MONTHLY LEGAL UPDATE – 01/2021: LEGAL UPDATE RELATING TO FINANCE AND CREDIT
1. LEGAL DOCUMENTS ARE EFFECTIVE FROM 01/01/2020
1.1. Circular No. 09/2020/TT-NHNN on information system security in banking operations
v Name of legal document: Circular No. 09/2020/TT-NHNN issued on 21/10/2020 by the Governor of the State Bank on information system security in banking operations (referred to as the “Circular No. 08/2020/TT-NHNN).
v Effective date: 01/01/2021.
The content should be noted: Regulation on classification of other information systems which were not regulated in Decree No. 85/2016/ND-CP dated July 01, 2016 of the Government in information system in baking operations.
Specifically, Clause 1, 2, 3, 4, 5, 6 and 7 of Article 5 Circular No. 09/2020/TT-NHNN stipulates: “Article 5. Classification of information systems
1.
For information systems that provide online services to customers, the
institution shall conduct the classification according to the provisions of
Decree No. 85/2016/ND-CP dated July 1, 2016 of the Government on the security
of information systems by classification. For other information systems, it
shall be classified according to the provisions of Clauses 2, 3, 4, 5, 6, 7 of
this Article.
2.
Information system level 1 is an information system that serves internal
activities of the institution and only processes public information.
3.
An information system of level 2 is an information system that has one of the
following criteria:
a)
Information systems serving internal activities of the institution, processing
private information, personal information of users, information restricted to
access according to regulations of the institution but do not processing secret
state information;
b)
The customer service information system does not require 24/7 operation;
c)
Information infrastructure system serving the operation of a number of sections
of the institution or the microfinance institution, the grassroots people's
credit fund.
4. An information system level 3 is an information system that has one
of the following criteria:
a) An information system that processes confidential state information
at Confidential level;
b) An information system serving daily internal operations of the
institution and refusing to stop operating for more than 4 working hours from
the time of shutdown;
c) An information system serving customers that require 24/7 operation
and do not accept to stop operation without prior planning;
d) Payment systems of third party that the institution use for payment
outside the institution's system;
dd) The shared information infrastructure system serving the operation
of the institution and the banking sector.
5. An information system of level 4 is an information system that has
one of the following criteria:
a) An information system that processes confidential state information
at the top confidential level;
b) An information system serving customers that processes and stores
data of 10 million customers or more;
c) The national information system in the banking sector, requires 24/7
operation and does not accept to stop operation without prior plan;
d) An Important payment system in the banking sector in accordance with
regulations of the State Bank;
dd) A shared information infrastructure system for banking sector
operations, requiring 24/7 operation and refusing to stop operation without
prior plan.
6. An information system of level 5 is an information system that has
one of the following criteria:
a) An information system that process confidential state information at
the Absolute Secret level;
b) A national information system in the banking sector serving the
interconnection of Vietnam's activities with the international;
c) A national information infrastructure system in the banking sector serving the interconnection of Vietnam's activities with the international.
7. In the case of an information system consisting of many component systems, each of which corresponds to a different level, the information system level is defined as the highest level in the of the constituent systems.”
1.2. Circular No. 10/2020/TT-NHNN amendment and addition to a number of articles of the Circular No. 28/2015/TT-NHNN dated December 18, 2015 of the Governor of the State Bank of Vietnam regulating the management and use of digital signature, digital certificate and authentication service of digital signature of the State Bankv Name of legal document: Circular No. 10/2020/TT-NHNN issued on 02/11/2020 by the State Bank of amendment and addition to a number of articles of the Circular No. 28/2015/TT-NHNN dated December 18, 2015 of the Governor of the State Bank of Vietnam regulating the management and use of digital signature, digital certificate and authentication service of digital signature of the State Bank (referred to as the “Circular No. 10/2020TT-NHNN”).
v Effective date: 01/01/2021.
Some contents should be noted:
·
Firstly, amending and supplementing
regulations on granting digital certificates.
Specifically, Clause 6 Article 1
Circular No. 10/2020TT-NHNN stipulates: “Article
1. Amending and supplementing a number of articles of Circular 28/2015/TT-NHNN
...
