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THE
GOVERNMENT
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No.: 16/2019/ND-CP
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Hanoi, February
01, 2019
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DECREE
AMENDING
AND SUPPLEMENTING DECREES ON BUSINESS CONDITIONS UNDER THE STATE MANAGEMENT OF
THE STATE BANK OF VIETNAM
Pursuant to the Law on government organization
dated June 19, 2015;
Pursuant to the Law on the State Bank of Vietnam
dated June 16, 2010;
At the request of the Governor of the State Bank
of Vietnam;
The Government promulgates a Decree to provide
amendments and supplements to Decrees on business conditions under the state
management of the State Bank of Vietnam.
Article 1. Amending, supplementing
and abrogating certain articles of the Government’s Decree No. 135/2015/ND-CP
dated December 31, 2015 on outward portfolio investments
1. Point a Clause 2 Article 14 is amended and
supplemented as follows:
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2. Point b Clause 3 Article 14 is amended and
supplemented as follows:
“b) Fund management companies managing securities
investment funds and securities investment companies making outward portfolio
investments have internal procedures, systems for internal control, audit, risk
identification and management related to the outward portfolio investment;
fulfill the financial safety norms according to regulations adopted by the
Ministry of Finance.
To make outward portfolio investments, securities
investment companies self-managing capitals must fulfill the requirements in
Point c Clause 2 of this Article;”
3. Point b Clause 4 Article 14 is amended and
supplemented as follows:
“b) Gain profit in 03 consecutive years preceding
the year when the application for the certificate of outward portfolio investment
registration is submitted. Such profit shall be shown in the audited financial
statements that bear only unqualified opinions according to regulations adopted
by the Ministry of Finance. Financial statements must be audited by independent
auditing firms that are not on the list of auditing firms ineligible for
auditing credit institutions and branches of foreign banks as announced by the
State Bank of Vietnam;”
4. Clause 1 Article 20 is amended and supplemented
as follows:
“1. Gain profit in 03 consecutive years preceding
the year when outward portfolio investments are delegated. Such profit shall be
shown in the financial statements audited by independent auditing firms and
bearing only unqualified opinions according to regulations adopted by the Ministry
of Finance (this regulation does not apply to securities investment funds and
securities investment companies).”
5. Point a, Point b Clause 2 Article 23 are amended
and supplemented as follows:
“a) Gain profit in 03 consecutive years preceding
the year when the application for the certificate of trusteeship for outward
portfolio investment is submitted. Such profit shall be shown in the audited
financial statements that bear only unqualified opinions according to
regulations adopted by the Ministry of Finance. Financial statements must be
audited by independent auditing firms approved and announced by the Ministry of
Finance according to regulations on independent auditing of public interest
entities (applicable to trust organizations that are fund management
companies);
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6. Point dd, Point e Clause 2, Point dd, Point g
Clause 4 Article 14, and Point dd Clause 2 Article 23 are abrogated.
Article 2. Amending,
supplementing and abrogating certain articles of the Government’s Decree No.
39/2014/ND-CP dated May 07, 2014 on operations of financial companies and
finance lease companies
1. Point a Clause 1 Article 13 is amended and
supplemented as follows:
“a) The requirements laid down in Article 5 of this
Decree;”
2. Clause 1, Clause 3 Article 5, Clause 2, Clause 3
Article 6, Clause 2 Article 7, Clause 2, Clause 3 Article 8, Clause 2 Article
10, Point b Clause 1, Point b Clause 2 Article 11, Point c Clause 2 Article 12,
Point b Clause 1 and Point b Clause 2 Article 13 are abrogated.
Article 3. Amending,
supplementing and abrogating certain articles of the Government’s Decree No.
101/2012/ND-CP dated May 07, 2012 on non-cash payment
1. Point b Clause 2 Article 15 (as amended and
supplemented in Clause 8 Article 1 of the Government’s Decree No. 80/2016/ND-CP
dated July 01, 2016) is amended and supplemented as follows:
“b) Have the plan for provision of intermediary
payment services which must be approved by a competent authority as defined in
its Charter and contain, inter alia, the following:
(i) The process of technical operations of the
intermediary payment service for which the application for license is
submitted, including: Name and scope of the service, target customers,
conditions for using service, diagram and description of steps of the
operation, cash flow from the beginning of the service to the finalization of
obligations between related parties;
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(iii) The process of internal inspection and
control; risk management, security and confidentiality protection; general
rules and internal regulations on anti money laundering; process and procedures
for response to trace requests, complaints and denunciations;”
2. Point d Clause 2 Article 15 is amended and
supplemented as follows:
“d) Personnel requirements: The legal
representative, General Director (or Director) of the organization applying for
the license must possess a bachelor's degree or higher or have at least 03
years of experience in one of the following areas, business administration,
economics, finance, banking or law;
Deputy General Director (or Deputy Director) and
holders of other key positions in the Plan for provision of intermediary
payment services (including heads of departments (divisions) or holders of
equivalent positions, and technicians) must possess associate degree or higher
in economics, finance, banking, information technology or the area related to
their in-charge professional positions;”
3. Point h Clause 2 Article 15 (as amended and
supplemented in Clause 8 Article 1 of the Government’s Decree No. 80/2016/ND-CP
dated July 01, 2016) is abrogated.
Article 4. Amending and
supplementing certain articles of the Government’s Decree No. 10/2010/ND-CP
dated February 12, 2010 on credit information-related activities
Clause 5 Article 7 (as amended and supplemented in
Article 1 of the Government’s Decree No. 57/2016/ND-CP dated July 01, 2016
providing amendments to Article 7 of the Government’s Decree No. 10/2010/ND-CP
dated February 12, 2010) is amended and supplemented as follows:
“5. There are at least 15 credit institutions,
branches of foreign banks (except banks for social policies, cooperative banks,
people’s credit funds and microfinance institutions) that commit to provide
credit information; these credit institutions and branches of foreign banks do
not give similar commitments to any other credit information provider.”
Article 5. Amending,
supplementing and abrogating certain articles of the Government’s Decree No.
89/2016/ND-CP dated July 01, 2016 on requirements to be satisfied by foreign
exchange agents, and economic organizations providing foreign currency receipt
and payment services
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“5. The procedures for foreign exchange operations
must be available; methods for ensuring security and safety during the foreign
exchange process must be adopted; the notice of exchange rates and the
signboard specifying the name of the authorizing credit institution and the
name of the foreign exchange agent must be available at the transaction
location.”
2. Clause 7 Article 4 is amended and supplemented
as follows:
“7. An economic organization is allowed to act as
the foreign exchange agent for only one licensed credit institution.”
3. Clauses 1, 3, 4 Article 4, Point a, Point b
Clause 1 Article 5 and Point a, Point b Clause 1 Article 6 are abrogated.
Article 6. Implementation
This Decree comes into force from March 20, 2019.
Article 7. Responsibility for
implementation
Ministers, heads of ministerial-level agencies,
heads of the Government’s affiliates, and Chairpersons of People’s Committees
of provinces and central-affiliated cities shall implement this Decree./.
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ON BEHALF OF
THE GOVERNMENT
THE PRIME MINISTER
Nguyen Xuan Phuc
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