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STATE BANK OF VIETNAM
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SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No. 02/2024/TT-NHNN
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Hanoi, May 15, 2024
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CIRCULAR
AMENDMENTS TO SOME ARTICLES OF CIRCULAR NO. 17/2016/TT-NHNN
DATED JUNE 30, 2016 OF THE GOVERNOR OF THE STATE BANK OF VIETNAM ON MONETARY
BROKERAGE BY COMMERCIAL BANKS AND FOREIGN BANK BRANCHES
Pursuant to the Law on
the State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on
Credit Institutions dated January 18, 2024;
Pursuant to the
Government's Decree No. 102/2022/ND-CP dated December 12, 2022 on functions,
tasks, powers and organizational structure of the State Bank of Vietnam;
At the request of the
Director of the Monetary Policy Department;
The Governor of the
State Bank promulgates Circular on amendments to some Articles of the Circular
No. 17/2016/TT-NHNN dated June 30, 2016 on monetary brokerage by commercial
banks and foreign bank branches (hereinafter referred to as “Circular No.
17/2016/TT-NHNN);
Article
1. Amendments to some Articles of Circular No. 17/2016/TT-NHNN
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“2. Customers provided
with money brokerage services (hereinafter referred to as “customers”) that are
credit institutions or foreign bank branches established and operating in
accordance with the Law on Credit Institutions.”
2. Clause 1 Article 3
shall be amended as follows:
“1. Monetary brokerage”
means provision of intermediary services with fee collection for arrangement for
performance of banking operations and other business activities between credit
institutions and foreign bank branches according to regulations of the Law on
Credit Institutions.”
3. Article 5 shall be
amended as follows:
“Article 5. Scope of
monetary brokerage
Commercial banks and
foreign bank branches are permitted to provide monetary brokerage services for
customers for the purpose of performance of banking operations and other
business activities as prescribed in the Law on Credit Institutions.
4. Article 6 shall be
amended as follows:
“Article 6. Monetary
brokerage methods
Brokers may provide
monetary brokerage services for customers through direct transactions or by
electronic means in accordance with regulations of the law on electronic
transactions.”
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1. Clause 2 Article 3
shall be annulled.
2. Clause 3 Article 4
shall be annulled.
Article
3. Responsibilities for implementation
The Office’s Chief, the
Director of the Monetary Policy Department, Heads of units affiliated to the
State Bank of Vietnam, credit institutions and foreign bank branches shall be
responsible for organizing the implementation of this Circular.
Article
4. Implementation
1. This Circular comes
into force as of July 01, 2024.
2. With regard to any of
brokerage contracts concluded before the effective date of this Circular, the
credit institution, the foreign bank branch and another financial institution
shall decide whether to keep executing the monetary brokerage contract at the
time of conclusion of the contract until the end of the signed contract or
reach agreement to make amendments to the contract in accordance with
regulations in this Circular./.
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