6. Article 5 (Circular No. 28/2015/TT-NHNN) is amended and supplemented
as follows:
“Article 5. Grant digital certificates
1. When in need of granted digital certificate or supplement profession
of digital certificate, the subscriber-managing organization shall send 01
(one) set of dossier, including:
a) To grant digital certificate and supplement profession of digital
certificate to individuals who are competent:
- An application form for granting digital certificate or
supplementation profession of digital certificate according to Appendix 01
enclosed herewith (Circular No. 28/2015/TT-NHNN);
- An application form for granting digital certificate or supplementation
profession of digital certificate for individuals according to Appendix 02 (Circular
No. 28/2015/TT-NHNN) enclosed herewith;
- Documents proving the legal representative status of a competent
person of an agency or organization as follows:
+ Enterprise registration certificate or certificate of cooperative
registration or documents of equivalent value for enterprises, credit
institutions, foreign bank branches;
+ Appointment decision of the person applying for granting digital
certificate and supplementing profession of digital certificate (for state
agencies).
b) To grant digital certificate and supplement profession of digital
certificate to individuals who are authorized by a person:
- An application form for granting digital certificate or supplementation
profession of digital certificate according to Appendix 01 enclosed herewith
(Circular No. 28/2015/TT-NHNN);
- An application form for granting digital certificate or
supplementation profession of digital certificate for individuals according to
Appendix 02 enclosed herewith (Circular No. 28/2015/TT-NHNN);
- Authorization document of the authorized person allowing the
authorized person to represent the organization to sign and approve documents,
documents, reports, transactions on the information system corresponding to the
profession of the digital certificate applied for granting. Authorized person
is not allowed to authorize another person to perform;
- Document certifying the title of the person applying for granting
profession of digital and supplementing profession of digital certificate.
c) To grant digital certificate and supplement profession of digital
certificate to organizations:
- An application form for the granting digital certificate or
supplementation of digital certificate to the organization according to
Appendix 02a issued with this Circular (Circular No. 28/2015/TT-NHNN);
- Establishment decision or decision specifying functions, duties,
powers, organizational structure or certificate of business registration or
certificate of registration of the cooperative or papers of equivalent value.
2. In case a digital certificate has been granted and is still valid
and is requested by the subscriber-managing organization to supplement the
digital certificate profession, the Information Technology Department shall
supplement the profession to the existing subscriber's digital certificate.
3. Time limit for settlement and implementation results
Within 05 working days from the day on which the application for
digital certificate is received, the Department of Information Technology shall
inspect the application, issue digital certificates or supplement digital
certificate profession to subscribers, send digital certificate granting notice
and digital certificate activation code to the email address and text message
to subscribers' mobile phone number. For digital certificates for
organizations, the Information Technology Department shall send notices of
digital certificate granting and digital certificate activation code to the
email address and text message to the mobile phone number of the focal officer
in charge about digital certificate of the subscriber management organization
according to the provisions of Clause 1, Article 14 of this Circular (Circular
No. 28/2015/TT-NHNN).
In case the dossier is invalid, the Information Technology Department
shall refuse to process the dossier and state the reason. Feedback and dossier
processing results comply with Clause 3 Article 4a of this Circular (Circular
No. 28/2015/TT-NHNN).
4. The digital certificate activation code is valid for up to 30 days
from the date the digital certificate is issued. For newly issued digital
certificates, subscribers must activate their digital certificates before the
expiration of the activation code. Guidance documents on activation and renewal
of digital certificates of the State Bank are posted on the State Bank's web
portal. For digital certificates with additional profession added, subscribers
are not required to activate digital certificates.
5. The validity period of a subscriber's digital certificate is
proposed by the subscriber-management organization but must not exceed 05 years
from the date of activation of the digital certificate.””
·
Secondly, amending and supplementing
regulations on extension and change of information about digital certificates.
Specifically, Clause 7 Article 1 of
Circular No. 10/2020/TT-NHNN stipulates: ““Article
1. Amending and supplementing a number of articles of Circular 28/2015/TT-NHNN
...
7. Article 6 (Circular No. 28/2015 / TT-NHNN) is amended and
supplemented as follows:
"Article 6. Renewal and change of digital certificate information
content
1. Digital certificates requested for information renewal or change
must be valid.
2. Effective period of digital certificates:
a) Digital certificates, after being renewed, will be valid from the
time of successful renewal but not exceeding 5 years;
b) Changing the contents of information of a digital certificate does
not change the validity period of a digital certificate.
