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THE STATE BANK OF VIET NAM
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THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 04/2018/TT-NHNN

Hanoi, March 12, 2018

 

CIRCULAR

AMENDING AND SUPPLEMENTING CERTAIN ARTICLES OF THE CIRCULAR NO. 08/2017/TT-NHNN DATED AUGUST 1, 2017 OF THE GOVERNOR OF THE STATE BANK OF VIETNAM ON BANKING SUPERVISORY PROCESSES AND PROCEDURES

Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated June 16, 2010 and the Law on Amending and Supplementing certain Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Government's Decree No. 16/2017/ND-CP dated February 17, 2017, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

Pursuant to the Government's Decree No. 26/2014/ND-CP dated April 7, 2014, defining the organizational structure and operation of the banking inspection and supervision agency;

Pursuant to the Government’s Decree No. 33/2015/ND-CP dated March 27, 2015 prescribing implementation of inspection conclusions;

Pursuant to the Prime Minister’s Decision No. 35/2014/QD-TTg dated June 12, 2014, defining the functions, tasks, powers and organizational structure of the Banking Inspection and Supervision Agency affiliated to the State Bank of Vietnam;

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The Governor of the State Bank of Vietnam hereby issues the Circular amending and supplementing certain Articles of the Circular No. 08/2017/TT-NHNN dated August 1, 2017 of the Governor of the State Bank of Vietnam on banking supervisory processes and procedures.

Article 1. Amending and supplementing certain Articles of the Circular No. 08/2017/TT-NHNN dated August 1, 2017 of the Governor of the State Bank of Vietnam on banking supervisory processes and procedures

1. Amending and supplementing Article 17 as follows:

“Article 17. Remedial measures for banking supervision

Remedial measures for banking supervision include:

1. Recommendations and warnings.

2. Administrative penalties prescribed by laws.

3. Early intervention action.

4. Other banking supervisory actions that are suggested to competent authorities in accordance with laws.”.

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 “Article 18a. Imposition of early intervention measure on entities subject to banking supervision

1. After consulting legislative documents governing entities subject to banking supervision, materials, information and data on operation of entities subject to banking supervision:   

a) Banking Inspection and Supervision Chief, and Directors of State Bank Branches of centrally-affiliated cities and provinces where the Banking Inspection and Supervision Department is not located, shall request the State Bank’s Governor to consider issuing the written document on imposition of early intervention action on entities subject to banking supervision that fall into one of the situations referred to in Clause 1 Article 130a of the (amended and supplemented) Law on Credit Institutions, except those specified in Point b and c of this Clause;  

b) Banking Inspection and Supervision Chief shall consider issuing the written document on imposition of early intervention action on entities subject to banking supervision, including people's credit funds and microfinance institutions within local subdivisions under the control of the Banking Inspection and Supervision Department that fall into one of the situations provided in Clause 1 Article 130a of the (amended and supplemented) Law on Credit Institutions;  

c) Directors of State Bank Branches of centrally-affiliated cities and provinces where the Banking Inspection and Supervision Department is not located shall consider issuing the written document on imposition of early intervention action on entities subject to banking supervision, including people's credit funds and microfinance institutions within these local subdivisions that fall into one of the situations provided in Clause 1 Article 130a of the (amended and supplemented) Law on Credit Institutions. 

2. Within duration of 30 days of receipt of the written document on imposition of early intervention action, entities subject to banking supervision shall be responsible for submitting a written report to the State Bank (through banking supervisory units) which explains the current status, causes, recovery and resolution plans and implementation. Recovery and resolution plans developed by entities subject to banking supervision must include one or certain measures prescribed in Clause 4 Article 130a of the (amended and supplemented) Law on Credit Institutions.   In the course of implementation, in case of modification and supplementation of recovery and resolution plans, entities subject to banking supervision shall submit a written report to the State Bank (through banking supervisory units) which describes causes and recovery and resolution plans (which have already been revised and supplemented) and implementation.

3. Where necessary,

a) Banking Inspection and Supervision Chief, and Directors of State Bank Branches of centrally-affiliated cities and provinces where the Banking Inspection and Supervision Department is not located, shall appeal the State Bank’s Governor to consider requesting entities subject to banking supervision in writing to modify and supplement recovery and resolution plans, except for cases specified in Point b and c of this Clause;  

b) Banking Inspection and Supervision Chief shall consider issuing the written request to entities subject to banking supervision, including people's credit funds and microfinance institutions operating at local subdivisions under the control of the Banking Inspection and Supervision Department, to revise and supplement recovery and resolution plans;  

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4. Within duration of 15 days of receipt of the written request for modification and supplementation of recovery and resolution plans, entities subject to banking supervision shall be responsible for submitting recovery and resolution plans (after being modified and supplemented at the request of the State Bank) to the State Bank and implementing these plans. The maximum duration of implementation of recovery and resolution plans (including modified and supplemented ones) shall be 01 year of receipt of the written request for imposition of early intervention action from the State Bank.

