies
as per the insurance agent agreement and regulations of laws on insurance
business.
4. Premium collection:
The credit institution may collect premiums from clients on behalf of
the insurance enterprise as agreed upon in the insurance agent agreement.
5. Claim settlement upon occurrence:
The credit institution may assist its clients with claim procedures,
receive claim forms, transfer premiums received from clients to the insurance
enterprise for appraisal, issuance of the compensation decision and claim
payment. If authorized by the insurance enterprise, the credit institution may
pay out claims directly.
6. Other activities to execute the insurance agent agreement in
compliance with regulations of laws on insurance business and as authorized by
the insurance enterprise.”
·
Secondly, providing on rights and
obligations concerning operation of insurance agents in credit
institutions.
Specifically, Article 6 of
Circular No. 37/2019/TT-NHNN stipulates:
“Article 6. Rights and obligations concerning operation of insurance agents in
credit institutions
1. Credit institutions hold the rights granted to insurance agents
per regulations of laws on insurance business.
2. Credit institutions shall fulfill the obligations imposed on
insurance agents per regulations of laws on insurance business and the
following obligations:
a) Explain to clients that insurance products distributed via credit
institutions are not products of credit institutions;
b) Manage and retain list of their insurance agents as agreed upon in
the insurance agent agreement;
c) Provide adequate and accurate information on premiums received,
claim payouts and other payments for insurance enterprises as agreed upon in
the insurance agent agreement;
d) Return all premiums received to insurance enterprises exclusive of
agent’s commissions, claim payments and other payments as per the insurance
agent agreement;
dd) Accurately and adequately provide and crosscheck information received from clients with insurance enterprises as prescribed by Article 7 of this Circular (Circular No. 37/2019/TT-NHNN).”
2.1. Decision No. 206/QĐ-NHNN regarding the announcement of new administrative procedures for issuing, amending and supplementing fields of payment activities and other fields of activities permitted in the one-door department of the management function of the State Bank of Viet Nam
v Name of legal document: Decision No. 206/QĐ -NHNN issued on 10/02/2020 by the State Bank of Viet Nam regarding the announcement of new administrative procedures for issuing, amending and supplementing fields of payment activities and other fields of activities permitted in the one-door department of the management function of the State Bank of Viet Nam (referred to as the “Circular No. 206/QĐ-NHNN”).
v Effective date: 10/02/2020.
The contents should be noted: providing on procedures of requesting to be granted identification numbers.
Specifically, sub-section 1
Section 1 Part II promulgated together with Decision No. 206/QĐ-NHNN
stipulates:
“PART
II. DETAILED CONTENTS OF NEWLY ISSUED AND AMENDED AND SUPPLEMENTED ADMINISTRATIVE
PROCEDURES UNDER THE SCOPE OF MANAGEMENT FUNCTIONS OF THE STATE BANK
Section
1. Administrative procedures are implemented at the State Bank of Vietnam
1. Procedures
for issuing identification numbers:
- The order of execution:
- Step 1: When wishing to be granted a BIN,
the card issuer shall send to the State Bank of Viet Nam (Payment Department)
an application for a BIN according to Form No. 01;
- Step 2: Within 05 working days from the
date of receiving a completed and valid BIN application, the State Bank of
Vietnam shall issue a decision to issue BIN to the card issuer and notify in
writing or via the Online Public Service Portal of the State Bank of Viet Nam
for the card issuer.
- How to perform:
+ Headquarters of administrative agencies
(directly at the One-door Department)
+ By mail (postal service)
+ Through the online public service portal
of the State Bank of Viet Nam.
- Components of dossiers: An application for
being granted an identification number.
- Number of dossier: 01 set.
- Processing time: 05 working days from the
date of receipt of complete and valid dossier.
- Subjects implementing administrative
procedures: Card issuer
- Implementing agency: State Bank of Viet
Nam (Payment Department)
- Results of the implementation of
administrative procedures: Written consent.
- Fee: VND 0
- Name of the application form, declaration
form: Form No. 01.
- Requirements, conditions: No.
- Legal grounds of administrative
procedures:
- Decision No. 38/2007/QĐ-NHNN dated
30/10/2007 of the Governor of the State Bank of Viet nam promulgating the
regulation on issuance, use and management of the bank identification numbers.
- Circular No. 26/2019 / TT-NHNN dated 23
December 2019, amending and supplementing a number of articles of the
Regulation on issuance, use and management of bank identification numbers
issued together with Decision No. 38/2007/QD-NHNN dated 30/10/2007 of the
Governor of the State Bank of Viet Nam.
Form
No. 01
“CỘNG HÒA XÃ HỘI CHỦ NGHĨA VIỆT NAM
Độc lập - Tự do - Hạnh
phúc
---------------
......, ngày .... tháng .... năm …..
ĐƠN
ĐỀ NGHỊ CẤP MÃ TỔ CHỨC PHÁT HÀNH THẺ
Kính gửi: Ngân hàng Nhà nước Việt Nam (Vụ
Thanh toán)
- Căn cứ Giấy
phép thành lập và hoạt động tổ chức tín dụng/ Giấy phép hoạt động ngân hàng
số ……… ngày …… tháng …… năm ……;
- Căn cứ Quyết định số 38/2007/QĐ-NHNN ngày 30 tháng 10 năm 2007 của
Thống đốc Ngân hàng Nhà nước Việt Nam ban hành Quy chế cấp, sử dụng và quản lý mã
tổ chức thẻ ngân hàng (được sửa đổi, bổ sung bởi Thông tư ……… ngày ... tháng ... năm ... của Ngân hàng Nhà nước
Việt Nam).
Đề nghị Ngân hàng Nhà nước Việt Nam xét cấp mã
tổ chức phát hành thẻ (mã BIN) cho tổ chức phát hành thẻ:
1. Tên tổ
chức phát hành thẻ:
2. Địa điểm
đặt Trụ sở chính:
3. Thời gian
dự kiến đưa mã BIN vào sử dụng:
4. Tóm tắt mục đích sử dụng mã BIN gắn với sản
phẩm thẻ cụ thể:
Sau khi được
cấp mã BIN, chúng tôi cam kết đưa mã BIN vào sử dụng trong thời hạn quy định,
đúng mục đích sử dụng và chấp hành nghiêm chỉnh Quy chế về cấp, sử dụng và quản
lý mã tổ chức phát hành thẻ ngân hàng và xin chịu trách nhiệm về tính chính xác
của hồ sơ gửi kèm đơn này.
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