3. In case of extension or change of information of digital
certificates:
a) The subscriber-management organization requests the extension of the
subscriber's digital certificate at least 10 days before the expiration of the
digital certificate's validity;
b) The subscriber-management organization requests to change the
content of information about the subscriber's digital certificate within 05
working days from the date of the following changes:
- Subscriber changes title, position or working department;
- Subscriber changes information of Identity Card/Citizen's Identity;
- Subscriber changes address information, email, phone.
4. The subscriber-management organization sends 01 (one) set of dossier
to request the renewal or change of digital certificate information, including
the request for renewal or change of digital certificate information content
according to Appendix 03. issued together with this Circular (Circular No.
28/2015/TT-NHNN).
5. Time limit for settlement and implementation results
Within 05 working days from the date of receipt of the dossier for the
extension or change of digital certificate content, the Information Technology
Department shall inspect the dossier, renew or change the content of digital
certificate for subscription. In case the dossier is invalid, the Information
Technology Department shall refuse to process the dossier and state the reason.
Feedback and dossier processing results comply with Clause 3 Article 4a of this
Circular (Circular No. 28/2015/TT-NHNN).
Receive the notice of approval for digital certificate extension,
subscriber shall renew digital certificate according to the instruction manual
on activation and renewal of digital certificate posted on the Portal of the
State Bank.””
v Name of legal document: Circular No. 14/2020/TT-NHNN issued on 16/11/2020 by the State Bank regulations on jurisdiction in monetary and banking sector (referred to as the “Circular No. 14/2020TT-NHNN”).
v Effective date: 01/01/2021.
The content should be noted: Providing on the scope of judicial expertise in the monetary and banking sector.
Specifically, Article 3 of
Circular No. 14/2020/TT-NHNN stipulates: “Article
3. Scope of judicial assessment in the monetary and banking sector
Judicial assessment in the monetary and banking sector includes
judicial assessment on:
1. Paper money, metal money issued by the State Bank;
2. Foreign exchange and gold trading;
3. Banking activities, including activities of: granting credit,
receiving deposits and providing payment services via accounts;
4. Deposit insurance;
5. Other activities related to currency and banking under the State
management function of the State Bank according to the provisions of law. ”
v Name of legal document: Circular No. 19/2020/TT-NHNN issued on 30/12/2020 by the State Bank amending and supplementing a number of articles of Circular No. 26/2013/TT-NHNN dated December 5, 2013 of the State Bank of Vietnam promulgating the tariff of charges for payment services offered via the State bank of Vietnam (referred to as the “Circular No. 19/2020TT-NHNN”).
v Effective date: 01/01/2021.
The content should be noted: Adding regulations on payment fees are regulated in Circular No. 26/2013/TT-NHNN.
Specifically, Article 1 Circular No. 19/2020/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular No. 26/2013/TT-NHNN
Article 1a is added as follows:
“Article 1a: Reduce 50% of payment charge at Points 1.1 and 1.2, Item 1
“Charge for payment transactions performed via the eIPS” in Part III
“In-country payment service charge” the tariff of charges for payment services
offered via the State bank of Vietnam issued together with this Circular from
January 1, 2021 to June 30, 2021.”.”
v Name of legal document: Directive No. 02/CT-NHNN issued on 07/01/2021 by the State Bank on strengthening prevention, fighting of violations of the law in banking card operations (referred to as the “Directive No. 02/CT-NHNN”).
v Effective date: 07/01/2021.
The content should be noted: Adding regulations on payment fees are regulated in Circular No. 26/2013/TT-NHNN.
Specifically, Item II of
Directive No. 02/CT-NHNN stipulates: “…
To limit risks, continue to strengthen control, prevent illegal acts in banking
card operations, Governor of the Bank The State Bank of Vietnam (SBV) requires
affiliates of the State Bank, card issuers, card payment organizations,
providers of intermediary payment services, and Representative Offices of
international card organizations take the following measures:
II. For card issuers and card payment organizations
1. Checking and reviewing the entire process, procedures and
regulations on dossiers and contracts for opening and using payment accounts
and bank cards, on that basis, to amend, supplement and complete the above
internal regulations to ensure the safety and confidentiality of customers’ information
and comply with the law; reviewing the scope of use of bank cards in card
issuance and usage contracts, limit and exchange rate in card transactions to
ensure compliance with law; strictly comply with the instructions and warnings
of the State Bank of Vietnam1 on the supervision and control of the banking
card operations, with special attention paid to the identification and
verification of information of customers and merchants. Thoroughly understand
all relevant officials in the whole system to strictly comply with the laws and
regulations and internal guidelines issued.