5. In case where entities subject to banking supervision fail to establish recovery and resolution plans as per Clause 3 Article 130a of the (amended and supplemented) Law on Credit Institutions, or situations have not been mitigated after the stated duration in accordance with Clause 1 Article 130a of the (amended and supplemented) Law on Credit Institutions, depending on the nature and level of risk, 

a) Banking Inspection and Supervision Chief, and Directors of State Bank Branches of centrally-affiliated cities and provinces where the Banking Inspection and Supervision Department is not located, shall appeal the State Bank’s Governor to consider requesting entities subject to banking supervision in writing to implement one or certain measures prescribed in Clause 4 Article 130a of the (amended and supplemented) Law on Credit Institutions, except those specified in Point b and c of this Clause;  

b) Banking Inspection and Supervision Chief shall consider issuing the written request to entities subject to banking supervision, including people's credit funds and microfinance institutions operating within local subdivisions under the control of the Banking Inspection and Supervision Department, to take one or certain actions provided in Clause 4 Article 130a of the (amended and supplemented) Law on Credit Institutions;  

c) Directors of State Bank Branches of centrally-affiliated cities and provinces where the Banking Inspection and Supervision Department is not located shall consider issuing the written request to entities subject to banking supervision, including people's credit funds and microfinance institutions operating within these local jurisdictions, to apply one or certain measures provided in Clause 4 Article 130a of the (amended and supplemented) Law on Credit Institutions.  

6. After entities subject to banking supervision successfully resolve situations prescribed in Clause 1 Article 130a of the (amended and supplemented) Law on Credit Institutions, or entities have been put under special control, 

a) Banking Inspection and Supervision Chief, and Directors of State Bank Branches of centrally-affiliated cities and provinces where the Banking Inspection and Supervision Department is not located, shall appeal the State Bank’s Governor to consider the written document stating termination of early intervention action, except for cases specified in Point b and c of this Clause;  

b) Banking Inspection and Supervision Chief shall consider issuing the written document stating termination of early intervention action applied to entities subject to banking supervision, including people's credit funds and microfinance institutions operating within local jurisdictions where the Banking Inspection and Supervision Department is located;  

c) Directors of State Bank Branches of centrally-affiliated cities and provinces where the Banking Inspection and Supervision Department is not located shall consider issuing the written document stating termination of early intervention action applied to entities subject to banking supervision, including people's credit funds and microfinance institutions operating within these local jurisdictions.”.  

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 “Article 19a. Oversight, stimulation and assessment of implementation of recovery and resolution plans of entities subject to banking supervision to whom early intervention action is applied

1. Entities subject to banking supervision shall, upon the request of the banking supervisory unit, prepare monthly or ad-hoc status reports on progress and results of implementation of recovery and resolution plans.

2. The banking supervisory unit shall be responsible for regularly overseeing, stimulating and assessing progress, results, difficulties and issues related to implementation of recovery and resolution plans of entities subject to banking supervision.

3. If there is any delay or ineffectiveness in implementation of these plans that is found after carrying out the monitoring process, 

a) Banking Inspection and Supervision Chief, and Directors of State Bank Branches of centrally-affiliated cities and provinces where the Banking Inspection and Supervision Department is not located, shall appeal the State Bank’s Governor to consider requesting entities subject to banking supervision in writing to give their explanations and recommended solutions, except for cases specified in Point b and c of this Clause;  

b) Banking Inspection and Supervision Chief shall consider issuing the written request to entities subject to banking supervision, including people's credit funds and microfinance institutions operating within local subdivisions under the control of the Banking Inspection and Supervision Department, to give their explanations and recommended solutions;  

c) Directors of State Bank Branches of centrally-affiliated cities and provinces where the Banking Inspection and Supervision Department is not located shall request entities subject to banking supervision, including people's credit funds and microfinance institutions operating within these local subdivisions, in writing to give their explanations and recommended solutions.  

4. In the course of monitoring, based on results of implementation of recovery and resolution plans of entities subject to banking supervision and depending on the nature and level of risk, the banking supervisory unit may appeal competent authorities to work directly with, carry out examination and inspection of entities subject to banking supervision in accordance with enforceable laws.”.   

Article 2. Implementation

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Article 3. Implementary provision

This Circular shall enter into force on July 1, 2018./.

 

 

PP. THE GOVERNOR
THE DEPUTY GOVERNOR




Nguyen Dong Tien

 

2.988

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