2. Improve the efficiency of administration, operating and the internal
inspection and control system to limit risks, prevent violations of the law on
bank card operations. Organize and coordinate with the information provider to
monitor, check and review card transactions arising at merchants to prevent: (i)
the use of credit card limit for money transfer and credit checking account,
debit card or prepaid card of a customer or a third party (not merchant); (ii)
Payment transactions that do not happen actually at merchants (no purchase and
sale of goods and service provision) for the purpose of cash withdrawal; (iii)
card transactions not in accordance with the law (related to prize-winning
games, gambling, gambling, foreign exchange, securities, virtual money, electronic
money ...). Review, terminate cooperation and take appropriate measures for
information providers, merchants that use bank cards in contravention of law.
3. Strengthen propaganda and guidance so that customers, providers of
intermediary payment services and merchants can understand and use card
services safely, comply with legal regulations: actively share and exchange
information between card issuers and card payment organizations to promptly
detect suspicious transactions; warns customers, providers of intermediary
payment services, merchants not to use or facilitate other entities to take
advantage of the use of payment accounts, bank cards for illegal purposes, such
as leasing, lending current accounts, buying, selling, renting, leasing cards
or card information, opening card for...
4. To closely coordinate with legal protection agencies and relevant
functional agencies in detecting and handling violations of the law on banking
card operations in accordance with law.”
2.1. Decision No. 2158/QD-NHNN on the revision of Circular No. 16/2020/TT-NHNN dated December 4, 2020 of the Governor of the State Bank amendments to Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State bank of Vietnam providing guidelines for opening and use of checking accounts at payment service providers
v Name of legal document: Decision No. 2158/QD-NHNN issued on 17/12/2020 by the State Bank on the revision of Circular No. 16/2020/TT-NHNN dated December 4, 2020 of the Governor of the State Bank amendments to Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State bank of Vietnam providing guidelines for opening and use of checking accounts at payment service provider (referred to as the “Decision No. 2158/QD-NHNN”).
v Effective date: 17/12/2020.
The content should be noted: Correct technical errors.
Specifically, Article 1 of Decision No. 2158/QD-NHNN stipulates: “Article 1. Correction of technical errors presented in Circular No. 16/2020/TT-NHNN dated December 4, 2020 of the Governor of the State Bank amendments to Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State bank of Vietnam providing guidelines for opening and use of checking accounts at payment service provider are as follows:
1. In Clause 5 Article 1 (amending and supplementing Point b, Clause 3
and Clause 6 Article 14 of Circular No. 23/2014/TT-NHNN), to correct the phrase
“khách hàng, chi nhánh ngân hàng nước ngoài” into “khách hàng, ngân hàng, chi
nhánh ngân hàng nước ngoài” and correct the phrase “chi nhánh ngân hàng đó” to
“chi nhánh ngân hàng nước ngoài đó”.
2. In Clause 6 Article 1 (adding Point a, Clause 4, Article 14a to
Circular No. 23/2014/TT-NHNN), correcting the phrase “tín hiệu liên lục” to
“tín hiệu liên tục”.”
v Name of legal document: Circular No. 16/2020/TT-NHNN issued on 04/12/2020 by the State Bank amendments to Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State bank of Vietnam providing guidelines for opening and use of checking accounts at payment service providers (referred to as the “Circular No. 16/2020TT-NHNN”).
v Effective date: 05/03/2021.
The content should be noted: Amending and supplementing regulations on the application for checking account opening for a personal checking account and a corporate checking account..
Specifically, Clause 2 Article 1 Circular No. 16/2020/TT-NHNN stipulates: “Article 1. Amendments to Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the Governor of the State Bank of Vietnam providing guidelines for opening and use of checking accounts at payment service providers
…
2. Article 12 is amended as follows:
“Article 12. Application for checking account opening
1. With regard to a personal checking account, the bank or foreign bank
branch is allowed to stipulate and instruct the client to prepare an
application for checking account opening which must, inter alia, include the
following documents:
a) The application form for checking account opening which is made
using the form provided by the bank or foreign bank branch where the checking
account is opened and complies with Clause 1 Article 13 of this Circular;
b) The applicant’s identity papers, including the citizen identity card
or ID card or unexpired passport or birth certificate (if the applicant is a
Vietnamese citizen aged under 14 years), or unexpired entry visa or certificate
of visa exemption (if the applicant is a foreigner), except a checking account
opened by a foreigner as prescribed in Clause 4 Article 14 of this Circular;
c) If a checking account is opened by a person’s guardian or legal
representative (hereinafter referred to as the “applicant’s legal
representative”), in addition to the documents specified in Point a, b Clause 1
of this Article, the application for checking account opening must also include
the following documents:
- If the applicant’s legal representative is an individual: his/her
identity papers and documents proving his/her capacity as a legal
representative of the applicant for the checking account;
- If the applicant’s legal representative is a juridical person: its
establishment decision, operation license, enterprise registration certificate
or other documents as prescribed by law; documents proving its capacity as a
legal representative of the applicant for the checking account; identity papers
and documents proving the representative capacity of its legal representative.
2. With regard to a corporate checking account, the bank or foreign
bank branch is allowed to stipulate and instruct the client to prepare an
application for checking account opening which must, inter alia, include the
following documents:
a) The application form for checking account opening which is made
using the form provided by the bank or foreign bank branch where the checking
account is opened and complies with Clause 2 Article 13 of this Circular;
b) Documents proving that the organization opening the checking account
is duly established and legally operating, including: establishment
decision, operation license, enterprise registration certificate or other
documents as prescribed by law;
c) Documents proving the capacity of legal representatives of the
organization and their identity papers;
d) Decision on appointment of chief accountant or person in charge of
accounting works or accounting service contract (if outsourced accounting is
used) and identity papers of chief accountant or person in charge of accounting
works.””
v Name of legal document: Circular No. 17/2020/TT-NHNN issued on 14/12/2020 by the State Bank amending and supplementing a number of articles of the Circular No. 33/2013/TT-NHNN dated December 26, 2013 of the Governor of the State bank of Vietnam guiding procedures for the approval for activities of export and import of foreign currencies in cash of the authorized banks (referred to as the “Circular No. 17/2020TT-NHNN”).
v Effective date: 01/02/2021.
The content should be noted: Amending and supplementing regulations on dossiers and procedures for requesting for the approval for export and import of foreign currencies in cash of the authorized banks are specified in Article 3 of Circular No. 33/2013/TT-NHNN.
Specifically, Article 1 Circular No. 17/2020/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular No. 33/2013/TT-NHNN
Article 3 is amended and
supplemented as follows: “Article 3. Procedures for requesting for
the approval for export and import of foreign currencies in cash of the
authorized banks
...
2. Dossier includes:
a) An application form for the approval for export and import of
foreign currencies in cash of the authorized banks, made according to the form
provided in Appendix 01 to this Circular;
b) Contract of export and/or import of foreign currencies in cash
signed between a authorized bank and a foreign bank or foreign financial
institution enclosed with a Vietnamese translation certified by the authorized
bank's legal representative (only send for the first time and send additionally
when there is a change);
c) Internal regulations of the authorized bank on the export and import
of cash foreign currencies, in which the provisions on decentralization of
authorization to carry out the cash foreign currency import and export
activities within the system and regulations on management, supervision and
safety assurance in the delivery, preservation and transportation of cash
foreign currencies must comply with the State Bank of Vietnam regulations
(sending only for the first time and sending supplement when there is a
change);
d) Power of attorney in case the person signing the application for
approval is the authorized representative of the authorized bank (only send for
the first time and additionally send when there is a change).
3. Order and procedures for the approval for export and import of
foreign currencies in cash:
a) When wishing to export or import cash in foreign currency,
authorized bank to prepare and send 01 (one) set of dossier to the State Bank
branch in Hanoi city or the State Bank branch in Ho Chi Minh city as prescribed
in Clauses 1 and 2 of this Article;
b) Within 02 (two) working days from the date of receipt of complete
and valid dossiers as prescribed in Clause 2 of this Article, the State Bank
branch in Hanoi city or the State Bank branch in Ho Chi Minh city shall
consider and approve the export and import of cash in foreign currencies by an
authorized bank using the form provided in Appendix 02 to this Circular and
send it to the authorized bank under Points a and b Clause 1 of this Article.
In case the application is incomplete or invalid, the State Bank branch
in Hanoi or the State Bank branch in Ho Chi Minh City shall issue a notice on
the national single-window portal or a written notice to authorized bank (in
the case specified in point b clause 1 of this Article) and clearly state the
reason.
4. Within 03 (three) working days from the date of receipt of all
documents related to the export and import of cash foreign currency (payment
wire and customs declaration), the authorized bank sends The State Bank branch
in Hanoi city or the State Bank branch in Ho Chi Minh City a copy of the
payment wire and the customs declaration (certified by the legal representative
of the authorized bank).”
v Name of legal document: Circular No. 18/2020/TT-NHNN issued on 30/12/2020 by the State Bank abolishing a number of legal documents promulgated by the Governor of the State Bank of Vietnam (referred to as the “Circular No. 18/2020TT-NHNN”).v Effective date: 15/02/2021.The content should be noted: abolishing Decision No. 1087/2003/QD-NHNN dated on 17/09/2003 of the Governor of the State Bank of Vietnam and Decision No. 45/2007/QD-NHNN dated on 17/12/2007 of the Governor of the State Bank of Vietnam.Specifically, Clause 4 and Clause 7 Article 1 Circular No. 18/2020/TT-NHNN stipulates: “Article 1. Abolishing all legal documents
Abolishing all the following legal documents promulgated by the
Governor of the State Bank:
…
4. Decision No. 1087/2003/QD-NHNN dated on 17/09/2003 of the Governor
of the State Bank of Vietnam on issuance of regulations on protecting state
secrets;
…
7. Decision No. 45/2007/QD-NHNN dated on 17/12/2007 of the Governor of
the State Bank of Vietnam on the confidentiality of each type of document,
materials containing state secret in banking area;”
v Name of legal document: Circular No. 20/2020/TT-NHNN issued on 30/12/2020 by the State Bank amending and supplementing a number of articles of the Circular No. 47/2014/TT-NHNN dated December 31, 2014 of the Governor of the State bank of Vietnam defining the technical requirements for confidentiality and safety of equipment serving bank card payment (referred to as the “Circular No. 20/2020TT-NHNN”).v Effective date: 15/02/2021.Some contents should be noted:
·
Firstly, amending and supplementing
the interpretation of the term “Powerful encryption” is specified in Clause 9,
Article 2 of Circular No. 47/2014/TT-NHNN.
Specifically, Clause 1 Article 1
Circular No. 20/2020TT-NHNN stipulates: “Article 1. Amending and supplementing a
number of articles of Circular 47/2014/TT-NHNN
1. Clause 9 Article 2 is amended and supplemented as follows:
…
“9. Powerful encryption is an encryption method based on the algorithm
tested, widely accepted in the world with a minimum key length of 112 (one
hundred and twelve) bits and appropriate key management techniques. The minimum
algorithms include: AES (256 bit); TDES (168 bit); RSA (2048 bit); ECC (224
bits); ElGamal (2048 bit).”.”
·
Secondly, amending and supplementing
regulations on Storage, recovery, cancellation of card information and data
specified at Point c, Clause 1, Article 14 of Circular No. 47/2014/TT-NHNN.
Specifically, Clause 9, Article 1 of Circular No. 20/2020/TT-NHNN
stipulates: “Article 1. Amending and supplementing a number of articles of Circular
47/2014 / TT-NHNN
...
9. Point c, Clause 1 of Article 14
is amended and supplemented as follows:
“C) The card number must be concealed when being displayed (only
displaying up to 6 first and last 4 digits) and only fully displayed to: owners
of the card, competent state agency according to regulations of laws, some
employees according to job requirements approved by the authorized person; ”.”
v Name of legal document: Circular No. 21/2020/TT-NHNN issued on 31/12/2020 by the State Bank amending and supplementing a number of articles of the Circular No. 37/2016/TT-NHNN dated December 30, 2016 of the Governor of the State Bank of Vietnam management, operation and use of the national interbank electronic payment system (referred to as the “Circular No. 21/2020TT-NHNN”).v Effective date: 01/04/2021.Some contents should be noted: Amending and supplementing regulations on Working time of the NIEPS[1] as prescribed in Clause 1, Article 9 of Circular 37/2016/TT-NHNNSpecifically, Clause 3 Article 1 of Circular No. 21/2020/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of the Circular No. 37/2016/TT-NHNN dated December 30, 2016 of The Governor of the State Bank of Vietnam management, operation and use of the national interbank electronic payment system
…
3. Clause 1 of Article 9 is amended and supplemented as follows:
“1. Working time of the NIEPS are stipulated as follows:
a) The time when the NIEPS starts receiving high-value payment orders,
low-value payment orders and net settlement result from other systems: 8:00 am
on working day;
b) The time when NIEPS starts receiving foreign currency payment
orders: 9:00 am on a working day;
c) Time to stop receiving low-value payment orders, requests for processing
net settlement results from other systems: 16:30 for a normal working day,
17:00 for 02 working days at the end of the month;
d) Time to stop receiving high-value payment orders, foreign currency
payment orders: 17:00 for normal working days, at 17:45 for two last working
days of the month;
dd) Time of completing the processing of payment orders received in the
settlement queue (if any): up to 30 minutes from the time the NIEPS stops
receiving the Payment orders;
e) Time to perform day-end tasks (check comparison conditions, perform
comparison and confirm data with the National Processing Center): right after
the time specified at Point dd of this Clause.””
v Name of legal document: Circular No. 22/2020/TT-NHNN issued on 31/12/2020 by the State Bank amending and supplementing a number of articles of the Circular No. 19/2016/TT-NHNN dated June 30, 2016 of the Governor of the State Bank of Vietnam on bank card operations (referred to as the “Circular No. 22/2020TT-NHNN”).v Effective date: 16/02/2021.Some contents should be noted: Amending and supplementing regulations on Transformation schedule designed for card acquirers.Specifically, Article 1 of Circular No. 22/2020/TT-NHNN stipulates: “Article 1. Amending and supplementing a number of articles of Circular No. 19/2016/TT-NHNN
1. Clause 2 Article 27a (supplemented in accordance with Clause 5
Article 1 of the Circular No. 41/2018/TT-NHNN dated December 28, 2018 of the
Governor of the State Bank of Vietnam amending and supplementing a number of
articles of Circular No. 19/2016/TT-NHNN) is amended and supplemented as
follows:
“2. As of December 31, 2021, 100% of ATMs and card processing devices
at point of sale operating in Vietnam of card acquirers shall comply with the
basic standard of domestic chip cards.”
2. To add Clause 4 to Article 27b (supplemented in accordance with
Clause 5, Article 1 of the Circular No. 41/2018/TT-NHNN dated December 28, 2018
of the Governor of the State Bank of Vietnam amending and supplementing a
number of articles of Circular No. 19/2016/TT-NHNN) as follows:
“4. From March 31, 2021, card issuers that issue cards with BINs issued
by the State Bank must comply with the basic standard of domestic chip cards.
”.”
v Name of legal document: Circular No. 23/2020/TT-NHNN issued on 31/12/2020 by the State Bank provisions on safety ratios and limitations in the operation of non-bank credit institutions (referred to as the “Circular No. 23/2020TT-NHNN”).v Effective date: 14/02/2021.Some contents should be noted: Providing conditions for credit extension for stock investment and trading.Specifically, Clause 1, Article 12 of Circular No. 23/2020/TT-NHNN stipulates: “Article 12. Conditions and limits on credit extension for stock investment and trading.
1. Finance companies may only extend credit for a period of up to 01
(one) year for customers to invest in and trade in stocks and when extending
credit, must satisfy the following conditions:
a) The credit extension must ensure the prudential ratios and limits as
prescribed by law;
b) Bad debt ratio below 3%;
c) Fully complying with regulations on risk management in accordance
with regulations of the State Bank on internal control system of non-bank
credit institutions and regulations on classification of assets, appropriation,
method of setting up of risk provisions and the use of provisions to deal with
risks in the operations of credit institutions, foreign bank branches.”
[1] The National Interbank
Electronic Payment System (Clause 1 Article 1 Circular No. 37/2016/TT-NHNN dated December 30, 2016 of the Governor of
the State Bank of Vietnam management, operation and use of the national
interbank electronic payment system)
